Building affordable rental housing can allow your business or not-for-profit to both benefit society and achieve financial success. However, it is essential to ensure that the benefits and advantages of constructing affordable housing outweigh any costs associated with construction, rehabilitation and ongoing operations. Maricopa County and the state of Arizona have programs in place to provide financial assistance to developers who build affordable rental housing or who convert existing units to affordable residences for lower and middle-income Arizonans. There are also tax-credits available to developers that can provide further financial incentive.
As a developer, it is essential to understand the different programs available to subsidize the development of affordable rental housing units. An experienced attorney at Lotzar Law Firm, P.C. can help you to explore options available at the local, state and federal level for securing financial incentives. Our attorneys can also assist with the process of applying for funding or benefits and with proving compliance to receive the promised financial benefits. Call or contact us online as soon as possible to speak with a member of our legal team and get your project underway.
Programs Available to Build Affordable Rental Housing in Maricopa County
Maricopa County has several different programs that are available to developers in the field of affordable rental housing. One option is to secure funding from the Community Development Block Grants (CDBG) Program. Money is available through CDBG to revitalize neighborhoods, to build or improve community facilities, to improve economic opportunities and to expand affordable housing availability.
The Home Investment Partnership Program (HOME) is also available to developers in Maricopa County who wish to develop affordable housing projects in order to increase the supply of homes and apartments available to lower and middle class people living in Arizona. Financial assistance is available through HOME for building, buying and rehabilitating properties that will be rented at reasonable rates to those with limited financial resources. Individuals may also seek rental assistance through this program.
At the state level, Arizona has created the State Housing Fund (SHF). The SHF was created by the Department of Housing to combine resources that are available from both the state government and the federal government for the development of affordable housing. The money is made available through GAP funding and can be used to acquire and rehabilitate existing units to create affordable rental housing, as well as to develop both permanent and transitional rental units.
Finally, Low-Income Housing Tax-Credits; New Markets Tax-Credits and Historic Tax-Credits may also be available under appropriate circumstances to provide additional financial incentives.
Exploring all possible programs to build affordable rental housing in Maricopa County is beneficial to your business interests, and Lotzar Law Firm, P.C. can help. Call or contact us online today to speak with a member of our legal team and to learn more about how we can assist you with your development project.
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