The Pascua Yaqui Tribe received a 2020 Low Income Housing Tax Credit award of $1.8 million in competitive 9% credits from the Arizona Department of Housing — 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.
“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.
“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 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!”