This development will substantially rehabilitate 40 housing units that are presently in substandard condition and at risk of losing their federal assistance operating funding through NAHASDA.
While the majority of Red Lake’s prior LIHTC projects have focused on new construction, this project will specifically target rehabilitation in order to address the tribe’s units that require renovation. Scattered among four tribal communities — Red Lake, LiMle Rock (within Red Lake), Redby, and Ponemah — the 40 units selected for rehabilitation are all single-family homes and will consist of 14 two‐bedroom units, 17 three‐bedroom units, and nine four‐bedroom units.
All 40 housing units will be targeted toward households with annual incomes of up to 60 percent Area Median Income (AMI). Twenty-eight units will be set aside for households at or below the 50 percent AMI rent limit, while 12 units will be set aside for households at the 30 percent AMI rent limit.
Raymond James Tax Credit Funds is the investor for this project.
- Native Organization: Red Lake Reservation Housing Authority
- Asset Management Client
- Environmental Services Client
- Design and Construction Features
- Date Closed with Investor: 2015
- Date Completed:
- Development Type: Rehab
- Project Status: Complete
- Total Homes: 40
- Total Project Cost: $8,174,999
- Total Investor Equity: $4,695,547
- Total Grant Money: $400,000