Arizona Approves $116M Affordable Housing in Youngtown

The Arizona Industrial Development Authority approved bond financing Thursday for a 312-unit affordable housing complex in Youngtown, clearing the way for Ulysses Development Group to begin construction at Peoria Avenue and Nofs Drive.

The $116 million project will offer one to four-bedroom units for residents earning less than 60 percent of the area median income. The authority will serve as the conduit issuer, allowing the developer to secure funding without direct taxpayer support.

Ulysses Development completed a similar project in Phoenix, Salt River Flats, using Arizona IDA bond financing approved in 2022. That development began leasing units in early 2024.

"Ulysses Development has shown it is able to bring affordable units to market to ease the state's housing crisis," Arizona IDA executive director Dirk Swift said. "Our mission is to bring more affordable housing units to Arizona and we are happy to help Ulysses and others build new units."

A construction timeline has not been announced.