Affordable housing is a prevalent topic in Phoenix, Arizona, and throughout the country. According to rentcafe.com, the average monthly rent for an apartment in Phoenix is $1,590. The population explosion, which doesn’t appear to be slowing, will only contribute to rising housing costs and the lack of affordable housing options. In response to this, the City of Phoenix established the city’s first Housing Phoenix Plan to address the issue and set a goal to create or preserve 50,000 homes by 2030. Policy initiatives included in the Housing Phoenix Plan are:
- Prioritizing new housing in areas of opportunity.
- Amending the current zoning ordinance to facilitate more housing options.
- Redeveloping city-owned land with mixed-income housing.
- Enhancing public-private partnerships and increasing public, private and philanthropic financing.
- Implementing building innovations and cost-saving practices.
- Increasing affordable housing developer representation.
- Expanding efforts to preserve affordable housing stock.
- Supporting affordable housing legislation.
- Developing an education campaign.
Federal guidelines recommend that the cost of housing and utilities should not exceed 30% of a household’s income. Many residents in the Phoenix area spend well above 30%, resulting in a smaller percentage of income for food, clothing, healthcare and other basic needs.
In July, approval was recommended for a planned unit development amendment for two developments with units that are proposed to rent at a lower price point than other apartments nearby. RVi has been working with Greenlight Communities on Cabana Aldea and Streamliner Aldea, located at the NWC of Missouri and 99th avenues in Phoenix. The multifamily communities will include 539 units, and both developments will feature modern amenities such as fitness centers, co-workspaces, community gathering spaces, spacious pools, usable outdoor space, and connections to multi-use trails. Projects like Cabana Aldea and Streamliner Aldea could help the City of Phoenix to reach the goal of creating or preserving 50,000 homes by 2030. By increasing the number of housing options that allow households to stay within federal guidelines, multifamily communities that are designed with affordability as a significant consideration could help the City of Phoenix to achieve its goal.
Rendering courtesy of Danielian Associates Architects + Planners