Tempe Will Have More Affordable Housing

The need in the real estate market and the Tempe community has forced city officials to implement measures and solutions aimed at normalizing housing and ensuring that residents can access basic needs without having to travel long distances.

One of the many developments intended to address affordable housing for Tempe residents will be through the revitalization of the Food City Plaza. Thanks to the work of the city’s Affordable Housing Agency and the Hometown for All initiative, the area can be transformed and further stimulated for development, generating job and investment opportunities and providing thousands of families the chance to acquire a home.

According to city data, it was clarified that in previous years, due to large sums of money owed, Food City underwent its first foreclosure process and was evicted in 2021. Through federal funding, local contributions, and compliance with the Rescue Plan Act, it was acquired by the city of Tempe with the goal of generating housing for mixed-income individuals, a shopping center, and a police station.

In addition to improving residents’ opportunities to obtain housing, the development of the Food City Plaza project aims to generate significant real estate market development, offer a safe community, and create a notable source of economic resources for residents and the city.

With the execution of this new housing project, it is expected that half of this construction will be allocated to affordable housing for all residents earning less than 80 percent of the city’s median income and who meet other legal requirements for acquisition.

Currently, this shopping center has active lease contracts, which must be fully honored before any type of construction or modification of the property can begin. For those with active contracts, and with the conviction of not harming them, the Tempe Economic Development team has been working with them on their relocation and providing financial resources to facilitate their move.

Available Foreclosures:

Tempe: 150 homes available.

By Elías DaSilva | 11 de Noviembre de 2024.