Closing a Low Income Housing Tax Credit (LIHTC) development with an equity investor takes months of coordination between a dozen or so parties. From the weekly conference calls to tracking down the scores of checklist items and synchronizing delivery of the numerous third party reports, it’s no wonder that everyone feels an immense sense of accomplishment when the documents are officially signed!
“The Pascua Yaqui Tribe is proud to announce the construction startup of 30 housing units under the LIHTC Partnership #6 in response to community needs,” said Jesus Mora, director of the housing division. “The PYT Housing Division is absolutely committed to the creation of dignified, safe, affordable and healthy housing, with a strong sense of responsible management that ensures the economic wellbeing of program participants, community and stakeholders.”
With investor equity from the closing, the tribe will build six five-plex buildings (30 total units) on the Pascua Yaqui Reservation in Tucson, AZ. The development is geared towards serving families and is moving forward thanks to a 2018 allocation of LIHTCs from the Arizona Department of Housing (ADOH).
While the term “closing” seems to signify an end, it really is just the beginning of the 15-year relationship between the tribe or housing authority and the equity investor, in this case the Pascua Yaqui Tribe and RBC Capital Markets.
Construction activities are already underway, and it is anticipated that 30 low-income households on the reservation will be enjoying new homes by spring 2020.
The development is conveniently located 0.15 miles from the entrance to the Pascua Yaqui Wellness Center. Opened in 2018, the Wellness Center includes a fitness room, exercise equipment, a basketball/multi-use gymnasium and a junior Olympic-sized swimming pool. Sidewalks will provide easy access for residents, who will also enjoy the center’s outdoor amenities: playgrounds, open lawn areas, walking trails, baseball diamonds and outdoor swimming pools.
Of the 30 new units, 18 units will have one bedroom and 880 square feet and the remaining 12 units will have two bedrooms and 1,148 square feet. Washers and dryers will be provided in each unit.Related news:
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