TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided a $14.6 million construction loan for New Life Homes, a 60-unit low-income housing project in Tacoma’s Hilltop neighborhood. National Equity Fund (NEF) provided LIHTC equity. Caleb Stephens of KeyBank CDLI structured the loan.
Shiloh Baptist Church, with Beacon Development Group as consultant, is developing New Life Homes. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. New Life Homes will be affordable to households earning below 30 percent or 50 percent of the area median income, and is designed for individuals in recovery for substance abuse, those leaving the criminal justice system, formerly homeless persons, persons with disabilities and veterans.
Additional financing for the development includes a $2.9 million permanent loan with a locked interest rate from Washington Community Reinvestment Association, $6 million from Washington State Housing Trust Fund, $4.4 million from the City of Tacoma, $5 million from Pierce County and a $1.1 million GP Capital contribution.