News Release
Travois
The Pascua Yaqui Tribe closed with equity investor Red Stone Equity Partners to begin construction on its $9.6 million affordable housing development, Pascua Yaqui Homes #8. The development will build 27 new affordable housing units on the Pascua Yaqui Reservation in Tucson, Arizona.
“As a tribe we are always excited to launch new affordable housing developments, however this one is special in that it represents the creation of an entirely new class of housing on our reservation,” said Keith Gregory, director of housing for the Pascua Yaqui Tribe. “For the first time ever, we are able to offer housing diversity that will hopefully fuel future development creativity in tribal housing while simultaneously providing critical affordable housing for our tribal members.”
Pascua Yaqui Homes #8 received a 2021 Low Income Housing Tax Credit (LIHTC) award from the Arizona Department of Housing (ADOH) that generated over $8.3 million in investor equity from Red Stone Equity Partners for the development.
“Red Stone Equity Partners is very grateful to have had the opportunity to partner with the Pascua Yaqui Tribe to develop high-quality affordable housing units for low and moderate income tribal members”, said Matt Grosz, managing director of Red Stone’s western region. “Since 2018, in collaboration with Travois and our investment partner, American Express, Red Stone has invested in four newly-constructed tribal housing developments in Arizona, totaling 124 residential units.”
The new development is the tribe’s eighth Low Income Housing Tax Credit project and will build three four-bedroom and 12 three-bedroom townhomes with an attached garage and 12 two-bedroom townhomes. The new townhomes will have a rooftop terrace, outdoor patio space, unique oversized window frames, stucco siding, metal roofs and wood canopies and feature a Desert Modern design.
Travois Design, the project architect, incorporated several green building techniques in the design to help lower energy use and costs. Each townhome will have Superior Insulation, Energy Star appliances, and energy-efficient windows and doors. Construction will begin in early 2022.
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.
“We congratulate the Pascua Yaqui Tribe as its eighth Low Income Housing Tax Credit development begins construction,” said Meaghan Pasbrig, project manager at Travois. “The housing department’s commitment to their mission is inspiring! To date, they have provided 299 safe and affordable homes to families through the Low Income Housing Tax Credit program. We are proud to partner with the Pascua Yaqui Tribe and thrilled to see construction begin on the new 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. Over the last 30 years, the housing credit has financed the construction and preservation of more than 3 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 https://rentalhousingaction.org/how-the-housing-credit-works/.
About Pascua Yaqui Tribe Housing Department
The Housing Department strives to provide every enrolled member of the Pascua Yaqui Tribe the opportunity for affordable, decent, healthy, and safe housing 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 Red Stone Equity Partners
Red Stone Equity Partners is a leading real estate investment firm specializing in the syndication of Low Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily housing communities and renewable energy projects. Founded in 2007, Red Stone Equity has raised nearly $7 billion in tax credit equity for the development and rehabilitation of more than 47,000 units in 45 states, Washington, D.C., and Puerto Rico. For more information, visit rsequity.com.
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 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, 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.
