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FEDERAL GRANT
Phoenix City Council approves funds for 400 affordable housing units
(City of Phoenix)
U.S. Department of Housing and Urban Development HOME Investment Partnerships Program funds will go toward six different properties in Phoenix.
Posted
INDEPEDENT NEWSMEDIA
The Phoenix City Council has approved more than $9 million in federal grants that will create or preserve 432 units of affordable housing.
The U.S. Department of Housing and Urban Development HOME Investment Partnerships Program funds will go toward six different properties across the city to create new affordable housing projects or preserve affordable housing through rehabilitation, according to officials.
“In Phoenix, we are working with urgency to ensure that everyone has a safe, affordable place to call home,” Phoenix Mayor Kate Gallego said. “The critical federal funding we approved . . . 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.”
The money is being awarded to five developers to enter into an Affordable Housing Loan Program agreement with the city. All the units will serve households with incomes at or below 60 percent of the Area Median Income with 11 units serving households at or below 40 percent AMI, a release stated.
Here is where the funding will go:
Garfield III
Up to $2 million in federal HUD HOME funding for the new construction of a 60-unit permanent affordable multifamily housing community at 1510 E. Portland St.
Alex Apartments
Up to $1.98 million for the new construction of a 59-unit affordable multifamily housing community at 77 E. Weldon Ave.
Kazan Apartments
Up to $1 million for the construction of a 72-unit affordable multifamily housing community at 2911 and 2941 N. 43rd Ave.
Memorial Towers
Up to $1 million for the rehabilitation of a 153-unit affordable multifamily housing community at 1405 S. 7th Ave.
Resilient Living at Sunnyslope
Up to $1.045 million for the construction of a 40-unit affordable multifamily housing community at 1815 W. Sahuaro Drive. HOME funding is being increased for one developer, Osborn Pointe, LP, who had an existing contract with the city.
Osborn Pointe
Increasing funding by up to $1 million, for a total loan amount of $2 million, for the construction of a 48-unit permanent supportive multifamily housing community at 3406 N. 3rd St.
All units at this location will serve households with incomes at or below 60 percent of the Area Median Income.
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, the release stated.
