Camp Verde, Ariz. – Camp Verde’s Sycamore Vista affordable housing project was awarded $3,000,000 of affordable housing funding. On June 1, the Arizona Department of Housing (ADOH) announced the results of their 2023 competitive round for Federal Low-Income Housing Tax Credits (LIHTC) and State Affordable Housing Tax Credits (STC) for multifamily and senior rental projects. Sycamore Vista is one of fifteen funded LIHTC projects in Arizona. The total amount will be invested in low-income housing in Arizona total $34,643,698 which will construct or rehabilitate 1,049 rental units. There was a total of $73,165,147 requested for state projects, with less than half that amount awarded.
Atlantic Development & Investments, Inc.’s project, Sycamore Vista- Phase I, was allocated $2 million in LIHTC and $1 million in State Tax Credits by ADOH. Sycamore Vista will be an affordable family housing development located in Camp Verde on Homestead Parkway. The property will be built to LEED silver standards and features 80 newly constructed townhome units. This is the first step in a partnership with the Town to deliver 338 housing units as part of an innovative economic development program.
The Town of Camp Verde has been working with the developer on this project for three years to address the community’s significant shortage of affordable housing. “This is a big win for the Town of Camp Verde. Addressing the workforce and affordable housing needs is a top priority for the Town Council. Routinely, we hear from businesses, community organizations, and residents that one of the biggest issues is a lack of affordable housing,” said Mayor Dee Jenkins. “It’s investment like this that are the key building blocks to helping us achieve our broader economic development and quality of life goals.”
The larger 300+ unit project will include additional affordable housing and workforce housing constructed through the Federal Opportunity Zone program. The smoke free development will include attractive community amenities such as a dog park, playground, and on-site archeology exhibit in partnership with the Verde Valley Archaeology Center.
Atlantic Development & Investments, Inc. has been involved in the development of over 50 LIHTC/affordable deals nationwide containing over 6,000 units. Mark Breen and Jessica Raymond, the developers, have been working with the Town of Camp Verde since 2021 on the project. “In recent years, the rental market has become not just one option, but the only option, for many families in Arizona and throughout the country. This housing is essential for Camp Verde, and we’re excited to get to work!” said Jessica Raymond, Executive Vice President for Atlantic Development.
About ADOH:
The Arizona Low Income Housing Tax Credit Program (LIHTC) uses federal tax credits available under Section 42 of the Internal Revenue Code of 1986 to create and maintain rental housing for low and very low-income households throughout the State of Arizona.