More than 400 affordable housing units gets green light at Phoenix City Council
Staff Reports | Digital Free Press
Phoenix City Council recently approved the acceptance of $9 million in federal funding aimed at creating or preserving 432 units of affordable housing within municipal bounds.
The U.S. Department of Housing and Urban Development, through its HOME Investment Partnerships Program, is providing grant dollars to go toward six different properties across Phoenix to improve access to affordable dwelling units.
“In Phoenix, we are working with urgency to ensure that everyone has a safe, affordable place to call home,” Phoenix Mayor Kate Gallego said in a May 1 prepared statement. “The critical federal funding we approved today will enable developers to build or preserve housing across the city so more families in our community can access stable housing for decades to come.”
Officials at City Hall say the new funding is being awarded to five different developers to enter into an Affordable Housing Loan Program agreement with Phoenix.
More than 400 affordable housing units gets green light at Phoenix City Council
All the units will serve households with incomes at or below 60 percent of the area median income with 11 city HOME units serving households at or below 40 percent AMI.
Garfield III
Up to $2 million in federal HUD HOME funding for the new construction of a 60-unit permanent affordable multifamily housing community located at 1510 E. Portland St. (District 8). Developer: Garfield Veterans Housing III, LLC.
Alex Apartments
Up to $1.98 million for the new construction of a 59-unit affordable multifamily housing community located at 77 E. Weldon Ave. (District 4). Developer: Alex Apartments, LP.
Kazan Apartments
Up to $1 million for the new construction of a 72-unit affordable multifamily housing community located at 2911 and 2941 N. 43rd Ave. (District 4). Developer: BNB Development, LLC.
Memorial Towers
Up to $1 million for the rehabilitation of a 153-unit affordable multifamily housing community located at 1405 S. 7th Ave. (District 8). Developer: Memorial Towers (TC2) Senior Housing Limited Partnership.
Resilient Living at Sunnyslope
Up to $1.045 for the new construction of a 40-unit affordable multifamily housing community at 1815 W. Sahuaro Drive (District 3). Developer: Sahuaro Housing, LP.
HOME funding is being increased for one developer, Osborn Pointe, LP, who had an existing contract with the City of Phoenix.
Osborn Pointe
Increasing funding by up to $1 million, for a total loan amount of $2 million, for the new construction of a 48-unit Permanent Supportive multifamily housing community located at 3406 N. 3rd St. (District 4). Developer: Osborn Pointe, LP.
All units at this location will serve households with incomes at or below 60 percent of the Area Median Income (AMI).
In exchange for the additional funding, the owner has agreed to increase the public benefit by including an additional 11 City HOME units, bringing the total HOME units at the project to 22 City HOME units serving households at or below 40 percent AMI.
Official at City Hall report the Housing Phoenix Plan was established in 2020, with the goal to create or preserve 50,000 units by 2030. As of March 2024, the city of Phoenix is more than 80% of the way to achieving that goal, with 40,091 units created or preserved, according to a press release.
