New Arizona tax credit could spur $160 million in affordable housing development

By Catherine Reagor | Arizona Republic

Reynaldo Galindo, 31, stands with his sons, Royall, 4, and Myson, 11, on July 6, 2020, at Urban Living on Fillmore in downtown Phoenix. Galindo and his children were living with friends before finding a three bedroom apartment at the new affordable housing project.

Arizona has a new low-income housing tax credit that could spur more than $160 million in affordable-housing development, say housing advocates.

Legislation for the program signed by Gov. Doug Ducey at the end of this year’s session provides $4 million annually for four years that developers can tap to finance the much-needed housing.

The money can be used to launch projects and obtain other state and federal money to build as much as $160 million in affordable homes.

Housing advocates strongly backed the legislation because of rising rent costs across the state and the growing number of people experiencing homelessness.

“Arizona’s tax credit is the single largest investment the state has made to affordable housing,” said Joan Serviss, executive director of the Arizona Housing Coalition. “This is monumental.”

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