The Phoenix City Council approved the issuance of up to $35,000,000 in Multifamily Housing Revenue Bonds for the Horizon on Villa Project. These bonds, issued by The Industrial Development Authority of the City of Phoenix, will finance or refinance the acquisition, construction, development, rehabilitation, improvement, equipping, and/or operation of a multifamily residential rental housing project. Located at or near 500 N. 20th Street, Phoenix, AZ, the project is expected to comprise approximately 109 housing units on about 5.78 acres. A portion of these units will be set aside for low- to moderate-income tenants. The City Council's approval on July 2, 2025, fulfills the requirement under Section 147(f) of the Internal Revenue Code of 1986, following the Phoenix IDA Board's resolution on June 18, 2025.