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Monday, July 2, 2012

Low-income Phoenix projects eyed by developers

Developers proposing three multifamily housing projects in central and downtown Phoenix have applied for a combined $5.5 million in low-income housing tax credits that the City Council is expected to approve at its Tuesday meeting.

The U.S. Department of Housing and Urban Development offers the credits as incentives to build low-income rental housing, Recipients get a dollar-for-dollar credit against their federal income tax liability for 10 years.

The three housing projects are:

Madison Gardens: A 133-unit senior housing complex proposed by WESCAP Investments, run by developer William Spreitzer, for 802 E. Missouri Ave., near Seventh Street. WESCAP expects costs to total $27 million. The company seeks $2 million in city housing tax credits.

Highland Metro Apartments: DESCO Affordable Housing, run by Dave Slattery, proposes renovating a 32-unit apartment complex at 912 W. Highland Ave. southeast of Camelback Road and 15th Avenue, and to add a 32-unit complex to a 32-unit complex at 720 W. Coolidge St. near Seventh and Highland avenues. DESCO estimates costs will total $11.6 million, and it seeks $1 million in credits.

Garfield Sacred Heart: DESCO Affordable Housing also wants to acquire and rehabilitate this property at 16th and Portland streets in downtown Phoenix's historic Garfield neighborhood. The 100-unit complex would house veterans, and development could cost $18.5 million. DESCO seeks up to $2.5 million in tax credits.

Qualified renters

Qualifying renters earning 50 percent or less of the Maricopa County area's median gross income would include an individual earning $23,250 a year or less, a couple earning $26,600 a year or less, a family of three earning $29,900 a year or less, and a family of four that earns $33,200 a year or less.

More details are online: tinyurl.com/2012lowincome.

by Emily Gersema - Jun. 29, 2012 02:28 PM The Republic | azcentral.com




Low-income Phoenix projects eyed by developers

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