By Angela Gonzales for Phoenix Business Journal
Foundation for Senior Living is planning two more senior housing projects in Phoenix, but experts say it’s still not enough to keep up with the growing demand for affordable senior housing.
Plans call for building two communities in Phoenix that will total $25.3M in development costs, said Tom Egan, president and CEO of FSL, a Catholic charity under the Diocese of Phoenix.
A 78-unit community called Acacia will be built at 615 W. Pierson St., while a 113-unit community called Roeser will be built at 446/454 E. Roeser Road, he said. Each project will cost about $13.3M to build, he added.
The Arizona Department of Housing estimates there is a need of 165,000 affordable housing units across Arizona.
“We’re talking about developing housing for people who make between 40 percent and 60 percent of the area median income,” Egan said. Monthly rents for the new projects will be somewhere in the $500-$700 range.
Egan’s two new projects will total about 200 units, which doesn’t come close to the needs, he said.
These aren’t subsidized housing properties, he said, which have very long wait lists before seniors can take advantage of those low cost housing options.
“Right now, we’re seeing more seniors in our community getting displaced,” Egan said. “If the rent keeps going up and the rent is beyond what they make, oftentimes they aren’t in a position to earn more income.”
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