Published by: InMaricopa.com
Dated: October 13, 2022
Contributing Writer: Kimlye Stager
Arizona IDA approves funding for low-income, senior housing in Maricopa
MARICOPA — Arizona Industrial Development Authority has approved financing for affordable senior and low-income resident housing projects planned for Maricopa.
The funding for the Waterman Senior Apartments and Overland Flat Apartments will come from $110 million in bonds issued by the Arizona IDA, the organization said in a press release. The complexes will each have about 200 units and are slated to be constructed by DBG Properties at John Wayne Parkway and Honeycutt Avenue.
“Affordable housing remains in tight supply in Arizona,” said Patrick Ray, Arizona IDA program manager. “One of our main objectives is to increase affordable housing for Arizonans and these two projects will bring hundreds of units to Pinal County, which desperately needs workforce housing and affordable senior living developments.”
The organization approved 10 multifamily affordable housing projects this year with more than 2,400 units across the state.
Arizona IDA is a nonprofit that approves income-tax-free bonds that cause investors to grant a lower interest rate.