ARIZONA REAL ESTATE & HOUSING NEWS
New affordable rental housing development opens in west Phoenix
A new affordable housing community in Phoenix called La Esperanza Terrace has added almost 100 units for low-income families to the Valley.
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PHOENIX — Community leaders celebrated the opening of a new affordable housing complex with almost 100 rental units in Phoenix on Tuesday.
La Esperanza Terrace, which consists of 96 apartments, will provide shelter for low-income families for decades to come.
The community at 3101 W. McDowell Rd. is on land previously owned by the Isaac School District.
“This project is taking a dirt lot that used to be a preschool site and turning it into a vibrant complex where residents can easily access helpful services, work opportunities and community support,” Maricopa County Supervisor Steve Gallardo said in a news release.
Families are expected to start moving in next month.
What makes Phoenix affordable housing community unique?
La Esperanza was made possible through a first-of-its-kind partnership between the city of Phoenix, Isaac School District, UMOM New Day Centers and Maricopa County as well as the Phoenix IDA and its partners.
It’s the first of three partnerships with local school districts that will create a total of over 300 new affordable housing units.
For each project, the city purchased the land and required that it be developed for affordable housing for at least 40 years under a process called the School District Surplus Land Initiative.
Where does money for new affordable housing community in Phoenix come from?
Several partners funded the $36 million La Esperanza project, including:
- City HOME funds: $1 million
- State Housing Trust Fund: $4 million
- Maricopa County: $6 million
“Creating and preserving affordable housing is a top priority for the city of Phoenix,” Mayor Kate Gallego said in the release. “La Esperanza Terrace is a perfect example of what can be accomplished through community collaboration.”
The community provides one-, two- and three-bedroom units to families that earn less than $62,000. Residents can access computer training, financial literary resources and job-seeking opportunities.
La Esperanza Terrace also boasts a community room, computer lab, fitness center, playground and outdoor gathering areas.
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