Hundreds of affordable apartments coming to Phoenix soon. Who qualifies?
Hundreds of affordable apartments are coming to Phoenix for residents with disabilities, those experiencing chronic homelessness and senior citizens.
The City Council on Wednesday approved $8 million in federal funding for five projects that will build a total of 279 affordable apartment units across Phoenix. At each of the complexes, residents' income limits are capped at 60% of the area median income, with 11 or more units at each location set aside for those making 40% of the area median income.
The income caps mean means 224 of the units will house individuals making less than $39,300 per year and 55 apartments will be for those making less than $26,200 annually — the figures differ for families of different sizes. The council approved another $1 million in federal funds to renovate 153 existing affordable units.
The funding comes from the U.S. Department of Housing and Urban Development and is loaned by the city to developers. Developers will pay little or no interest in repaying the funds to the city.
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The projects, which are located near downtown and in midtown and west Phoenix, represent a step forward in the City Council's 2020 goal to create or preserve 50,000 housing units by 2030 in a bid to improve home affordability.
The city reached more than 40,000 housing units at the end of March — 80% toward the goal just four years in. The city averaged nearly 9,000 units per year between 2020 and 2023. This year's first-quarter results far outpace previous years, adding more than 4,000 units. If the momentum continues, Phoenix will be on track to add more than 16,000 units by the end of the year and surpass the 50,000-unit goal.
Mayor Kate Gallego suggested the city may look at setting other housing goals once Phoenix hits its 2030 target.
"We have a partnership with Bloomberg right now that is doing some consulting work and really characterizing our housing supply, and my hope is to use that to develop additional goals," Gallego said Tuesday.
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Nearly 60% of the city's new or preserved units' rents are considered market-rate. The remaining units are split almost evenly between affordable and workforce rents. Of the affordable units created or preserved since the plan launched, 5,225 were preserved while 3,038 were created.
Affordable housing is typically reserved for residents who make below 60% of the area median income, while workforce housing is for those who make between 60% and 120%.
The Phoenix's area median income for an individual is $65,000 annually, while a family of four's median income is $93,500.
Housing is considered affordable when it accounts for 30% or less of a household's income, according to federal standards.
More: See Phoenix's 2023 income limits
What and where are the projects?
Roosevelt and 15th streets: 60-unit complex for seniors at 1510 E. Portland Street called Garfield III.
Third Street between Indian School and Osborn roads: 59-unit complex at 77 E. Weldon Ave. called Alex Apartments.
Northwest corner of Third Street and Osborn Road: 48-unit complex for chronically homeless and disabled individuals at 3406 N. Third St. called Osborn Pointe.
19th and Northern avenues: 40-unit complex at 1815 W. Sahuaro Drive called Resilient Living @ Sunnyslope.
43rd Avenue and Thomas Road: 72-unit complex at 2911 and 2941 N. 43rd Ave. called Kazan Apartments.
Renovations at Seventh Avenue and Buckeye Road: Preserving 153 units for seniors at 1405 S. Seventh Ave. called Memorial Towers.
Taylor Seely covers Phoenix for The Arizona Republic / azcentral.com. Reach her at tseely@arizonarepublic.com or by phone at 480-476-6116.
This article originally appeared on Arizona Republic: Hundreds of federally funded affordable apartments coming to Phoenix
