This resolution authorizes the issuance of up to $12,000,000 in Multifamily Housing Revenue Notes for the Glendale Apartments Project, a 45-unit residential community for low- to moderate-income senior tenants. The project will finance the acquisition, construction, development, and operation of the apartment community, located on a 1.06-acre site at 6819 N. 27th Avenue, Phoenix, AZ. The Phoenix Industrial Development Authority has previously resolved to issue the notes at its meeting on September 19, 2024. Funding will be used for capitalized interest, reserve funds, and related issuance costs.
This project provides essential affordable housing for senior residents, addressing the housing needs of low- and moderate-income individuals in Phoenix. The financing supports the development of a critical community resource and contributes to the city's economic development goals.