$35 million in funding will be used to build new houses in Maricopa County. | Tierra Mallorca/Unsplash
$35 million in funding will be used to build new houses in Maricopa County. | Tierra Mallorca/Unsplash
The Maricopa County Board of Supervisors approved $35 million in funding to build new housing units and facilitate home ownership.
This move raised the recent investment in affordable housing initiatives to $65 million, according to a news release on the county's website.
More than $10 million will go toward the purchase and renovation of approximately 83 homes. These homes will be sold to residents making at or below 120% of the area's median income. Another $4.5 million will go toward down-payment assistance for eligible applicants in the same income bracket.
"What's good is that we are not simply throwing money at the problem, but really thinking about what gaps we can fill to help address our region's affordable housing crisis," Bill Gates, chairman of the Board of Supervisors, said in the news release.
The homes will be sold to low-to-moderate income buyers for below market value, the news release noted. The buyers will pay for the house only; the Community Land Trust will retain ownership of the land where the house is located to allow the cost to remain affordable for future buyers.
"With this new funding, we're not only adding new, affordable inventory to the market, we’re also providing down-payment assistance so more residents can own their homes," Gates said. "I'm hopeful this can free up more rentals as well."
The $35 million in funding from the American Rescue Plan Act will be split among projects that aim to increase the stock of affordable housing in Maricopa County, including Alta Vista Ranch in Phoenix, Acacia Heights II in Phoenix, and the Casa Del Sol Development in Wickenburg.
"We are grateful to the board for the opportunity to bring these projects to fruition which increase the supply of affordable housing and advance home-ownership opportunities for low-to-moderate-income individuals and families, helping them enjoy the benefits of home ownership and strengthen the surrounding community," Jacqueline Edwards, director of Maricopa County's Human Services Department, said in the news release.
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