Arizona IDA Approves Bonds for Senior Housing Project - Glendale, Arizona

Arizona IDA Approves Bonds for Senior Housing Project in Glendale, Arizona

FOR IMMEDIATE RELEASE:
Dated: July 13, 2023

Arizona IDA Approves Bonds for Senior Housing Project - Glendale, Arizona

Arizona IDA Approves Bonds for Senior Housing Project, Glendale, Arizona.

 

 

A new housing development to alleviate senior homelessness in the Valley received approval for financing from the Arizona Industrial Development Authority last month.

Mercy Housing Inc., of Colorado, received approval for issuance of $35 million in bonds to build 148 low- and moderate-income units at the northeast corner of 50th Avenue and Glenn Drive. Mercy indicated the Glendale Senior Apartments will also bring in unhoused seniors. Among the amenities will be solar arrays to help bring down energy costs. Mercy has been developing affording housing for more than 40 years.

“Arizona’s hot real estate market often prices senior citizens out of their homes and apartments,” said Arizona IDA executive director Dirk Swift. “But developers like Mercy Housing help seniors find affordable housing and we are happy to help find financing to make these projects a reality.”

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.

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