The Sycamore Vista development, which aims to build 338 affordable housing units at 335 N. Homestead Parkway in Camp Verde, has received $2 million in federal Low-Income Housing Tax Credits and $1 million in state Affordable Housing Tax Credits.
The Arizona LIHTC program uses federal tax credits to create and maintain rental housing for low-income households throughout Arizona. The project is one of 15 LIHTCfunded projects in the state.
Developer Atlantic Development & Investments, which has been involved in the development of over 50 affordable complexes, intends to open the complex in 2025. It will be located within Camp Verde’s Opportunity Zone, an area that is struggling economically and where new investments may be eligible for preferential tax treatment.
Units will include both affordable and workforce housing options and two-, three- and four-bedroom townhomes and will be income-restricted. The complex will have amenities such as a dog park, a playground and an archaeology exhibit in partnership with the Verde Valley Archaeology Center, which runs the Native American Heritage Pathway near the development on the north side of Homestead Parkway.
The town of Camp Verde has been working on the project with the developer for three years, stemming from the town and area’s lack of affordable housing. The affordable units are part of an innovative economic development program, according to town officials.
“This is a big win for the Town of Camp Verde,” Mayor Dee Jenkins said in a press release. “Addressing the workforce and affordable housing needs is a top priority for the town council. Routinely, we hear from businesses, community organizations and residents that one of the biggest issues is a lack of affordable housing. It’s investment like this that are the key building blocks to helping us achieve our broader economic development and quality of life goals.”
“In recent years, the rental market has become not just one option, but the only option, for many families in Arizona and throughout the country,” said Jessica Raymond, executive vice president for Atlantic Development. “This housing is essential for Camp Verde, and we’re excited to get to work.”
For more information, visit sycamorevistaapts.com.
