On May 21, 2025, the Phoenix City Council approved Ordinance S-51915 authorizing a $2 million HOME Investment Partnerships Program loan to Richman 41st & Thomas East, LLC for the new construction of the 55-unit 41st & Thomas East Apartments at 2700 N. 41st Avenue in District 4. The project will serve households earning at or below 50 percent of the Area Median Income, including at least 10 units reserved for households at or below 40 percent of AMI. The Richman Group will leverage permanent debt financing and Low-Income Housing Tax Credit equity to complete the estimated $24.9 million development. Loan execution is anticipated in Fiscal Year 2025-26, with disbursement over a two-to-four year period, subject to underwriting, environmental clearance, and LIHTC award. The Housing Department required community meetings to engage neighborhood stakeholders. This funding comes from 2024 HOME funds and a forward allocation of 2025 HOME funds. There is no impact to the General Fund.