Lincoln Avenue Communities (LAC) has broken ground on a development that will provide 300 affordable homes in Casa Grande, Arizona.Cottonwood Ranch will serve individuals and families in Pinal County earning no more than 50% and 60% of the area median income.
“Lincoln Avenue Communities is proud to begin construction on our first ground-up development in Arizona,” said Jeremy Bronfman, founder and CEO of LAC. “Once completed, Cottonwood Ranch will provide affordable, high-quality housing to renters facing increasing costs in the rapidly growing Phoenix metropolitan area.”
The property will include two-, three-, and four-bedroom layouts. In addition, LAC and its partner, Fairview Housing Partners, will provide resident services at the property, helping families connect with local organizations and access supportive resources.
"The city of Casa Grande is excited to partner with Lincoln Avenue Communities to bring much-needed housing to our growing community," said Casa Grande mayor Craig McFarland. "These apartments will provide safe, quality housing for our young families, schoolteachers, police officers, firefighters, and the workforce of our new industries."
Amenities at Cottonwood Ranch include a fitness center, a pool, a yoga studio, a clubhouse, and a dog park. The property will also feature a rooftop and carport solar system that will offset 70% of the community’s electricity usage.
The $140 million project was financed through multifamily housing revenue bonds from the Arizona Industrial Development Authority; a HOME loan from the Arizona Department of Housing; federal low-income housing tax credits provided by the Arizona Department of Housing, along with Solar Tax Credits that were purchased by Bank of America; a tax-exempt loan from Freddie Mac serviced by Greystone; land acquisition financing by NewWest Capital; and construction financing provided by Bank of America.
