February 2011. We have submitted an application of Low Income Housing Tax Credits (LIHTC) for Hooghan Hozho’ (Harmony House) which is now the official name for what we have been calling Chuska 2. LIHTC’s are the primary funder for affordable housing for low income families in the country. They work by giving the applicant tax credits, which are sold to investors. Investors then are able to get a credit against their taxes dollar for dollar.
Preparing an LIHTC application can take a long time. In our case it has been almost two years. With the application we are required to submit scale drawings developed by our architects. As you can imagine these are very competitive and only four or five awards are made each year in New Mexico. We will report the good news as soon as we know.
These applications have many moving parts and we could not have even applied for a tax credit allocation without the work and support of our many collaborators, contractors, consultants and citizens. We thank you in advance for what we believe will be a successful application.
We are also busy submitting grant proposals to support this project since LIHTC’s do not entirely support the development of affordable housing.
We are also beginning to look past the development of Hooghan Hozho’ to other housing projects needed in this city and county. No plans have been developed yet.
Until next month stay well and do good!