Dominium, a leading affordable housing owner, developer and manager, announced that it has acquired Cholla Ranch, a 180-unit affordable housing community in Buckeye, Arizona. Dominium will conduct a $7.2 million renovation of the property, including unit renovations and upgrades to the clubhouse, fitness center and outdoor common spaces.
Cholla Ranch was built in 2001 with support from the Section 42 Low-Income Housing Tax Credit program (LIHTC), with 124 units operating as affordable and the remaining 56 units as market-rate. Dominium will set the market-rate units at 70% Area Median Income (AMI) and manage this property as fully affordable upon resyndication, extending Cholla Ranch’s LIHTC affordable housing status.
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 a level tied to the 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.
Dominium would like to thank its development and financing partners for this project including the Arizona Department of Housing, Merchants Capital, Dominium Construction & Architecture Service, and Winthrop & Weinstine. Their support and assistance made this project possible.
Founded
