Pascua Yaqui Homes X. Credit: Travois Design & Construction Services, LLC/Pascua Yaqui Tribe
By Roland Murphy | AZBEX
Earlier this month, the Arizona Department of Housing announced it allocated more than $22M of 2024 federal 9% Low-Income Housing Tax Credits in 2023.
According to the announcement, “Based on our population, Arizona receives just over $22M in LIHTC annually from the federal government. Federal law allows states to forward allocate tax credits from year to year and Arizona will be able to allocate 2025 LIHTC for next year’s awards. In some past years, ADOH has forward allocated a portion of the following year’s tax credits; this is the first time in state history that Arizona is putting 100% of the following year’s credits to work in the current year to fund development.”
In the same statement, ADOH announced it awarded credits to 15 new affordable housing projects for 2023. The awards include seven developments in rural communities, tying last year’s record for rural awards. Taken altogether, the new awards are expected to generate 1,049 new housing units across the state.
