The Phoenix IDA recently provided $30 million in bond funding for Residences at Falcon Park, a 192-unit multifamily residential rental housing complex to be constructed on 5.26 acres near 34th Avenue and I-10 in Phoenix. In response to the need for more affordable housing options in Phoenix, a portion of the units will be set aside for occupancy by low- to moderate-income tenants. The project is expected to be completed in March 2025.
Phoenix remains one of the fastest-growing areas in the country with rental growth rapidly expanding due to the demand for more affordable housing. The Phoenix IDA continues to support projects that create new affordable housing communities in Phoenix and surrounding communities.