Alborada Apartments

Pima County, AZ, Congressional District 2

Affordable Housing Finance Article (July 14, 2020)

Contact
Daniella Zepeda, Director of Housing Development
La Frontera Partners, Inc.
(520) 370-3988
[email protected]

Alborada Apartments features the new construction of 127 affordable housing units to be constructed on four scattered sites.  The project includes six (6) efficiency units, fifty-nine (59) one-bedroom units, twenty-one (21) two-bedroom units, and twenty-one (21) three- bedroom units in multifamily apartments and twenty (20) single family detached homes.  The units target low income households earning between 40 and 60% of the Area Median Income (AMI).  32% or forty-one (41) three-bedroom units will be reserved for Households with Children.  The City of Tucson awarded $1,500,000 in HOME funds and Project Based Vouchers for 25% of the project units.

Three of the four Alborada Apartments sites are located within the boundaries of the City of Tucson’s Oracle Choice Neighborhood Initiative, the target area of the Rose Fellowship Peer Exchange Panel and the target area of the Burne Community Based Crime Reduction grant secured by the Arizona State University School of Social Work.  The project directly supports these three initiatives.

The project is 97% complete.

Funding
HOME CHDO: $500,000
Local Government Contribution: $2,465,660 (City of Tucson)
Bank Financing: $4,200,000 (Rocky Mountain CRC)
LIHTC Estimated Equity: $17,478,252
Deferred Developer Fee: $640,000
Total: $25,283,912

Partners
La Frontera Partners, Inc. (Developer)
City of Tucson Housing and Community Development Department
BMO Harris Bank (Construction Loan)
Boston Capital (Tax Credit Syndicator)
Rocky Mountain CRC (Permanent Financing)