We are excited to announce that Many Lights Foundation has entered into a partnership with Tacoma Housing Authority (THA) focused on the development of a multigenerational community. This community called Hope Lights is to be located at 60th and McKinley Streets in Tacoma with THA as the developer.
We anticipate this will be a comprehensive project with a goal of breaking ground and opening the new community in 2019. Our first priority is to finalize the necessary working documents between Many Lights and THA for this project and we are actively engaged in that now. Concurrently, we are also engaged in working through three key steps for this project.
- Pre-Development Activities: Architectural design, engineering design, Geological, technical and environmental studies, etc.
- Financial Due Diligence: Funding analysis and sourcing, Capital campaign assessment and strategy, etc.
- Community Outreach and Fundraising: Neighborhood and local involvement, driving fundraising efforts, etc.
Our estimates are that the Hope Lights Community will cost $15M to build. Our primary sources of funding will be Low Income Housing Tax Credits, foundation and corporate support and a capital fundraising campaign. Many Lights and THA plan to submit a Stage 1 Housing Trust Fund Application in 2017 for funding consideration in 2018.