The Phoenix City Council authorized a $500,000 federal HOME Investment Partnerships Program loan to Bethel Development, Inc. for the new construction of Verano Terrace II, a 25-unit affordable housing community at 1141 W. Monterosa Street in District 4. The project will serve households earning at or below 60% of the Area Median Income, with at least 11 units reserved for persons with disabilities. Additional financing sources include permanent debt and Low-Income Housing Tax Credit equity. Total development costs are estimated at $10,424,230. The agreement empowers the City Controller to disburse funds over a two-to-four year period subject to underwriting, environmental clearance, and tax credit award. There is no impact on the General Fund, and the project aligns with community priorities for serving special needs populations and CHDO-qualified developers under HUD’s HOME program.