Initiative supports sale of land, financing of 96 affordable housing units at Bret Tarver Terrace
Phoenix IDA recently provided $18.4 million in Multifamily Housing Revenue Bonds in support of Bret Tarver Terrace, a 96-unit affordable housing project that will be constructed on 3.42 acres on the southwest corner of McDowell Road and 31st Avenue in Phoenix. The project will include one-, two- and three-bedroom rental units serving families earning at or below 60% of area median income.
UMOM Helping Hands Housing Services – part of UMOM New Day Centers, the largest homeless shelter for families in Arizona – is developing the project in an effort to add more affordable housing options and help address the growing homelessness challenges in Phoenix.
“UMOM is thrilled to be part of this innovative and complex transaction. We are thankful for our partnerships with the Phoenix IDA, Arizona Department of Housing, Maricopa County, and the City of Phoenix,” said UMOM CEO Jackson Fonder. “We look forward to completing this community project and providing much needed affordable housing.”
Innovative financing solution supports affordable housing
The Bret Tarver Terrace project is unique in that it is being built on surplus land previously owned by the Isaac School District. With changing demographics and new school choices, many local school districts are in possession of excess land. These districts have expressed interest in selling excess land; however, the sale of school district-owned land is tightly regulated by the State.
“We worked hard to create a process that would allow for the district land to be purchased and the old, vacant school buildings to be removed so a new, energy-efficient affordable housing project can be built,” said Juan Salgado, CEO of the Phoenix IDA. “There is great public need for more affordable housing in Phoenix, and this is an excellent example of reuse of the site.”
Phoenix IDA funds scholarship in honor of late Board VP Darcy Renfro
The Phoenix IDA family is deeply saddened to learn that Board Vice President Darcy Renfro tragically lost her battle with cancer earlier this month. Darcy was a committed member of the Phoenix IDA’s Board of Directors for the past seven years and was a member of the Executive Committee for the last four years.
In recognition of Darcy’s tireless work, the Phoenix IDA – through its Board of Directors – unanimously committed to an initial investment of $100,000 to the Maricopa Community Colleges Foundation in support of the Darcy Renfro Memorial Scholarship Fund for Workforce and Public Policy. We encourage all who knew Darcy to support this scholarship fund in her memory, making higher education more attainable for all Arizona students.
Phoenix IDA CEO Juan Salgado recently shared his memories of Darcy and her tremendous contributions to the Phoenix IDA Board over the past seven years.
Phoenix IDA welcomes back Wendy Gutierrez
A familiar face is back in our office and once again serving as executive assistant for the Phoenix IDA. Please join us in welcoming back
Wendy Gutierrez to the team!
Her past experience at the Phoenix IDA, combined with roles as a legal assistant and escrow officer, provides the team with a diverse, solutions-oriented skill set. We are grateful for Wendy’s attention to detail, research capabilities and willingness to help out wherever needed. And as a licensed Realtor, we look forward to her assistance with our Home in Five Advantage program.
2023 Arizona Housing Forum
The Phoenix IDA’s Housing Director Cindy Stotler (left) and Chief Financial Officer Murray Boess (right) recently participated in the 2023 Arizona Housing Forum. Cindy participated in a panel discussion about 4% Low-Income Housing Tax Credit projects, spotlighting our Bret Tarver Terrace and Soluna projects in Phoenix.
Also pictured (middle, left to right) is the “past, present and future team” at the Arizona Department of Housing with former Deputy Director Cindy Stotler, former Director Tom Simplot, current Director Joan Serviss, and current Deputy Director Ruby Dhillon-Williams – all still working together to address Arizona’s housing crisis!
The Phoenix IDA Board of Directors is scheduled to meet at 3 p.m. on Thursday, Sept. 21, 2023.
