On June 19, the Arizona Department of Housing announced that it had awarded Low Income Housing Tax Credit reservations to 13 rental projects comprising 1,022 units in five counties across Arizona. This is nearly an 11% increase (101 units) over the number of units achieved in 2019. Projects will be located in Phoenix (6), Sierra Vista (1), San Luis (1), Flagstaff (1), Avondale (1), Glendale (1) and Tucson (2) including one on the Pascua Yaqui Reservation. The value of the tax credits reserved was nearly $206 million. As in past years, requests for tax credits far exceeded credits available, with 23 applicants requesting almost $381 million in credits.
The 2020 Qualified Allocation Plan allowed the Department to increase the number of people who will have access to housing, while maintaining options for Arizonans to live in apartments ranging from efficiencies designed for single persons to 5-bedroom homes intended for larger and multigenerational families. The 2020 awards increased the imputed number of people served by 6% (184 people), when compared to 2019 awards. In addition, 2020 Tax credits will account for an average of 72% of total development costs, a reduction over the 2019 average of almost 76%.
Access the list of 2020 LIHTC Reservations for more information.
Comment on the 2021 Qualified Allocation Plan (QAP)
The Arizona Department of Housing is accepting comments for the 2021 QAP. While input will continue to be accepted through the end of the public process, written comments submitted to [email protected] before July 20, 2020 at 5:00 pm, will be considered when formulating the first draft of the QAP.
Housing Matters | Summer 2020