The Red Lake Reservation Housing Authority was awarded a 2024 allocation of Low Income Housing Tax Credits (LIHTC) to build Red Lake Homes XV, an affordable housing development with 28 homes.
The single-family homes will be built in four Red Lake Nation communities: Little Rock, Red Lake, Redby and Ponemah. They feature two different three-bedroom layouts named after two of the Nation’s principal clans — Turtle and Otter. The homes will serve a variety of households with incomes ranging from 30% to 60% of the area median income.
In addition to receiving a LIHTC award, Red Lake Homes XV also received a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Des Moines.
At a Glance
- Native Organization: Red Lake Reservation Housing Authority
- Asset Management Client
- Date Completed:
- Development Type: New Construction
- Project Status: Credits Awarded
- Total Homes: 28
- Total Project Cost: $12,681,632
- Total Investor Equity: $11,348,465
- Total Grant Money: $1,000,000