Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in Casa Grande, Arizona

Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in Casa Grande, Arizona

PR Newswire

CASA GRANDE, Ariz., April 25, 2024

Mayor Craig McFarland, President of Bank of America, Phoenix Scott Vanderpool, Rental Programs Administrator, Arizona Department of Housing Melanie Brewer and LAC leaders attended the groundbreaking ceremony for Cottonwood Ranch, a 300-unit apartment complex for lower-income families near Phoenix. Additional photos and renderings available upon request.

CASA GRANDE, Ariz., April 25, 2024 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, broke ground yesterday on the future site of Cottonwood Ranch during a ceremony with LAC leaders, local policymakers and partners. Cottonwood Ranch will provide 300 affordable housing units to individuals and families in Pinal County earning less 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 2, 3, and 4-bedroom layouts, with all units expected to be completed in late 2025. LAC and its partner Fairview Housing Partners will provide resident services at the property, helping families connect with local organizations and access supportive resources in their community.

"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."

Cottonwood Ranch will offer amenities including a fitness center, pool, yoga studio, clubhouse and dog park. The property will also include a rooftop and carport solar system that will offset 70% of the community's electricity usage.

"LAC is committed to creating innovative housing solutions for residents that ensure the resiliency of the communities they live in," said Ben Taylor, LAC vice president and project partner. "We're especially excited that Cottonwood Ranch will feature an innovative solar energy system that will benefit generations of Arizonan families."

The 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 which 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 also provided by Bank of America.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 28 states and a portfolio of 150 properties comprising 27,000+ units.

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SOURCE Lincoln Avenue Communities