PHOENIX, ORE. — Commonwealth Development Corp. and WNC & Associates have released plans for Pacific Flats, an affordable multifamily community in Phoenix, a small city in the southern portion of the state near the California border.
Slated for completion in June 2025, Pacific Flats will feature 72 Low-Income Housing Tax Credit (LIHTC) units spread across five three-story residential buildings. Amenities will include a clubhouse with a fitness center, business center and community room.
Eight units will be reserved for families earning up to 30 percent of area median income (AMI), 20 units at 50 percent AMI and 44 units at 60 percent AMI. The property will include high-efficiency windows and Energy Star-rated appliances and building mechanical equipment.
Pacific Flats residents will have access to supportive services, including educational classes and help with access coordination to other non-profit agencies. ACCESS, a local community action organization, will provide the services.
WNC’s total investment in the project is $25.1 million. The deal was structured with 4 percent LIHTC Equity, a construction and permanent loan through Legacy Bank, a $13.5 million soft loan using LIFT funds and a $170,000 soft loan using OHCS MEP funds.
Commonwealth Development also partnered with Native of One Wind Indigenous Alliance Unete to ensure the project serves the local population.