By Dominium
Dominium has announced it has closed a deal to acquire land for the development of a new affordable housing community in Marana.
Dominium plans to use the land at 8740 N. Silverbell Road to develop an affordable housing community for low-income families in the Marana area. Once constructed, The Safford will provide 200 high-quality apartment homes. This project will be constructed by WD Construction.
The Safford, along with the recent grand opening of 308-unit Vista Ridge in Phoenix and the groundbreakings for 396-unit Estrella Springs and 261-unit Suncrest Vista in Goodyear, are part of Dominium’s $1B pipeline of affordable housing in Arizona.
Construction of The Safford will be supported by the Section 42 Low-Income Housing Tax Credit program. Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income. Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.
