The White Mountain Apache Housing Authority (WMAHA) recently closed with the equity investor on its sixth Low Income Housing Tax Credit project, WMAHA Homes VI. With a $759,291 allocation of LIHTCs from the Arizona Department of Housing (ADOH), WMAHA will acquire and rehabilitate 23 housing units in its Chinatown Subdivision and construct 23 new units in its Fort Apache Subdivision. All 46 housing units will be targeted toward households with annual incomes of up to 40 percent, 50 percent, and 60 percent of Area Median Household Income.
The WMAHA Homes VI project is the continuation of two larger housing development projects on the Fort Apache Indian Reservation. WMAHA rehabilitated 110 units within the Chinatown subdivision as part of its second, third and fifth LIHTC projects. WMAHA Homes VI will complete the rehab of all the Chinatown units. Additionally, WMAHA began the new construction of its Fort Apache Subdivision with its fifth LITHC project; WMAHA Homes VI is the second phase of 23 new construction units in this subdivision.
Our Travois Design & Construction Services team provided the designs for the new construction units.
RBC Capital Markets will provide $6,259,728 in equity for the $7.6M project. The remaining funding sources for the project include a $460,000 Affordable Housing Program grant from the Federal Home Loan Bank of San Francisco and direct leveraging from WMAHA. Construction is already underway, and the project is expected to be complete December 2015.
Congratulations to WMAHA on its continued success with the LIHTC program!