By Paulina Pineda | Arizona Republic
An initiative to spur the development of affordable housing in Tempe has generated millions in contributions and pledges in its first year.
Tempe has used the money to jumpstart work on several parcels where developers will build as many as 390 affordable apartments and homes, and to purchase more properties.
The Hometown for All initiative, which the City Council approved in January 2020, funnels a portion of city permit fees to a dedicated fund to accelerate the creation of housing for lower-income earners. Developers can contribute to the fund, too.
About $6.1 million went to the fund as of Dec. 31: nearly $2.5 million in cash from permits and developer contributions and $3.6 million in pledges from developers and expected revenues from the sale of city land. City housing staffers expect the rest of the cash to trickle in throughout the year as construction projects move through the development process.
