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Affordable Rental Housing Loan Program
One of the City’s longest standing and most successful efforts in creating new affordable housing is its Affordable Rental Housing Loan Program.
Through this program the City provides affordable housing developers low-cost loans to fill crucial financing gaps in affordable rental housing projects. The City uses a variety of funding sources for this program with the majority coming from federal HOME funds through the Department of Housing and Urban Development.
Call for Interest
Annually, the City of Phoenix Housing Department publicly calls for affordable housing proposals through a Notice of Funding Availability (NOFA) or Call For Interest (CFI) for the purpose of identifying housing development projects which meet the City Council housing priorities and which require additional funds to cover a gap in the financing of the project. Funds are made available as loans to for-profit and non-profit partners who develop affordable housing units. Loans are made according to City Council approved Underwriting Guidelines which are available in the links below. Links to other documents needed by the developer to apply for City funds are also available below. Funding notices are published in the Arizona Republic or on the City's website and through the Housing Department mailing lists.
General Program Documents
Program and Underwriting Guidelines
The Housing Department has developed the following guidelines to describe the department's housing policy objectives, the range of programs available to advance these objectives, and the manner in which transactions will be evaluated and selected for funding. The overall goal of these guidelines is to ensure prudent underwriting and achieve compliance with applicable Federal, State and City laws, ordinances, regulations and policy objectives.
- Affordable Housing Loan Program Underwriting Guidelines
- Attachment A: Standard Underwriting Assumptions for Affordable Rentals or Loans
- Attachment B: Standard Underwriting Assumptions for Homeownership Project Loans
- Attachment C: Standard Underwriting Assumptions for Preserving Loans
- Attachment D: Developer Fee Guidelines for Multifamily Rental Projects
- Attachment E: Developer Fee Guidelines for Special Needs Projects
- Attachment F: Environmental Reviews
- Attachment G: Rent, Affordability, and Occupancy Limits
- Attachment I: Community Priorities
- Attachment J: Property Sale and Transfer Process
- Attachment K: Material Change Request Form