The Moab Area Community Land Trust announced on March 19 that it has been awarded a $4.2 million allocation of federal New Markets Tax Credits from the Community Development Finance Alliance to develop infrastructure for the Arroyo Crossing housing development in Spanish Valley.
The New Markets Tax Credit allocation will allow the Moab Area Community Land Trust to “leverage local contributions and private debt with investment equity from financial institutions,” a press release on March 19 said.
The Moab Area Community Land Trust (MACLT) said it hopes to raise at least $190,000 in local money by August 30.
MACLT board treasurer Barbara Hicks says the group has raised $102,000 so far, thanks especially to a large, anonymous family donation three weeks ago. The group hopes to raise the additional funds locally from businesses, agencies, and individuals who are affected by the lack of workforce and entry-level housing in Grand County.
Local resident and Grand County Community and Economic Development Director Zacharia Levine sits on Community Development Financial Alliance’s advisory board.
The financial alliance is a nonprofit financial intermediary which receives tax credit authority through a competitive process from the U.S. Department of Treasury. It then awards portions of this credit authority to Utah-based projects, allowing private capital to flow from investors and lenders to qualified projects in low-income communities.
“This resource, along with the donation of 42 acres of developable land at 2022 Spanish Valley Drive, should allow us to develop approximately 300 units of housing, a small neighborhood commercial area and a community center to serve our local working residents,” said Audrey Graham, chair of MACLT.
The apartments, townhomes, and single-family homes will only be available to very low-, low-, and moderate-income families working in, or retired from, Moab.
MACLT said its goal is to serve Moab’s essential workforce, including teachers, emergency service providers, government employees and service-sector workers. Half of the units will be reserved for low-income families making less than 80 percent of the Area Median Income (AMI).
There will be homes for sale or rent, and all will be deed-restricted to prevent them from becoming too expensive for subsequent owners and renters.
The MACLT board, consisting of Audrey Graham, Terry Morse, Kaitlin Myers, Barbara Hicks, David Olsen, and Tom Shellenberger will be hosting a series of public events to introduce the development, garner ideas, and come up with street names.
For more info, or to make a donation, visit the group’s website at moabclt.org.
Funding benefits Arroyo Crossing housing development in Spanish Valley