Affordable Housing is Coming to Phoenix, Providing Homes for the City's Working Class
With home prices skyrocketing in Phoenix, there has been a growing divide between luxury apartments and affordable housing for the working class. Right now, 87% of construction is centered on luxury housing, leaving the less fortunate to move to the outer limits of the city. While public transportation is being expanded thanks to the rejection of Proposition 105, people are currently struggling to find affordable housing near jobs in the downtown area.
The city of Phoenix is beginning to address this dilemma. Unlike other growing metropolitan areas, the city leaders understand the need for a stabilized housing environment that caters to the people who keep the city running. Phoenix Mayor Kate Gallego commented that “Adding quality housing is a top priority for our city. I am excited to see new housing, including much-needed workforce units, near our key job corridors in the downtown and airport area.”
This emerging opportunity has paved the way for Pacific Oak Capital Advisors and Defer Gain. These two firms specialize in alternative and opportunity investments, respectively, providing them “a unique opportunity to penetrate the Arizona Opportunity Zone market,” said Co-Founder of Pacific Oak Keith Hall. Through this $61 million-dollar project and partnership, potentially thousands of workers who fuel the city’s growth will be able to live in the Presidential District of Downtown Phoenix without having to worry about lengthy, expensive commutes.
In many ways, these three property developments will not differentiate from other luxury amenities. The firms boast the buildings will feature state-of-the-art amenities including luxurious lobbies, mailrooms with secured lockers for packages, grocery delivery cold and freezer storage, clubhouses, multi-purpose rooms, private conference rooms, exercise facilities, resort-style swimming pools, cabanas with private BBQs, secured ingress/egress, great walkability, and easy access to public transportation. If that sounds like a lot, it’s because it is.
The city has been taking applications from eligible families, single persons, senior citizens, and people with disabilities. If you’re a Phoenix resident or real estate agent looking to learn more about the program and how you can apply, please visit https://www.phoenix.gov/housing/findingaffordablerental. There you’ll be able to find eligibility and how you, as a real estate agent, can help create a fair housing environment for everyone.