Crystal Creek Townhomes
This development encompasses 22 four-plex
buildings with 89 2- and 3- bedroom units, 85 of which are affordable
to low-income households earning at or below 60 percent of the area median income. A contribution from the Arizona State Housing Trust Fund
allowed 10 of these units to be targeted at an even lower income
threshold; these units are set aside for households with incomes at or
below 50 percent of AMI. Low income housing tax credit
equity was used to cover additional project costs. Once the tax credit
ownership obligations have been satisfied, tenants will have the
opportunity to purchase their units at below-market
prices. Resale is limited to income-qualifying households (those
earning at or below 60 percent of AMI), a limited appreciation strategy
that keeps the units affordable for successive households.