The state and federal government will help Camp Verde build low-income housing.
The Camp Verde Town Council approved loans for two phases for Sycamore Vista’s Low-Income Housing Tax Credit housing development in the total of $250,000 to help offset development costs.
In January 2022, the council approved issuing a request for proposals to solicit qualified developers to create affordable housing units after many employers identified workforce housing availability as a challenge to business growth. The RFP included the town’s intent to provide up to $250,000 in loans to offset costs like impact fees. Atlantic Development and Investments, Inc. was selected to develop the Sycamore Vista Project.
The development is located at 365 N. Homestead Parkway within Camp Verde’s Opportunity Zone, which “is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment,” as defined by the Internal Revenue Service. Real estate investors can receive capital gains tax deductions on their investments if they retain those investments for periods of more than five or 10 years.
The project is being financed by the state’s LIHTC, the State Housing Trust Fund and federal low-income housing tax credits. The Arizona
LIHTC program uses federal tax credits to create and maintain rental housing for low-income households throughout Arizona.
The Sycamore Vista development consists of two phases that will add more than 300 housing units. About half of those are designated as income-restricted. Each phase includes 80 units among two-, three- and four-bedroom townhomes.
The project broke ground in October 2024. Audrey McEntee, Atlantic Development’s vice president of development and asset management, said there are two phases within the first phase of Sycamore Vista. The first part of phase one finished construction in December 2025 and is fully occupied, and phase two is 86% occupied and 95% leased. They are now heading into phase two of Sycamore Vista.
Adjacent to the project, Atlantic Development is building Sycamore Villas, 178 units of market-rate housing in the form of one-, two- and three-bedroom casitas. These are not part of the loan or LIHTC and are expected to start tours for rentals in May and occupancy to start in August. The one-bedroom units are duplex style, while the two- and three-bedroom units are individual casitas. The single bedrooms have a private patio with vinyl privacy fencing, and the two- and three-bedroom units yard-style patio.
Both projects will have access to a dog park, playground, pickleball courts and fitness center with 24-hour access. The developers plan to donate back some land to develop a river access point.
Town Manager Miranda Fisher said the Arizona Department of Housing gives more consideration to LIHTC applications that show support from the town. With the town offering the loan, Atlantic Development was in a better position to secure LIHTC funding.
“I think why this maybe feels a little backwards, is often people come for the loan before they start building,” Fisher said. She added that this approval is to recoup the fees the developer paid so they can continue with the next phase.
The town will provide two loans up to $125,000 each. These are tied to development fees that the developer has already paid. Phase one fees totaled $200,814 and phase two fees totaled $140,667. The loan term will be for 30 years with an interest rate of 2%.
The council approved the loans unanimously.
