A long-vacant city-owned lot at Stone and Speedway is slated to become a 119-unit, mostly affordable apartment complex after the project won $2.5 million in state housing tax credits.
The Arizona Department of Housing awarded the Low-Income Housing Tax Credits to the Stone and Speedway Phase I project, according to the city’s news release. The credits will help fund the first of two construction phases at an estimated total development cost of $63 million.
About 80% of units will be reserved as affordable housing, targeted to households earning up to 50% of Tucson’s Area Median Income. The inclusion of market-rate units is required by HUD.
What’s getting built—and where
The site sits at the corner of North Stone Avenue and West Speedway Boulevard, across from Pima Community College’s Downtown Campus and along Tucson’s planned Bus Rapid Transit corridor…