The Phoenix City Council approved a resolution authorizing the issuance of up to $48 million in Multifamily Housing Revenue Notes for the Mesquite Terrace Apartments project. This financing will support the acquisition, construction, and development of a 297-unit affordable housing complex located on North 19th Avenue in Phoenix. The project is being financed through The Industrial Development Authority of the City of Phoenix, Arizona (Phoenix IDA), following a public hearing held on January 21, 2025. This action reaffirms the city's commitment to expanding affordable housing options and ensuring compliance with Section 147(f) of the Internal Revenue Code. The original approval for this financing was granted in 2021 but had expired, necessitating this reauthorization.
This approval enables the continued development of affordable housing in Phoenix, addressing the city's growing demand for low-income housing options. The project supports community stability and aligns with long-term housing affordability goals.