State to get low-income rentals - East Valley Tribune: Business

State to get low-income rentals

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Posted: Tuesday, September 23, 2003 9:48 am | Updated: 1:58 pm, Thu Oct 6, 2011.

Arizona is in line to get 1,264 more places for people of limited income to rent housing, including 100 in Gilbert.

The Gilbert project is being built under the name Page Commons and will be at the northwest corner of Park Avenue and Oak Street.

Built by Mercy Housing Southwest, it will have 88 one-bedroom units and 12 with two bedrooms.

The state Department of Housing has given its approval to developers getting close to $10 million in federal tax credits.

Those funds, coupled with $2.9 million in state cash and an additional $51 million in private and other financing, will allow the construction of apartments, townhouses and single-family homes.

Beneficiaries will be those who earn less than 60 percent of the median income in their communities — a figure that computes to $34,980 for a family of four in Maricopa County.

Rents are capped to be no more than 30 percent of the maximum eligible income for that category.

But if someone is earning less than that maximum, he or she could end up paying more than 30 percent of income.

With the latest round of awards the number of affordable units built statewide under the program now exceeds 23,000.

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