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Phoenix Receives Low-Income Housing Tax Credits to Redevelop Aged Public Housing PropertyPhoenix Receives Low-Income Housing Tax Credits to Redevelop Aged Public Housing Property<div class="ExternalClassE58F5FE0B71F48009B3D655606C9F71D"><p>The city of Phoenix Housing Department has been selected by the Arizona Department of Housing to receive Low-Income Housing Tax Credits (LIHTC) for the redevelopment of an existing public housing property currently known as the A.L. Krohn East Apartments. </p><p>"As our city continues to grow, so does the need for affordable housing," said Mayor Thelda Williams. "And as our downtown, in particular, sees new development, it's also important to create a variety of housing options for all Phoenix residents."</p><p>The new tax credits will allow for the demolition of the existing obsolete buildings and the construction of 78 new apartment units through the U.S. Department of Housing and Urban Development Rental Assistance Demonstration program.  The new units will provide quality affordable housing for families that qualify for rental assistance.</p><p>"Our city has a pressing need for quality affordable housing and the credits awarded to the city are urgently needed to modernize and renovate Krohn East in District 8," said Councilwoman Kate Gallego, chair of the Phoenix Sustainability, Housing, Efficiency and Neighborhoods Subcommittee.  "We cannot be successful as a city without quality housing options for families of all incomes.  Improving the affordable housing supply demonstrates our commitment to respect all residents, regardless of income, so they can call Phoenix home."</p><p>The property located on 14<sup>th</sup> and Monroe streets is close to public transportation, with easy access to social services, recreational amenities, schools, health providers, public parks and employment opportunities. The goal of this redevelopment project is to create more modern affordable housing units, strengthen the sense of community pride, create a safe and secure living environment, and bring new businesses to the area.</p><p>The city's Housing Department and co-developer Gorman & Company have held a series of meetings with A.L. Krohn East Apartments residents to gain their input on the facility's design and amenities.  The new name, Monroe Gardens Apartments, was determined by the residents.</p><p>The LIHTC program promotes the development of affordable rental housing for low-income individuals and families.  LIHTC, rather than a direct subsidy, encourages investment of private capital in the development of rental housing by providing a credit to offset an investor's federal income tax liability.  </p><p>For more information about the LIHTC program, visit <a href="https://housing.az.gov/"><span style="text-decoration:underline;">housing.az.gov</span></a>.</p></div>6/15/2018 7:00:00 AMAlejandro Montiel602-534-3443