The Phoenix City Council authorized a $1,980,000 HOME Investment Partnerships Program loan to Alex Apartments LP for the new construction of Alex Apartments, a 59-unit affordable housing community at 77 E. Weldon Avenue. All units will serve households earning at or below 60 percent of the Area Median Income (AMI), with at least 10 units reserved for households at or below 40 percent of AMI. Excelerate Housing Group will lead development, leveraging permanent debt financing, Low Income Housing Tax Credit equity, and State Housing Trust Funds. The total project cost is estimated at $33,427,765. Funding is contingent on full underwriting, environmental clearance, other financing commitments, and award of tax credits. The loan will be executed in Fiscal Year 2025-26 and disbursed over a two-to-four year period without impacting the General Fund.