The Northern Marianas Housing Corp. board approved last week a Low Income Housing Tax Credit application for a 40-unit housing project for elderly and supported care tenants.
The LIHTC application of $16 million in tax credit was approved for Saipan Comfort Homes, spread out over 10 years.
The project will cost up to $18 million and will be located close to the Saipan Zoo in Lower Base, according to the NMHC board.
According to NMHC corporate director Jesse Palacios, Mike Sablan is one of the owners of the project. Although it may target the elderly, other units will also be made available to low-income families.
“Based on their submission, the primary target will be elderly and supported care individuals but Saipan Comfort Homes will have the other units available for households,” Palacios said.
Eligible households are those not making more than $29,340 for a family of two or $25,680 for a single tenant.
“This housing center will include a community center and outdoor pavilions for resident activities as well as features to ensure resident security, safety, and comfort,” he said.
Other projects awarded under the LIHTC credits are Tasi Homes in 2013, Isa Villas in 2012, Blue Water Homes in 2011, and Sandy Beach Homes on 2010.
Of the five projects awarded, only Sandy Beach Homes has been able to complete the project.
Sandy Beach Homes was mostly funded by a cash grant from the U.S Department of Treasury, and is required to comply with the income limits as set forth by Housing and Urban Development.
Low Income Housing Tax Credits is one of the programs that NMHC provides in assisting with the development of low-income rental housing by providing qualified owners with credit to offset their federal tax obligations.