Dominium, a leading affordable housing owner, developer and manager announced that it has closed a deal to acquire land for the development of a new community (Arterra and Orchard Springs) of affordable housing in Surprise, Arizona.
Dominium plans to use the land located at 13500 N Cotton Lane in Surprise to construct Arterra and Orchard Springs, new high-quality housing communities for low-income families and seniors in the state of Arizona. The project will be constructed by WD Construction.
Construction of Arterra and Orchard Springs will be 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 by increasing the supply of affordable housing.
Dominium would like to thank its development partners, including Citi Bank, Alliance Bank, Collier Securities, US Bank, Western Alliance Bank, the Arizona Department of Housing (ADOH), Winthrop & Weinstine, Gammage & Burnham, Todd & Associates, Hunter Engineering, Commercial Partners Title, Kutak Rock, and Arizona Industrial Department Authority.
Founded in 1972, Dominium is a purpose-driven leader in affordable housing, dedicated to addressing the nation’s housing crisis through lasting and impactful solutions. With offices in Atlanta, Dallas, Phoenix, and Minneapolis, Dominium owns, develops, and manages more than 40,000 apartment homes in more than 220 communities nationwide. The company is committed to building enduring value through high-quality, affordable housing that strengthens communities, supports residents and serves the needs of our financial partners. Beyond housing, Dominium extends its impact through pro bono development services, charitable contributions, post-secondary scholarships, internships, and volunteer efforts in the communities where we live and work.
