IDA-funded Copa Flats affordable housing set for mid-2023

MARICOPA — The Arizona Development Authority closed a bond transaction financing Copa Flats Apartments in Maricopa, ready for occupancy by summer 2023.

According to the press release by AZ IDA, it’s a $46 million bond issue that will fund 312 affordable housing units. These apartments will be built by Real Estate Equities and located near the intersection of North Porter Road and West Applegate Road.

The main mission of AZ IDA is to bring more affordable housing to Arizona, which helps this state’s continued growth. This project is going to provide many new units in Pinal County.

“We are working with developers across the country to continue to boost the inventory for the thousands of people who want to relocate and call Arizona home,” said Patrick Ray, IDA program manager.

This development is supposed to have 13 residential buildings with 24 units each. It includes common space amenities like grilling areas, a clubhouse, swimming pool, playground, shaded picnic tables, dog park and fitness center.

It’s expected to have the first units available mid-2023 and completed by December 2023.

AZ IDA is a non-profit corporation formed in 2016. Their goal is to make housing ownership more affordable and issue conduit revenue bonds to lower financing project costs. It doesn’t receive public funds but their surplus revenues are distributed to the Arizona Housing Trust Fund and Office of Economic Opportunity.

Since 2016, it’s delivered around $60 million to the state.

—– Kimlye Stager covers Maricopa and the surrounding area for PinalCentral, including city, education, business, crime and more. She can be reached at kstager@pinalcentral.com.