Pascua Yaqui Tribe to build 50 new homes with record-setting LIHTC award
Tribe closes with Raymond James Tax Credit Funds to begin construction on $20 million affordable housing development
January 26, 2021
Tucson, AZ (Jan. 25, 2021) - The Pascua Yaqui Tribe received a 2020 Low Income Housing Tax Credit (LIHTC) award of $1.8 million in competitive 9% credits from the Arizona Department of Housing (ADOH) - the largest LIHTC award to a single tribal development. The award generated $15.9 million in investor equity from Raymond James Tax Credit Funds to help develop 50 new homes on the Pascua Yaqui Reservation in Tucson, AZ.
"It's a phenomenal project with amazing partners who are all committed to the creation of high-quality affordable housing on tribal land," said Keith Gregory, director of housing for the Pascua Yaqui Tribe Housing Department. "Beyond the record-setting award size for the project, it sets a new bar for innovation in affordable housing in Arizona. From the design to the amenities, we are truly creating a new breed of affordable housing projects aimed at creating homeownership and building generational wealth in low-income areas."
The $20 million development, Pascua Yaqui Homes #7, is the first phase of a larger master-planned community on the Pascua Yaqui Reservation, and will build 50 new single-family homes with a modern aesthetic, green features and amenities. The new development will serve all family sizes with a combination of two, three, and four-bedroom homes. Homes will include private exterior courtyards, enclosed garages, mudrooms and open living spaces. Energy efficient features and quality materials will make the homes affordable and low-maintenance for years to come. NEZ/FCI Native American, LLC, the development contractor, was provided a notice to proceed to begin construction on Jan. 5, 2021.
"With all that has occurred in the last year, it is exciting to be part of a project that will create such a positive impact in this community," said Ben Shockey, associate director of acquisitions for Raymond James Tax Credit Funds Inc. "Raymond James Tax Credit Funds is proud to partner with the Pascua Yaqui Tribe in the development of quality affordable housing, and it was truly a pleasure to work with the great team that Keith assembled to make this project happen."
Pascua Yaqui Homes #7 also received a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Des Moines to help with development costs.
The Pascua Yaqui Tribe partnered with Travois for consulting and architectural services. Travois is a Certified B Corporation focused exclusively on promoting affordable housing and economic development for American Indian, Alaska Native and Native Hawaiian communities.
"Travois would like to congratulate the Pascua Yaqui Tribe on its record-setting development," said Bryan Schuler, vice president for housing development for Travois. "The impact of a development of this size will be felt throughout the community. It's especially encouraging to see the Pascua Yaqui Tribe moving forward with the project, given the challenges and hardships communities are facing as a result of the COVID-19 pandemic. We are proud to be a partner, and are thrilled to see construction begin on these new and innovative homes!"
About the Low-Income Housing Tax Credit
The housing credit provides the private sector with an incentive to invest in affordable rental housing for low-income families. Since President Reagan signed it into law in 1986, the housing credit has financed the construction and preservation of more than 3 million affordable homes nation-wide, at a rate of nearly 100,000 per year. Today it produces virtually all new affordable housing and is the nation's primary tool for preserving existing affordable housing. The housing credit supports low-income families, veterans, people with disabilities and seniors in rural, suburban, urban and tribal communities. For more information, visit rentalhousingaction.org/about-lihtc.
About Pascua Yaqui Tribe Housing Department
The Housing Department strives to provide every enrolled member of the Pascua Yaqui Tribe the opportunity of affordable, decent, healthy and safe housing and surrounding neighborhoods in order to enhance the economic stability of the Tribe and its members.
The housing department provides service to Yaqui members in the traditional communities of the Pascua Yaqui Tribe of Arizona including, but not limited to, Guadalupe, Old Pascua, Barrio Libre, Yoem Pueblo, Hightown, Coolidge, and the Reservation at New Pascua. For more information, visit pascuayaqui-nsn.gov.
About Raymond James Tax Credit Funds Inc.
Raymond James Tax Credit Funds Inc. has partnered with more than 50 Tribally Designated Housing Entities (TDHEs), closing more than 130 LIHTC partnerships across the United States, representing more than $550 million of equity raised and 4,000 units developed for affordable housing within tribal communities.
Travois is a Certified B Corporation focused exclusively on promoting housing and economic development for American Indian, Alaska Native and Native Hawaiian communities. Since 1995, Travois has brought investor equity to more than 230 developments through the Low Income Housing Tax Credit (LIHTC) program and New Markets Tax Credit (NMTC) program, making an impact of more than $1.5 billion across Indian Country. These private investor funds have helped build or rehabilitate more than 5,700 homes and have helped finance critical economic developments, including infrastructure, health care, community centers, education facilities and job incubators. The Travois family of companies also offers architectural design, master planning, and construction monitoring services, environmental assessments, consulting on green energy improvements, asset management and compliance services, impact investment models, and comprehensive training to clients in 22 states. For more information, please visit travois.com. Find us on Facebook, Twitter, LinkedIn and Instagram.