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 of affordable housing in Glendale, Arizona. The land will be developed into 67 Flats and Juniper Square.
Construction of 67 Flats and Juniper Square 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, especially Barclays for its first-time financing for Dominium, as well as Merchants Capital, Colliers Securities, Polaris Capital, The City of Glendale, the Arizona Department of Housing (ADOH), HOME Partnership Investment, Arizona Industrial Development Authority, Winthrop & Weinstine, McDermott Will & Emery, LLP, Fox Rothschild, Orrik, Ballard Spahr, Gammage & Burnham, Bilsten Consulting, Todd & Associates, Hunter Engineering, Commercial Partners Title, Kutak Rock, and US Bank.
Founded in 1972, Dominium is a leading national owner, developer, and manager of affordable apartment communities with offices in Atlanta, Dallas, Phoenix, and Minneapolis. Owning and managing over 38,000 homes at over 230 sites in about half of all U.S. states, Dominium is known for creative solutions to unique and challenging development projects, and property management expertise. Dominium was named a Best Managed Company by Deloitte in 2020.
