PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II. Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH).
Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with six units reserved for residents earning at or below 40 percent of the AMI and 24 available for residents earning at or below 50 percent of the AMI. The remainder of the apartments are set aside for seniors earning at or below 60 percent of the AMI.
Upon completion, Garfield Terrace II will deliver an additional 60 units for seniors earning at or below 60 percent of the AMI, with 12 apartments reserved for formerly homeless residents. Completion is scheduled for fall 2026.
Amenities at the property will include a fitness center, outdoor courtyard and recreation area, community room and parking. The Greater Phoenix Urban League and Central Arizona Shelter Services will provide on-site social, health and educational programming at the community.
Funding for Garfield Terrace included two 9 percent low-income housing tax credit awards from ADOH, as well as project-based vouchers and HOME funds from the City of Phoenix. Phase II of the development also received a housing trust fund loan from ADOH. Bank of America and Cedar Rapids Bank provided additional funding, and Sen. Gallego’s office $500,000 in congressional program funds for the development.