PHOENIX — As affordable housing companies race to construct new apartment complexes across the Valley, Gov. Katie Hobbs applauded the grand opening of apartments near the I-17 and Thunderbird Road Wednesday. The Reserve at Thunderbird, built with the help of state and city financial incentives, will provide affordable housing for 108 families who were previously homeless.
“This is a shining example of what is possible when those in leadership take the housing crisis seriously,” said Hobb during Wednesday’s ceremony.
Housing Complex an 'opportunity to get out of survival mode'
Investments from the Arizona Department of Housing, AHCCCS, the City of Phoenix and a private developer made the project possible.
Tenants include victims of domestic violence and individuals with serious mental illness. They were on a waiting list before learning they received the news they would have an affordable place to live with guaranteed stable rent.
“In 2020 my life flipped upside down. My family of five found ourselves unexpectedly homeless,” said Elizabeth, a wife and mother of three who addressed the audience at Wednesday’s grand opening. “This is not just a roof over our head, but a beautiful and safe roof.”
The complex offers children’s play areas, two splash pads, a technology hub, and on-site social services for nutrition assistance and state health services.
“They have an opportunity to finally get out of survival mode and start living,” said Jessica Raymond, Executive VP of Atlantic Development and Investment, the company that built the complex.
Affordable housing is needed near TSMC plant
City of Phoenix Mayor Kate Gallego noted the new apartments sit a few miles south of the Taiwanese semiconductor factory, TSMC, under construction.
“This project meets the moment in so many different ways,” Gallego said.
An expected wave of blue-collar workers at the factory will need affordable housing. In 2022 the developer Greenlight Communities announced six planned communities in the Valley, in part to meet demand from school districts and TSMC employees.
Father-daughter duo runs affordable housing company
The opening Reserve at Thunderbird also arrives at a time the City of Phoenix is struggling to combat homelessness.
“In Arizona, sometimes the face of homelessness you see is tents. People don’t get the chance to see keys to projects like this one,” said Mayor Gallego.
A father daughter duo - Mark Breen and Jessica Raymond - run the development company, Atlantic Development and Investment. It specializes in affordable housing.
Breen said he started the company after his first project in Hartford, CT.
“I did it and I felt so good,” Breen said with a wide smile. “I dropped what I was doing, I went into affordable housing. I came to Arizona.”
Breen says developers like him don’t make the same profit margins as traditional developers and the biggest challenge is coordinating with government agencies to ensure the income supports expenses and debt incurred. He prides himself on constructing apartments with large bedrooms and extra amenities.
“All our complexes will have special services above and beyond the state wants to give,” Breen said.
Rentals cater to large families
The rental agreements contain permanent subsidies to ensure tenants won't see their expenses explode from one year to the next.
The developers tout the complex’s large bedrooms. Many units have three or four bedrooms, catering to large families.
“We have big families that want to stay together and having larger units leads to happy, successful families,” Gallego said.
Governor Hobbs said she is pushing for the renewal of an affordable housing program in current budget negotiations.
The complex has solar panels to offset nearly all electricity costs.
“This is exactly the type of sustainable growth we should be doing across Arizona,” said Governor Katie Hobbs.
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