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Housing

Catholic Charities breaks ground on affordable housing

297 multifamily units coming to Phoenix

Posted 8/4/21

Catholic Charities, through its Housing for Hope, Inc. affiliate, has broken ground on Mesquite Terrace, an affordable housing community in Phoenix.

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Housing

Catholic Charities breaks ground on affordable housing

297 multifamily units coming to Phoenix

Posted

Catholic Charities, through its Housing for Hope, Inc. affiliate, has broken ground on Mesquite Terrace, an affordable housing community in Phoenix.

Located in the Solano neighborhood on 19th Avenue and Camelback Road near the light rail, the community will consist of 297 multifamily units. The three-building property will sit on nearly four acres and is set to be completed by the end of 2023.

“Mesquite Terrace addresses the desperate need for affordable housing in the Valley,” said Catholic Charities President and CEO Paul Mulligan. “As a community, we’re a long way from overcoming the shortage, but that’s why we developed Housing for Hope, Inc., in order to take an aggressive role in the effort and partner with other Valley organizations and developers to provide solutions.”

Trinity Development will be the co-developer on the property. Biltmore Properties, Inc. will manage the

community. Mesquite Terrace will offer one, two and three-bedroom apartment options that will range from 575 square feet to 1,050 square feet of space. Approximately 11 units are reserved for veterans as part of the city’s HOME program. Rental rates for all apartments will be based on the tenant’s income. The first building will be completed by the end of 2022.

Mesquite Terrace amenities will include secure bicycle parking, a sports court, outdoor children’s play area, resident community rooms and outdoor patio spaces.

Total cost of the project is approximately $63.6 million through financing that includes tax-exempt bonds through the City of Phoenix Industrial Development Authority, Low Income Housing Tax Credits from the Arizona Department of Housing, $1 million for the Phoenix Community Development and Investment Corporation, $1 million from City of Phoenix HOME Funds and deferred developer fees.

Mesquite Terrace will join Catholic Charities’ eight other affordable housing communities throughout the Valley.

The City of Phoenix Affordable Housing Initiative reported a shortage of 163,067 affordable housing units and, according to a recent report by the National Low Income Housing Coalition, the Valley is one of the top five metropolitan districts in the nation for a shortage of extremely low-income rentals. Nearly 65% of the 555,013 households in Phoenix fall into the extremely-low-to-low or low-to-moderate income levels.

The U.S. Department of Housing and Urban Development reports that the average rent in metro Phoenix has increased more than 60% during the past 10 years while median household income has gone up by less than 20%.