Pueblo of Acoma Housing Authority to build new 30-unit multifamily development
PAHA closes with equity investor Raymond James Tax Credit Funds to begin construction on $7.5 million affordable housing development
March 22, 2021
Pueblo of Acoma, N.M. (March 19, 2021) – The Pueblo of Acoma Housing Authority (PAHA) will build a $7.5 million multifamily development on the Acoma Indian Reservation in Pueblo of Acoma, N.M. The new development will include 30 housing units, a community building and an outdoor recreation area for its community members.
"The Low Income Housing Tax Credit allowed us to create a development that will increase opportunity and strengthen the social and economic health of our community," said Floyd Tortalita, executive director of PAHA. "We are happy to announce that new homes and amenities are coming to Pueblo of Acoma."
The new development, PAHA Homes #2, is the housing authority's second Low Income Housing Tax Credit (LIHTC) project and second partnership with project investor Raymond James Tax Credit Funds (RJTCF) and general contractor Pavilion Construction. With a 2020 LIHTC award from the New Mexico Mortgage Finance Authority, PAHA will receive over $5.7 million in investor equity for the development.
"Raymond James Tax Credit Funds is proud to once again work with Floyd Tortalita and the Pueblo of Acoma Housing Authority on a really exciting project," said Ben Shockey, associate director of acquisitions for RJTCF. "Floyd has assembled a great team for this project and his staff at PAHA are a pleasure to work with. With the first project located directly north, this neighborhood will now boast 60 units of attractive, quality, and affordable housing that the community can take pride in. Congratulations to all involved!"
The 30 housing units will be divided between three multifamily buildings. Two of the buildings will house 12 units and the third will house six. The development design is a modern translation of the original multifamily community atop the mesa. Pueblo of Acoma's original dwellings were built over 1,000 years ago. A walking path will connect the new development to PAHA's first LIHTC development with matching architecture.
The new 1,786-square-foot community building includes a large meeting room and kitchen. The development includes picnic tables, a bike and walking path, playground and recreation space, and a full basketball court. Construction will begin in April 2021.
PAHA 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.
"We congratulate PAHA as its second LIHTC development begins construction," said Bryan Schuler, vice president for affordable housing at Travois. "From project conception, PAHA has been focused on its goal to provide housing and economic development opportunities to its community in a smart way. We are proud to partner with PAHA on this important project."
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 Pueblo of Acoma Housing Authority
The Pueblo of Acoma Housing Authority (PAHA) provides tribal members with affordable, effective and equitable homes that support the vibrancy of the community and promote healthy living conditions for generations to experience. PAHA offers Pueblo of Acoma community members access to home rentals, programs to rehabilitate existing homes and opportunities to become homeowners. PAHA also educates the community and public about homebuyer programs and opportunities through trainings and housing fairs. Learn more about PAHA at acomahousing.org.
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.