By Cesar Neyoy for Yuma Sun
The Comite de Bien Estar will be able to offer $2M in federal tax credits as incentives to attract investors in a planned apartment complex in San Luis for low-income families.
Valley View apartments is one of 13 projects around the state approved by the Arizona Department of Housing for the credits through the state agency’s Low-Income Housing Tax Credit program for 2020.
Tony Reyes, executive director of Comite, said he hopes the inducement of tax credits will enable the nonprofit organization to line up financing by the end of the year for the 100-unit apartment complex planned on the city’s north side.
The Valley View complex is one of 13 low-income housing projects for which the Arizona Department of Housing has set aside a total of nearly $20.6M in federal tax credits for 2020.
Reyes said he hopes construction can begin on the apartment complex in early 2021.
In March, the San Luis City Council rezoned 14.4 acres of land from rural to residential use to allow for construction of the apartments, followed by construction of condominiums that would also be managed by Comite. The site is west of 4th Avenue and about a quarter-mile north of Union Street.
According to plans, the Valley View complex will consist of 13 buildings housing two-, three- and four-bedroom apartments, plus an administrative office, storage area, laundry room and a 3KSF multi-use center for residents. There will also be an outdoor recreation area that will include children’s playground equipment.
Tenants will be low-income families that qualify for subsidized rents.
Plans call for the complex to be completed by the end of 2021.
Read more at Yuma Sun. (Subscription required.)