New senior housing OK'd in east Mesa

Industry Insights

 A proposed new senior housing development in East Mesa would bring affordable rents to east Mesa for residents who are at least 55 years old, while upgrading an area in need of revitalization.

With these goals in mind, the Mesa City Council recently committed $500,000 in federal housing funds to the Broadway and Hawes Senior Housing Development proposed by Dominium, a Minnesota developer that specializes in affordable housing.

The three-story development would have 237 units. The federal money allocated to Mesa, along with $21 million in federal tax credits allocated to the Arizona Department of Housing, would allow Dominium to obtain another $31 million in private financing needed to complete the housing development, said Liz Morales, Mesa’s housing and community development manager.

Dominium’s development would be the first senior housing financed in this manner in East Mesa, she said. What makes such projects so appealing is that the rent must be affordable for tenants earning no more than 60 percent of the area’s median income.

Click to read more of article in East Valley Tribune

Click to read article in Rose Law Group Reporter

Click to read article in the American Planning Association Media Center