News Release
Travois
Dry Creek Rancheria Band of Pomo Indians recently closed with equity investor Raymond James Affordable Housing Investments to begin construction on its affordable housing development, Bi’du Khaale. The development will provide 25 new single-family homes and a community building for elder Dry Creek members in Sonoma County, CA.
“In an area with some of the highest housing costs in the country, this development will be an oasis of safe and affordable homes for some of our most vulnerable tribal members,” said Chris Wright, chairman of Dry Creek Rancheria Band of Pomo Indians. “It will change their lives.”
Bi’du Khaale received a 2022 Low Income Housing Tax Credit (LIHTC) and 2022 California State LIHTC award from the California Tax Credit Allocation Committee (CTCAC) that generated $14.3 million in investor equity from Raymond James Affordable Housing Investments (RJAHI) for the development.
“Raymond James Affordable Housing Investments is excited to be part of Dry Creek’s first housing project and looks forward to the meaningful impact it will have on the local community,” said Ben Shockey, RJAHI director of acquisitions. “The Dry Creek team was a pleasure to work with. Their persistence and dedication to seeing this project through made all the difference and they should be proud of their efforts. We would like to thank the entire working group for their tremendous effort in meeting the CTCAC closing deadline. Congratulations to all!”
Bi’du Khaale includes the new construction of 25 homes and a community building. One home will serve as a manager’s unit. The homes are intended for multi-generational families and include two and three-bedroom layouts with a covered porch and an attached garage. The 2,975-square-foot community building includes a fitness room, a kitchen and a large activity room for elders and youth.
Dry Creek partnered with Travois for consulting, architecture design and asset management and compliance 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 are proud to partner with Dry Creek Band of Pomo Indians on its first affordable housing development,” said Trent Rogers, senior project manager at Travois. “The Dry Creek team’s dedication to provide families with safe, affordable housing and new community amenities is inspiring. This project took careful planning and years of coordination and has overcome so many obstacles. I cannot wait for construction to begin!”
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 3.6 million affordable homes nation-wide. 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 Dry Creek Rancheria Band of Pomo Indians
Oral tradition recounts that Creator brought Humans into the world when he planted different feathers in the ground at Dry Creek and Alexander Valleys, in what is known today as California’s northern inland Sonoma County, thus bringing the Mihilakawna (“west water people”) and the Ona?tátis (“the people who speak plainly and truthfully”) into being. Anthropologists named us Dry Creek Pomo and Western Wappo and have determined that humans have lived here for at least 10,000 years, confirming that this land has been home to the ancestors of Dry Creek Rancheria members virtually since time immemorial.
For many millennia, the natural fertility of our homeland provided a settled and satisfying life. But starting in the early 1800s that life changed catastrophically. During more than a century of violence and discrimination, it was the courage and resilience of our elders who held us together and carried on our traditions. Our people have always valued and cared for our elders. The Bi’du Khaale Elder Village, our first tribally-owned housing stock, is a present-day expression of our gratitude and care for them.
About Raymond James Affordable Housing Investments
Raymond James Affordable Housing Investments was launched with the inception of the tax credit program in 1986, and has become one of the largest syndicators of low income housing tax credits in the United States, raising in excess of $1 billion annually. To date, RJAHI has raised more than $13 billion in equity for over 2,200 properties. Further, since 1999 RJAHI has partnered with more than 50 TDHEs in the development of 140 properties, representing 4,000+ units. RJAHI is a proven partner to TDHEs, and provides an experienced asset management group to partner with over the life of the project. For more information, visit: https://www.raymondjames.com/corporations-and-institutions/additional-institutional-services/affordable-housing-investments.
About Travois
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 247 developments through the Low Income Housing Tax Credit (LIHTC) program and New Markets Tax Credit (NMTC) program, making an impact of more than $1.7 billion across Indian Country. These private investor funds have helped build or rehabilitate 6,124 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, construction monitoring services, 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.
