The Flagstaff City Council recently approved $3.33M in Rental Incentive Bond Program awards, which will be leveraged by other funding sources and result in 139 affordable rental units being constructed in downtown Flagstaff by the Foundation for Senior Living. The San Francisco Square Apartments will serve seniors earning up to 80% of the area median income and the Aspen Lofts Apartments will serve individuals and families earning up to 60% of the area median income. This funding was created by the passage of Proposition 442 by Flagstaff voters in 2022, which authorized the use of general obligation bonds for the creation of rental and ownership opportunities for residents of Flagstaff.
Flagstaff Mayor Becky Daggett said “these two projects taken together are going to have a huge positive impact on seniors and families in our community. I can’t wait to help welcome our neighbors to their new homes.”
The Rental Incentive Bond Program provides loans to eligible developers of rental housing that include a minimum of 10% affordable units in new rental projects serving households at or below 80% of area median income. After this initial award of $3.33M, the Rental Incentive Bond Program has a remaining balance of $1.67M in program funds. These funds will be made available for a subsequent round of awards in the future.
This funding supports the City’s 10-Year Housing Plan, which calls for the creation of housing options for households at all income levels and family sizes occupied by local residents. To learn more about the work of the City of Flagstaff’s Housing Section or the City’s 10-Year Housing Plan, visit flagstaff.az.gov/4372/Housing-Section. For questions related to the Rental Incentive Bond Program, please contact Jennifer Mikelson, City of Flagstaff Housing Planning Manager at [email protected].
