Dominium, a leading affordable housing owner, developer and manager announced that it will celebrate the grand opening of Vista Ridge affordable housing development in Phoenix on Tuesday, October 24. There will be a short program with speeches, a ribbon cutting ceremony, followed by networking and refreshments.
Vista Ridge is Dominium’s first development in the state of Arizona, providing 308 high-quality affordable homes to the surrounding community. The development features one-, two-, and three-bedroom apartments in 12 three-story buildings. Vista Ridge was designed with working families in mind, with features such as a fitness center, playground, pool and dog park. Its location provides residents access to the South Central Light rail station that will be completed in 2024.
Vista Ridge is supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.
“Vista Ridge is our first development in Arizona, and we could not be more proud of the work we have done to assist this community,” said Owen Metz, Dominium Senior VP and Mountain West Development Leader. “Where there is need for affordable housing in Arizona, we will work to fill it. That is our commitment.”
Dominium would like to thank its development partners, including the City of Phoenix, WD Construction, Todd + Associates, Hunter Engineering, Gammage & Burnham, Winthrop & Weinstine, Colliers Securities, First American Title, KeyBank, Alliant Capital, the Arizona Department of Housing, and the Arizona Industrial Development Authority. Dominium would like to thank all these partners for their assistance on this project, continued commitment to providing high quality affordable housing, and ongoing partnership with Dominium.
