Phoenix, (Feb. 18, 2026) — Ulysses Development Group (UDG) announced the financial closing of Salt River Flats 2 last week. This new community will offer 168 affordable homes to families and individuals earning 60% of the area median income. Centrally located at 4027 S 13^th Street, this property will be directly west of UDG’s inaugural project, Salt River Flats, and is close to employment, restaurants, and grocery stores.

In addition to the accessibility that Salt River Flats 2 will provide, it will also offer a variety of amenities to enhance the lives of residents. These will include a BBQ and outdoor gathering area, a pool, a playground, and a community room with a kitchenette. Inside the units, residents will have laundry, hard stone countertops, central air conditioning, and walk-in closets. Additionally, Salt River Flats 2 will feature a robust solar energy program, offsetting over 70% of the community’s energy usage. This sustainable initiative will significantly reduce the property’s carbon footprint, aligning with broader environmental goals and fostering a greener future.

Due to Phoenix’s population growth outpacing housing construction, the city faces a deficit of nearly 18,000 units, according to the Common Sense Institute as of Q2 2025. With this closing, UDG has developed 870 units in Arizona and is actively working to bring more affordable and high-quality homes to residents of the Grand Canyon State.

“Salt River Flats 2 is a shining example of the hard work and dedication of so many parties involved in these transactions,” said Ahmed Abdelhameed, Vice President, Ulysses Development Group. “From partnerships with the Arizona Department of Housing and City of Phoenix, to conversations with neighbors, these communities take grit and vision, and we are proud to be a part of it.”

“Everyone in Phoenix deserves an affordable place to call home,” Mayor of Phoenix Kate Gallego said. “This project goes above and beyond for residents, including through the use of solar tax incentives that will provide access to clean, affordable energy.”

“The Arizona Department of Housing is proud to partner with UDG to make Salt River Flats 2 a reality through the Federal Low Income Housing Tax Credit Program and State Housing Trust Funds,” said Arizona Department of Housing Director Ruby Dhillon-Williams. “This future community reflects our mission to invest in high-quality, affordable housing so that all Arizonans can thrive.”

Salt River Flats 2 is made possible through contributions from the following funding sources:

• The Arizona Industrial Development Authority (Arizona IDA):
  • $34.5M in tax-exempt bonds
• The Arizona Department of Housing (ADOH)
  • $23.5M in annual federal low-income housing tax credits (LIHTC)
  • $2.5M in State Housing Trust Funds
• US Bank
  • Investor of $23.5M of LIHTC equity
  • $700k of solar investment tax credits
• Merchants Capital
  • Provided $30.8M tax-exempt construction loan
  • Provided $15.6M of taxable bridge loan debt
  • $28.7 million in permanent debt

Phoenix continues to be an important metro area for UDG’s growth, showcasing the company’s commitment to expanding affordable housing in the region. Construction of Salt River Flats 2 has begun and is expected to wrap up in Q1 2028. In September 2025, UDG celebrated the groundbreaking of Wild Rose Flats, a 72-unit multifamily community, and the grand opening of Dahlia Village. UDG is also developing The Acacia at Youngtown, a 312-unit community scheduled to welcome its first residents this summer.