Mayor Kate Gallego, Councilwoman Laura Pastor, Maricopa County Supervisor Steve Gallardo, and other officials cut the ribbon at the Grand Opening of La Esperanza Terrace.
By InBusiness Phoenix
Nearly 100 families in Phoenix have a new, affordable place to call home. UMOM New Day Centers, the City of Phoenix, Maricopa County, the Phoenix IDA and its partners are proud to celebrate the grand opening of La Esperanza Terrace. This landmark affordable housing development was made possible through an innovative, first-of-its-kind agreement between the Isaac School District, the Phoenix IDA, UMOM and the City of Phoenix. This 96-unit development will provide affordable housing for low-income families for decades to come.
The property is built on land previously owned by the Isaac School District. The City of Phoenix purchased the surplus land from the district to develop affordable housing that will have a lasting impact on the community. At the core of turning this land into affordable housing is a deed restriction called a Land Use Restrictive Agreement (LURA), which the City placed on the property prior to resale, requiring it to remain dedicated to affordable housing for a minimum of 40 years.
