Pennrose Properties has broken ground on Garfield Housing Phase II, a 60-unit affordable housing project for seniors in Phoenix. The development team includes the City of Phoenix, Butler Housing Co., CBC Financial Corp. and the Arizona Department of Housing. The community’s completion is scheduled for winter 2024. Multihousingnews.com reports Butler Housing built the initial phase in 2014, a redevelopment project of the 50-year old Sacred Heart nursery. It was a 100-unit project for veterans.
Financing of the $28 million project encompasses:
- LIHTC equity and construction loan from Bank of America
- Permanent loan from Cedar Rapids Bank and Trust
- HOME loan from the City of Phoenix
- $500,000 in Congressional Program Funds.
The four-story community will encompass studio and one-bedroom apartments totaling 58,000 square feet. All residences are reserved for seniors of 55 and over, earning between 20 and 60 percent of the area median income. Common-area amenities are slated to comprise a fitness room, multi-purpose room, management suite and outdoor recreation area.