Carver Park project opens first phase of town houses
Residents in the first four units of the 36-unit town house project in the Carver Park neighborhood are moving into their new homes after the first phase was completed this week.
Tim Avila, chairman of the Arizona Housing Development Corporation, was on hand Wednesday to cut the ribbon opening up the property to the new families. "Our goal was to leverage new private financing into a redevelopment area and not only enhance the attractiveness of the community, but also improve real estate values in the area. I believe we have been able to accomplish both of those goals," Avila said.
The new property is located at 441 S. 14th St. in Carver Park.
Project Director Katie Steen said all 36 units should be ready for occupancy sometime in June.
Carver Park Townhomes is a 36-unit project constructed on six sites throughout the Carver Park neighborhood. This ribbon-cutting ceremony celebrated the completion of the first phase.
The total development cost of the project is $5,793,801. AHDC was able to attract $2,565,630 in private tax credit equity, a permanent loan of $963,700 from Wells Fargo Bank, and a bridge loan from the Housing Authority of the City of Yuma (HACY) for $325,000. Private developers are footing the remainder of the cost.
The project consists of five one-bedroom, 12 two-bedroom, and 19 three-bedroom units on six sites. The rental units are available to families with incomes under $27,840 and elderly with incomes under $19,200. The site addresses are: 490 S. 17th Ave., 441 S. 14th Ave., 556 S. Magnolia Ave., 564 S. 15th Ave., 600 S. 16th Ave. and 445 S. 16th Ave.
HACY has partnered with AHDC as a lender and has provided project management and property management services. "This partnership brings HACY to a new level of providing affordable housing to the city of Yuma," said William Masland, chairman of HACY. "We have made great strides in the last few years in expanding our operations to be a more comprehensive housing provider.
