Phoenix City Council Approves Funding to Create or Preserve More than 400 Affordable Housing Units

Today, the Phoenix City Council approved more than $9 million in federal grant funding that will create or preserve 432 units of affordable housing in Phoenix. The federal U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program (HOME) funds will go toward six different properties across the city to create new affordable housing projects or preserve affordable housing through rehabilitation.

"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 today 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."

New funding is being awarded to five different 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 (AMI) with 11 City HOME units serving households at or below 40 percent AMI.

Garfield III

Up to $2 million in federal HUD HOME funding for the new construction of a 60-unit permanent affordable multifamily housing community located at 1510 E. Portland St. (District 8). Developer: Garfield Veterans Housing III, LLC.

Alex Apartments

Up to $1.98 million for the new construction of a 59-unit affordable multifamily housing community located at 77 E. Weldon Ave. (District 4). Developer: Alex Apartments, LP.

Kazan Apartments

Up to $1 million for the new construction of a 72-unit affordable multifamily housing community located at 2911 and 2941 N. 43rd Ave. (District 4). Developer: BNB Development, LLC.

Memorial Towers

Up to $1 million for the rehabilitation of a 153-unit affordable multifamily housing community located at 1405 S. 7th Ave. (District 8). Developer: Memorial Towers (TC2) Senior Housing Limited Partnership.

Resilient Living at Sunnyslope

Up to $1.045 for the new construction of a 40-unit affordable multifamily housing community at 1815 W. Sahuaro Drive (District 3). Developer: Sahuaro Housing, LP.

HOME funding is being increased for one developer, Osborn Pointe, LP, who had an existing contract with the City of Phoenix.

Osborn Pointe

Increasing funding by up to $1 million, for a total loan amount of $2 million, for the new construction of a 48-unit Permanent Supportive multifamily housing community located at 3406 N. 3rd St. (District 4). Developer: Osborn Pointe, LP.

All units at this location will serve households with incomes at or below 60 percent of the Area Median Income (AMI). 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.

Total Units:

Once these units are completed, they will be added to the total count of units created or preserved through the Housing Phoenix Plan. The Housing Phoenix Plan was established in 2020, with the goal to create or preserve 50,000 units by 2030. As of March 2024, the City of Phoenix is more than 80% of the way to achieving that goal, with 40,091 units created or preserved so far.

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