By Roland Murphy for AZBEX
Developer Chicanos Por La Causa presented its plan for a 176-unit affordable housing apartment development to the Casa Grande City Council in an April 3 study session.
According to the PowerPoint presentation accompanying the session, the plan arose from a Request for Information issued by Casa Grande in August 2019. CPLC submitted its response in March 2020, and the rezoning was approved in February 2022. The timeline lists agreement negotiations as “in process.”
The first phase of CPLC’s plan covers a total of five parcels totaling slightly more than six acres:
- Parcel 1: 315 W. Main Ave. — 1.02 ac;
- Parcel 2: 209 W. Main Ave. — 0.64 ac;
- Parcel 3: 202 S. Top & Bottom St. — 1.46 ac;
- Parcel 4: 107 W. Main Ave. — 0.60 ac;
- Parcel 5: 401 E. 3rd St. — 2.32 ac.
Parcels 2, 3 and 4 abut each other.
CPLC’s plan calls for 176 units ranging in size from one to three bedrooms. The target renters are members of the area workforce who encounter difficulties finding housing they can afford on their standard salaries, including teachers, public safety workers, home health and hospitality staff, and employees of area manufacturing companies like Lucid Motors.
According to the project timing plan, after a purchase agreement is signed, CPLC will pursue financing through a 4% Low-Income Housing Tax Credit and tax-exempt bonds. Other financing will include tax-exempt loans, equity investors, other soft loan sources, and if needed, additional gap financing. The loans and other construction period financing will close after the Arizona Department of Housing approves the tax credits and the building permits are issued, after which CPLC will close on the land purchase and begin construction. No firm dates were given for the timing components.
Upon completion, the units will be managed by Tiempo Development & Management, CPLC’s property management affiliate, which will enable the organization to maintain a vested interest in the project.
