By Corina Vanek | Phoenix Business Journal
An apartment complex with more affordable rent is planned in Glendale using COVID-19 related federal funds and a new Arizona low-income housing tax credit.
It’s an example of the local, state and national tools some cities and private developers are using to add more affordable housing. Rent increases in metro Phoenix continue to outpace the rest of the nation, and apartment rents increased an average of 30% in 2021.
“The need is huge and it’s going to continue to grow,” said Dan Klocke, project development manager for affordable housing developer Gorman & Company.
Gorman has about 2,500 affordable units in the works around the state. These include the rehabilitation and expansion of Phoenix’s public housing and various projects in Tucson, Chandler and Flagstaff. Gorman is also working with the Department of Veterans Affairs to create supportive housing for veterans at Fort Whipple in Prescott.