The Arizona Department of Housing is currently committed to or actively involved in financing 5,537 affordable rental units, in various stages of production, including 2,244 units in pre-development and 3,293 currently under construction or renovation. Of those in production, 1,255 units are expected to receive Certificates of Occupancy in the next quarter and be ready to receive new renters by summer.
The Department is also actively reviewing a number of applications, requesting financing for 2,879 units. Of that number, 2,127 units are vying for federal Low-Income Housing Tax Credits valued at over $461.2 million through the 9% LIHTC competitive round. The Department anticipates reserving available credits worth $223 million before the end of June for successful LIHTC applications.
DEVELOPMENT NEWS - NOTICE OF FUNDING AVAILABLITY (NOFA)
Rental Housing Development
The Arizona Department of Housing in March 2021 announced funding from the following sources are being made available for this NOFA: Federal National Housing Trust Fund (NHTF); Federal HOME Investment Partnerships Program (HOME); and State Housing Trust Fund (HTF). Eligible Projects are new construction and/or acquisition/rehabilitation of vacant buildings that result in affordable rental housing developments.
View the NOFA for more information: Rental Housing Development.
CDBG-CV 1 and 2 Public Facility
The Arizona Department of Housing in December 2020 announced a NOFA that solicits applications from local governments, non-profits or for-profit entities for the acquisition, conversion or rehabilitation of facilities for Emergency Shelter or Transitional Housing that prevents, prepares for or responds to coronavirus COVID-19.
View the NOFA for more information: Public Facility: Conversion, Acquisition and/or Rehabilitation of Emergency Shelter or Transitional Housing.
FEATURED GRAND OPENINGS
Dunlap Pointe – Phoenix
Dunlap Pointe, located in the Sunnyslope community in Phoenix, hosted a grand opening event on March 24, 2021. Dunlap Pointe is an affordable permanent supportive housing development consisting of 54-units. The Arizona Department of Housing provided funding to the project in 2019 from the Housing Set-Aside with Low Income Housing Tax Credits valued at over $10 Million.
Monroe Gardens Apartments – Phoenix
Monroe Gardens Apartments celebrated its opening in March 2021. This affordable housing development, located in the Eastlake Community near downtown Phoenix, transformed 38 public housing units into 78 project-based Section 8 rental assistance units. The Arizona Department of Housing allocated Low Income Housing Tax Credits to the project valued at $17.5 Million.
Housing Matters | Spring 2021