The Arizona Department of Housing is currently committed to or actively involved in financing 3,488 affordable rental units, in various stages of production: 1,122 units in pre-development, 2,366 currently under construction or renovation and an additional 318 units with a request for funding presently under review, as well as applications for 24 projects received during the 2020 Low-Income Housing Tax Credit Competitive Round. The Department expects to announce tax credit reservations by June 30, 2020. Of the 2,366 in production, 471 units are expected to receive Certificates of Occupancy in the next quarter and be ready to receive new renters.
Featured Grand Openings and Groundbreakings Around the State
Solstice of Mesa – Mesa
Solstice of Mesa celebrated the ground breaking of an affordable housing community on March 5. The new construction project is expected to open in the spring of 2021, and will consist of 235 affordable housing units for senior residents, ages 55 and older. ADOH provided $22.6 million in Low Income Housing Tax Credits to the project.
Laurel Tree at Northern - Phoenix
Laurel Tree at Northern, located in North Phoenix, marked its grand opening with a ribbon cutting event on February 27. This affordable housing project included demolition and new construction of a four-story building of 70 units. ADOH awarded tax credits of $14.5 million to the project, and $500,000 in gap financing. The Arizona Health Care Cost Containment System (AHCCCS) provided $2 million toward development, as well as dedicated some monthly rental assistance to assist renters at this property through its behavioral health resources.
Soluna Apartments - Phoenix
Soluna Apartments celebrated the ground breaking of an affordable housing apartment community in Phoenix on February 11. Phase One of the project will create 111 affordable and market rate units. The project is part of the Choice Neighborhoods Initiative Implementation Grant from the U.S. Department of Housing and Urban Development (HUD) and is the first ever such grant awarded in Arizona. ADOH provided $18.7 million in LIHTC to the project.
TOKA Homes III - Tohono O'odham Nation, Tucson
TOKA Homes III in the San Xavier District of the Tohono O’odham Nation celebrated its grand opening with a ribbon cutting event on January 24. This affordable housing community consists of 24 single family and 14 townhome newly constructed units. ADOH allocated $10 million in Low Income Housing Tax Credits.
Tips on How to Find Affordable Rentals Financed by ADOH
Callers often ask how they can get on a list to rent a unit at one of the projects financed by the Department. Because all of the units are owned and operated privately, we recommend that interested renters contact the entity that is developing the property to ask when and how they can get their name on a waiting list for properties under construction. Developers often start waiting or interest lists far in advance of completion and by the time a property opens, lists can sometimes be very long.
The names and locations of rental projects that are being financed by the Department, as well as the company developing the property, can be accessed by consulting the lists below:
Tax credit projects approved by the Department:
Download a list of Low Income Housing Tax Credit properties expected to open by December 2020
Download a list of Low Income Housing Tax Credit properties expected to open by December 2021
Housing Matters | Spring 2020