FOR IMMEDIATE RELEASE:
Dated: July 12, 2023
Arizona IDA Approves Large Youngtown Affordable Housing Development.
Ulysses Development received the go-ahead from the Arizona Industrial Development Authority to construct a 312-unit affordable housing project in Youngtown.
The $116 million development at Peoria Avenue and Nofs Drive will feature one- to four- bedroom units that are reserved for people earning less than 60 percent of the area median income. The Arizona IDA board last month voted to be the conduit issuer of the bonds.
Ulysses already has experience developing affordable housing projects in the alley. The Arizona IDA approved a bond package for Ulysses in 2022 to build Salt River Flats in Phoenix. The first of the 192 units will start leasing at the end of the year.
“Ulysses Development has shown it is able to bring affordable units to market to ease the state’s housing crisis,” Arizona IDA executive director Dirk Swift said. “Our mission is to bring more affordable housing units to Arizona and we are happy to help Ulysses and others build new units
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. In the last year, the Arizona IDA has approved the financing of more than 1,800 units. Some developments approved by the Arizona IDA are also now using the Arizona Department of Housing’s new State Low Income Housing Tax Credit, including two projects consisting of 368 units. Arizona has seen an increase in participation under the 4% LIHTC program. The Arizona IDA is an essential part of utilizing and maximizing Arizona’s 4% LIHTC program. In the Arizona Department of Housing’s calendar year over 1,800 4% LIHTC units were approved. The LIHTC is the primary, and in many cases only, financial mechanism used to develop and preserve housing affordable to low and moderate income residents. While the Arizona IDA 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 $70 million to the state.