By Gabriela Rico | AZ Daily Star
Nearly 200 affordable housing units are opening up in the Tucson market as rents continue to climb, and a new program is encouraging developers to get in on the action.
As the cost of rent rapidly escalates, the need for affordable housing has become urgent, officials say.
With funding from the state and national Housing Trust Fund, $24.5 million is available for projects financed with low income housing tax credits for up to $2 million per project, said Tom Simplot, director of the Arizona Department of Housing.
Previously, money was restricted to nonprofits but now, for-profit developers are welcome to apply, Simplot said.