FOR IMMEDIATE RELEASE:
Dated: March 24, 2023
Developer Breaks Ground on Low-Income Apartments in Glendale with Help from Arizona IDA.
Gov. Hobbs attends event; 368 units for low-income and special needs residents.
Glendale – A new development funded by bonds secured through the Arizona Industrial Development Authority for low- and moderate-income residents broke ground Friday.
The $120 million project became a reality after the Arizona IDA gave approval to issue $70 million in bonds. The sale of the bonds closed this week for the project on 67th Avenue south of Glendale Avenue and developer Gorman and Co. plans to complete construction in less than two years.
“The Arizona IDA is committed to furthering Gov. Katie Hobbs’ vision of increasing the number of affordable and workforce housing in the state,” said IDA program manager Patrick Ray. “Centerline on Glendale is just a small part of the nearly $900 million in projects the IDA has approved to alleviate Arizona’s housing crisis.”
The Centerline project offers several unique features for a development of this type: there will be a community kitchen leased by the non-profit Local First Arizona. And vouchers will be available to those on the state’s Medicaid program AHCCCS to assist people with special needs. The entire project is accessible for residents and visitors with mobility issues.
Projects like Centerline help address the state’s lack of affordable housing. The Arizona Department of Housing estimates that the state is short 270,000 homes, leading to increased rents and home prices.
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 housing and other 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.