Downtown Phoenix affordable housing project completed with stimulus funds

[Source: Arizona Guardian] — On Tuesday, September 15, Governor Jan Brewer and U.S. Housing and Urban Development Deputy Secretary Ron Sims visited the construction site of Catherine Arms, a low income housing project being built at 315 W. Fillmore Ave. with the help of federal stimulus funds.  “The Arizona Department of Housing has identified this project as a very worthwhile program that will provide assistance to extremely needy victims of domestic and substance abuse,” said Governor Brewer.  “Catherine Arms is one of many projects receiving assistance in the State of Arizona, providing much needed housing for working families.”

Native American Connections began rehabilitating the Catherine Arms multifamily rental project when construction stalled due to the current economic situation.  Through the federal Tax Credit Assistance Program (TCAP), established as part of the American Recovery and Reinvestment Act of 2009 (ARRA), the Arizona Department of Housing was able to provide additional monies to fill a funding gap, saving jobs that would have been lost and allowing construction to continue on the project.  When complete, Catherine Arms will consist of 28 one-bedroom rental units, five of which will be reserved for victims of domestic violence and/or chronic substance abuse.  The amount of funding allocated to this project from TCAP is approximately $500,000.

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Posted on September 20, 2009, in Affordable Housing, Finances and tagged , , , , . Bookmark the permalink. Leave a comment.

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