Phoenix approves $9 million in federal funding to create and preserve affordable housing units
Download mp3 (1.37 MB)The Phoenix City Council has approved the use of more than $9 million in federal grant funding to create more affordable housing options.
The money is an annual allocation the city gets from the U.S. Department of Housing and Urban Development called HOME funds.
City of Phoenix Housing Manager Stanko Zovko said this year it will go toward six different properties across the city to create or preserve 432 units of affordable housing in the area.
“Preserving the units means that funds are invested into the units to rehab them, to bring them up to kind of modern standards and also it kind of renews some of the affordability restrictions on the unit so they aren’t converted to maybe market rate units or rents aren’t increased," he said.
All the units will serve households with incomes at or below 60% of the area median Income.
“Prices have gone up dramatically in the last five to 10 years for housing in all sectors, all types — everything from home ownership to rentals," Zovko said. "The city works actively to try and create various different types of housing that can be affordable for low income households.”
The city set a goal in 2020 to create or preserve 50,000 units by 2030. As of March 2024, it’s about 80% of the way there.
