Featured Groundbreakings and Grand Openings Around the State
The Arizona Department of Housing is currently committed to or actively involved in financing 4,238 affordable rental units, in various stages of production: 1,303 new commitments, 1,526 in pre-development, and 1,409 currently under construction or renovation. Of the 1,409 in production, 226 units are expected to receive Certificates of Occupancy in the next quarter and be ready to receive new renters.
Learn more about rental properties that have received funding, administered by the Arizona Department of Housing.
Coffelt-Lamoreaux Apartment Homes - Phoenix
The Arizona Department of Housing (ADOH) was pleased to participate in the Dedication Ceremony for the Coffelt-Lamoreaux Apartment Homes, a historic redevelopment of former public housing units in Phoenix, on April 20. Jointly developed between Gorman & Company and the Housing Authority of Maricopa County, ADOH provided over $17 million in redevelopment funding for the project through its federal Low-Income Housing Tax Credit and State Housing Trust Fund resources. ADOH was pleased that it could serve as a significant partner in preserving this historic neighborhood, which serves as home to over 300 Arizona families.
Tohono O'daham Ki:Ki Association (TOKA) Groundbreaking - Tucson
The Tohono O’odham Ki:Ki Assocation (TOKA) held a groundbreaking for its TOKA LIHTC III housing project in the San Xavier District – Black Mountain, on April 13. The Arizona Department of Housing provided 2017 Low-Income Housing Tax Credits for the development of this project, which will provide approximately $8 million in equity to the project. The Tohono O’odham Ki:Ki Association is also providing $1,075,731 for the development. The project will include 38 housing units within 26 buildings, all intended for families. ADOH looks forward to the project’s grand opening which should occur in 2019.
Broadway Terrace holds Grand Re-Opening - Phoenix
Newly renovated Broadway Terrace in Phoenix held its Grand Re-Opening on June 14th. Utilizing resources made available through private activity bonds and 4% tax credits, the project includes a total of 100 affordable rental units, and one employee unit. The project is also supported by Section 8 project-based rental assistance. Financing for this nearly $19 million project came through bonds and tax credits, seller financing, mortgage financing, deferred developer fees, and operating reserve carryover. Red Capital Markets, Red Stone Equity Partners, and Red Mortgage Capital participated in the financing of this project developed by Rebuild American, Inc. and Psalm 127 LLC.
