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August 26, 2019

Our First LIHTC Investment in Indian Country

Yavapai-Apache families in North Central Arizona can look forward to new affordable housing — thanks to our first Low-Income Housing Tax Credit (LIHTC) investment on tribal land. 

Freddie Mac Multifamily’s $9.4 million investment of LIHTC equity will help build 35 rental homes on Yavapai-Apache Nation land — through a partnership with RBC Capital Markets (RBCCM) and the Yavapai-Apache Nation Tribal Housing group (YANTH).  The ranch-style homes and duplexes, three- and four-bedroom, will help ease the burden for families waiting for housing.

“The Yavapai-Apache Nation is honored that Freddie Mac stepped forward to invest in this project, a project that will, in the end, provide much needed relief to the current housing shortage situation of our people, and provide high quality, safe and affordable housing for the men, women, children and elders of our Nation,” said Lawrence Jackson Sr., vice chairman of the Yavapai-Apache Nation.

“Affordable homes are desperately needed on tribal lands where poverty is high and capital sources limited,” said David Leopold, vice president of Targeted Affordable Sales & Investments at Freddie Mac. “Through this investment, we’ll be able to meet the housing needs of nearly a third of the families on the Yavapai-Apache Nation’s housing waitlist.”

  Yavapai-Apache housing

Future site of new affordable housing for the Yavapai-Apache Nation

 

“Yavapai-Apache Homes VII is RBCCM’s 25th investment with tribal housing partners across the country. We’re excited to continue our partnership and work on our third project with YANTH,” said John Galfione, vice president-investment manager for RBCCM Tax Credit Equity Group.

Partners also include Travois, Inc., an experienced LIHTC consultant company that promotes housing and economic development for American Indians and other communities.

Residents will pay no more than 30% of their income in rent, through a tribal HAP (Housing Assistance Payment) contract from the U.S. Department of Housing and Urban Development. The project will serve families with average median income up to 60%.

“Freddie Mac’s investment underscores their commitment to deliver capital to both geographic and demographic components of the housing market that have experienced challenges attracting LIHTC investment capital,” said Eric Moody, managing director-underwriting for RBCCM Tax Credit Equity Group. “RBCCM is pleased to be a part of this important investment in tribal housing.”

 Resident Services, Lower Utilities

Solar panels, mounted on the roof, will cut down on tenant-paid utilities. The project also includes a community building with a 7,200 square foot gym.

Free resident services include tutoring, supplemental lessons on Yavapai-Apache culture, financial literacy, job training, resume development, interview practice and networking, and nutrition classes — as well as cooking demonstrations in the community kitchen.

The new homes will be within 1 mile of major state highways, primary schools, parks and government services. Grocery stores, discount retailers, employment centers and health care facilities can be found within 5 miles.

The Yavapai-Apache Nation has more than 2,500 tribal members, with more than 750 residents living in five tribal communities.

“These new homes, against the backdrop of Arizona’s beautiful Verde Valley, will make a real difference for members of the Yavapai-Apache Nation,” said Leopold.

duty to serve

As the top funder of affordable housing in the U.S., we innovate to serve the needs of the market — and work to tackle the nation’s most persistent housing challenges. Through our Duty to Serve commitment with the Federal Housing Finance Agency, we focus on rural and manufactured housing and preserving more affordable housing for renters nationwide.

 

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