RMCRC Funds New Affordable Housing Project in Avondale, AZ, to Address Community Needs and Enhance Resident Quality of Life
SALT LAKE CITY--(BUSINESS WIRE)--Nov 6, 2024--
Rocky Mountain Community Reinvestment Corporation (RMCRC), a nonprofit dedicated to fostering affordable housing, has announced the completion of the Norton Circle Apartments in Avondale, Arizona. This transformative redevelopment, led in partnership with the Housing Authority of Maricopa County (HAMC), replaces a 5.7-acre site and 46 outdated units with 100 new high-quality, affordable housing units, providing a safe, supportive, and vibrant community for families in the area. The Norton Circle project was made possible through a 9% Low-Income Housing Tax Credit (LIHTC) award from the Arizona Department of Housing, with additional support from Enterprise Housing Credit Investments (the tax-credit investor), BMO Bank N.A. (the construction lender), and RMCRC who contributed $11.5 million in permanent financing.
“The redevelopment of Norton Circle Apartments is a significant investment in Avondale’s future,” said Christopher Jensen, President and CEO of RMCRC. “This project not only meets a pressing need for affordable housing in the area but also provides a community-centered environment where residents can thrive. By transforming an outdated property into a space that supports safety and quality living, we’re proud to play a part in improving the lives of Avondale’s families.”
This new development features 100 units, including 40 one-bedroom, 40 two-bedroom, and 20 three-bedroom options. Of these, 50 units are dedicated to extremely low-income households with rents subsidized through Project-Based Vouchers. Norton Circle Apartments is designed with safety as a central focus. The “eyes on the street” layout creates open, secure spaces, fostering a close-knit community atmosphere. Additionally, the property offers a range of amenities to support resident well-being, such as a community room, a fitness center, and high-speed internet.
“This new development helps us fulfill our mission of providing stable, well-connected homes for families in need,” said Gerald Minott II, Executive Director of HAMC. “Norton Circle Apartments are more than just housing; they create a safe, supportive environment where children excel and families grow. Located near schools, parks, grocery stores, and essential services, the development offers residents easy access to vital community resources, fostering a stable, enriching home environment that will positively impact educational outcomes and overall quality of life for families in the area.”
About Rocky Mountain Community Reinvestment Corporation (RMCRC)
Founded in 1999 by local banks to support Community Reinvestment Act (CRA) needs, RMCRC is a nonprofit organization providing permanent financing for affordable housing benefiting low- to moderate-income households across the Rocky Mountain region. With a proven record of fostering sustainable communities, RMCRC continues to drive impact through innovative financing solutions and strategic partnerships. For more information, visit www.rmcrc.org.
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KEYWORD: UTAH ARIZONA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE BANKING URBAN PLANNING CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES PHILANTHROPY STATE/LOCAL OTHER PHILANTHROPY PUBLIC POLICY/GOVERNMENT OTHER CONSTRUCTION & PROPERTY FINANCE
SOURCE: Rocky Mountain Community Reinvestment Corporation
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