McCarty on Monroe
The City of Phoenix Housing Department will begin the construction of 69 low-income senior apartments this summer thanks to an $8.7 million equity investment from the National Equity Fund (NEF) in Low Income Housing Tax Credits (LIHTC) through the Arizona Department of Housing. NEF is a LISC affiliate.
The $17 million redevelopment will replace 24 existing units at 1130 East Monroe Street with 69 new units on the current site and adjacent vacant lots owned by the city. One block from the light rail station at Washington, this Transit Oriented Development will have parking, community rooms and administrative offices at street level with three floors of apartments above.
McCarty on Monroe will be a great addition to the city’s low-income senior community, providing independent living plus supportive services to those 62 years of age or older. The units will be available in the fall of 2009.