Updated: March 4, 2022 at 3:22pm mst
Images from Tofel Dent Construction.
Construction already underway on 60 units
Phoenix – The construction on a 60-unit rehabilitation project with financing assistance from the Arizona Industrial Development Authority is underway in Sierra Vista.
The Arizona IDA closed on the bond issue in March 2021 and construction on Vistabella began just a few months later. The project will provide 60 apartments of up to 4 bedrooms each that will be covered by the U.S. Department of Housing and Urban Development Housing Assistance Payment program to allow low and very low income families the opportunity to live in safe, well-maintained properties.
“The Arizona IDA is committed to providing the assistance necessary to bring as many affordable housing units to the state as possible,” said Patrick Ray, the Arizona IDA program manager. “One of the IDA’s main missions is to increase affordable housing options, especially in rural parts of the state. This important project is just one more way we are increasing the inventory of safe, new affordable housing in Cochise County.”
The rehab project, at 77 El Camino Real, Sierra Vista, was undertaken by Thomas Development Co., based in Boise, Idaho.
“The Arizona IDA casts a wide net to encourage qualified developers in Arizona and around the country to bring housing projects to expand the inventory of affordable housing units,” Ray said. “We are working with many partners like Thomas Development Co. to bring scores of much-needed units in rural and urban parts of Arizona.”
The Arizona IDA is a non-profit corporation formed in 2016 to make home ownership more affordable and issue conduit revenue bonds to lower financing costs for projects. While the enterprise receives no public funds, its surplus revenues are distributed to the Arizona Housing Trust Fund and Office of Economic Opportunity. Since its inception, the Arizona IDA has delivered about $60 million to the state.