FOR IMMEDIATE RELEASE:
Dated: July 15, 2023
Financing for New Affordable Housing Developments Approved in Goodyear.
The Arizona Industrial Development Authority last month approved the issuance of bonds for two affordable housing projects slated for the town of Goodyear.
The Estrella Springs development will bring 396 apartment units designed for families south of the southeast corner of Van Buren Street and the Loop 303. Its sister development, Suncrest Vista, will feature 261 units catering to seniors. Both developments will rent to low- and moderate-income tenants. Both projects are being developed by Minnesota-based Dominium Holdings.
“One of the Arizona IDA’s main goals is to create more affordable housing for families and seniors,” Arizona IDA executive director Dirk Swift said. “These two projects feature a proven developer that will bring two great projects to fruition to help ease our housing crisis.”
The Arizona IDA is the conduit bond issuer for the two projects. The Arizona IDA approved bonds totaling $96 million for Estrella Springs and $60.3 million for Suncrest Vista.
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.