Creating New Affordable Housing Opportunities in Alhambra
The Phoenix IDA recently completed bond financing for Salamanca Square, a new 192-unit affordable housing community being developed by UMOM New Day Centers.
The project is financed with $47.2 million in multifamily housing revenue bonds through the Phoenix IDA’s School District Surplus Land Initiative, an innovative approach that transforms underutilized school district property into much-needed affordable housing while generating capital for local school districts and the communities they serve.
Located at 4439 N. 39th Ave. in Phoenix, Salamanca Square will bring new affordable homes to the Alhambra community and represents an important collaboration between the Phoenix IDA, Alhambra Elementary School District and UMOM.
“Having taught in Phoenix schools, I know firsthand how much a stable home can shape a child’s ability to succeed,” said Phoenix City Councilwoman Laura Pastor. “Families need greater access to affordable housing, especially now, and I am proud to see the City of Phoenix working with the Phoenix IDA, Alhambra Elementary School District and UMOM to make that possible. This kind of creative collaboration puts underutilized land to work and brings more affordable housing to the heart of our city.”
Salamanca Square builds on the momentum of the completed La Esperanza Terrace community and the under-construction Wild Rose Flats development, two additional affordable housing projects made possible through the School District Surplus Land Initiative and a separate partnership with the Isaac School District.
We’re excited to see this underutilized land put to work addressing one of Phoenix’s most pressing needs: quality, affordable housing.
Celebrating the Grand Re-Opening of Memorial Towers
Last month, the Phoenix IDA was proud to join residents and community partners to celebrate the grand re-opening of Memorial Towers, marking the completion of an extensive renovation that preserves 153 affordable homes for seniors in Phoenix.
Developed and managed by National Church Residences, Memorial Towers has undergone a significant transformation, with renovated apartments, updated community spaces and improvements designed to provide residents with safe, comfortable and affordable homes for years to come.
One of the people who made the day especially meaningful was Jane Nguyen, a 16-year resident of the community. Jane (pictured above right with Phoenix IDA’s Frank Enriquez) came to the United States from Vietnam in 1981 as a single mother with two young children. She didn’t know anyone and didn’t speak English, but she was determined to build a good life for her family. She went on to become a proud U.S. citizen and, decades later, calls Memorial Towers home.
The Phoenix IDA played an important role in making the renovation possible, issuing $34 million in multifamily housing revenue bonds in December 2024 to support the rehabilitation and long-term preservation of the community.
“We are proud to partner with the Phoenix IDA and community organizations to preserve and expand affordable housing, using every tool available to keep our communities housed and thriving,” said Phoenix City Councilwoman Anna Hernandez. “The renovation of Memorial Towers demonstrates what is possible when we invest in housing and the dignity of our residents and reminds us that we must continue and expand those investments across Phoenix — because housing stability is community stability.”
Phoenix IDA Deputy Director Mike Santellanes (pictured above middle with resident fan dancers) was honored to be part of the grand re-opening speaking lineup and help recognize the collaboration behind this important affordable housing preservation project.
Congratulations to National Church Residences and the many partners who helped bring the renovation to completion. Memorial Towers is a great example of what can happen when nonprofit, public and private partners work together to preserve affordable housing and invest in the quality of life of Phoenix residents.
Anna Maria Maldonado Named Community Investment Director
Please join us in welcoming Anna Maria Maldonado as our new Community Investment Director.
After working alongside the organization as a consultant for several years, Anna Maria will now help strengthen partnerships and advance investments that expand access to capital and opportunity throughout our community. A native Phoenician and fifth-generation Arizonan, she brings extensive experience in business development, community relations and strategic partnerships.
She continues to be an asset to our team, and we congratulate her on this new role!
Phoenix IDA Honored at Valle del Sol’s Profiles of Success
The Phoenix IDA was honored at Valle del Sol’s 35th Annual Profiles of Success celebration on Sept. 12, recognizing the organization’s longstanding commitment to expanding opportunity and strengthening communities across Maricopa County.
For more than 30 years, Profiles of Success has celebrated Latino leaders and community champions whose service, leadership and impact are helping shape Arizona. The Phoenix IDA was recognized for its work using innovative public-purpose financing and community partnerships to expand access to affordable housing, homeownership, education, healthcare and economic opportunity.
“We are deeply honored to receive this recognition from Valle del Sol and to be included among so many outstanding leaders,” said Phoenix IDA CEO Juan Salgado. “This award reflects the dedication of our board, staff and partners who work every day to create greater opportunity for the people and communities we serve.”
Congratulations to all of the 2026 Profiles of Success honorees and thank you to Valle del Sol for its continued leadership and service to Arizona.