Independent Newsmedia reports a ground-breaking ceremony was held the morning of Aug. 12 for El Rancho Apartments, 719 E. Main St., on the site of a blighted motel that will become a four-story apartment community with 66 units to house families with children.
The El Rancho development is a collaboration led by Community Development Partnerswith the city of Mesa Department of Housing, nonprofit partner Integrity Housing and supportive service provider A New Leaf, with the goal of providing life-enhancing safe, quality affordable housing.
The El Rancho project pooled input from local groups including A New Leaf, Neighborhood Economic Development Corporation and Cultural Coalition as well as the Mesa Arts Center and local artists to design a product that will engage the community with enriching programs and public art pieces.
Financing for the project comes from the sale of Low Income Housing Tax Credits, which the project was awarded in 2013. A construction loan from Chase Bank will finance the project through lease-up. Arizona Department of Housing provided gap financing and the City of Mesa provided both a grant and loan through Housing Opportunities Made Equal funds, without which the project would not be feasible.
