The White Mountain Apache Housing Authority (WMAHA) recently received the good news of a Capital Magnet Fund (CMF) award of $562,500! The United States Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced the CMF awards in February.
These grant funds are extremely competitive; Out of the total 116 applications, WMAHA is one of 38 recipients and the only tribal entity awarded.
WMAHA will use the funds for its WMAHA #7 development. In 2017, the development was awarded Low Income Housing Tax Credits (LIHTCs) and is expected to have a total cost of vertical construction of $12.5 million plus infrastructure costs.
WMAHA #7 will include the rehabilitation of 22 single-family homes and the new construction of 22 single-family homes on the Fort Apache Reservation in Cibecue, AZ. The homes will be a mix of: 14 two-bedroom units, 15 three-bedroom units, 11 four-bedroom units, and four five-bedroom units. In addition to new homes, the development will also build a 6,080-square-foot community building!
The CMF awards grants for the preservation, rehabilitation, new construction or purchase of affordable housing for low income communities and the development of physical structures for businesses and community service facilities. The CMF was created by the federal government to award competitive grants to finance affordable housing developments and related economic development activities.
The rehabilitation and construction of WMAHA #7 is expected to be complete in December 2019.
If your tribe or tribal entity is interested in applying for CMF grants in the future, contact us!
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