Dated: January 23, 2023
Arizona IDA Board approves $20 million bond for affordable housing project.
The Arizona Industrial Development Authority agreed to be a conduit for $20 million in bonds for an Indiana company to build new affordable housing units in Glendale.
The 105-unit project will be built on the southwest corner of 47th and Glendale avenues. Indianapolis-based TWG Development is constructing two, three-story buildings that will lease to tenants who meet the income qualifications.
The complex will include a playground, a pool, security cameras and a community room.
“The Arizona IDA is committed to bringing affordable units to market as quick as possible to deal with our housing crisis,” said Pat Ray, the IDA’s program manager. “The IDA works with developers across the country to bring projects like this TWG complex to Arizona. The state needs more affordable housing and this project will alleviate some of the shortfall in inventory.”
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 $67 million to the state.