Investment

Maricopa County to invest nearly $800,000 into affordable housing

PHOENIX — The Maricopa County Board of Supervisors agreed on Wednesday to provide an additional $796,326 to an affordable housing project in Avondale.

With the additional funds coming from a community land trust, investments in the Avondale project have now surpassed $3 million.

“As living expenses increase and households are forced to juggle more financial responsibilities, I have seen some families lose hope that they’ll ever be able to become homeowners,” District 4 Supervisor Clint Hickman said. “I am proud of this board’s commitment to investing in affordable housing projects that can keep families’ hopes alive and break down the barriers that aspiring homeowners in the West Valley face.”

The initiative will build six single-family homes reserved for income-qualified buyers, and the community land trust will mandate that it can only be sold to other income-qualified buyers in the future.

For three of the homes, the income threshold is at or below 80% of the Area Median Income (AMI), which for Avondale is $74,800 annually for a family of four. The other three homes will be sold to households earning up to 120% of the AMI, no more than $112,000 annually for a family of four.

The homes are designed with sustainability in mind to keep operating costs to a minimum.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.


    Input this code: captcha