Arizona ACORN Housing is developing the Desert Homes subdivision as an affordable homeownership option for working families in South Phoenix. ACORN Housing is developing the 8.5 acre parcel, which will create 42 affordable single family homes. The majority of the units will be affordable to families with incomes at 50% of the area median income ($23,750 for a family of four).
Arizona ACORN Housing will combine below market interest rate mortgages from World Savings Bank and other lenders with substantial subsidies from the Federal Home Loan Bank of San Francisco, the City of Phoenix, State of Arizona and HUD to keep these houses affordable to the targeted working families. Reduced interest construction financing from Local Initiatives Support Corporation, City of Phoenix Industrial Development Authority and Bank of America will help minimize the construction costs.
Program homebuyers receive extensive homebuyer training and counseling through our nationally recognized homeownership counseling program. Homebuyers will complete sweat equity work on the houses and sites with the combined purpose of reducing construction costs and learning valuable construction/ home maintenance skills.
Arizona ACORN Housing wishes to thank the generous contributions from the City of Phoenix, Department of Housing and Urban Development, Federal Home Loan Bank of San Francisco, State of Arizona, Phoenix Local Initiatives Support Corporation, World Savings Bank, Phoenix Industrial Development Authority, Bank of America and others.
As of November 19, 2002, ACORN Housing has completed site development including installation of utility lines, streets and sidewalks. Over the next few months, ACORN Housing will complete landscaping and installation of two mini-parks. Four new homes are currently under construction and should be available for move-in by January 1, 2003. The next group of 12 new homes will be started in December 2002 and should be completed by March 2003. Potential homebuyers can contact the Phoenix office for information. This Webpage has photos of the project progress.
