Centerline on Glendale, Arizona’s first-ever state housing tax credit development, redefines the affordable housing landscape. It’s an attractive investment because it will bolster economic returns in the long term.
The project proves that affordable housing isn’t just good for low-income residents; it’s a boon for the entire community.
Why is Centerline on Glendale a Win-Win?
Here’s why Centerline on Glendale is a win-win, according to Gorman & Company and local economist Elliot Pollack:
- This pioneering 368-unit solar-powered affordable multi-family community offers a range of rents from $497 to $1,800 per month, meeting the needs of hundreds of families and Veterans.
- Construction alone will generate $149.4 million in economic impact, 884 jobs, and $63.6 million in wages. Once the two-phase project is complete at the end of 2024, the development will support 106 jobs, contribute $5.7 million in wages, and stimulate $15.4 million in economic activity to Glendale each year.
- It’s the first development to utilize Arizona’s new State Housing Tax Credit. The Arizona Department of Housing (ADOH) invested $20 million, and the project is projected to generate $30 million in new tax revenue over the next 10 years!
“In fact, tax revenues generated during construction alone will generate $12.3 million in tax revenues before a single dollar of tax credits is issued by the State of Arizona.”
Gorman & Company’s President & CEO Brian Swanton
This project is a shining example of how shared integrity and collaboration between public and private entities can address critical needs, transform neighborhoods, and generate an economic return for taxpayers.
To learn more about Gorman’s Arizona’s affordable housing communities and our Market President, Sally Schwenn, please visit our Arizona Market.
