With an estimated 200 people per day moving into the area, Maricopa is considered to be one of the fastest-growing counties in the country. Metro Phoenix has become one of the most sought-after places to live in the nation. This cutting-edge community has every modern convenience, major employers, several top-notch universities and colleges, entertainment and cultural opportunities, and beautiful homes. However, real estate prices in and around Metro Phoenix are expected to reach record highs this year. Maricopa County’s fast rise in popularity has led to a housing shortage, leaving some residents with few options. However, for many, being able to obtain reasonably priced property is a necessity. Here are some affordable housing developments in Maricopa County.
City of Phoenix Programs
For those who qualify, the City of Phoenix offers affordable housing assistance. Programs such as Scattered Sites are available for citizens who meet income and other requirements. There is also senior and disabled housing and a Section 8 Voucher program.
Private Lending Options
For prospective homebuyers who need assistance with obtaining financing in this market, there are non-traditional loans and other creative options such as a carryback agreement. Some private lending institutions, like Bank of America, have launched programs to assist with affordability and loan assistance. It’s worth conducting some research into options to learn what support may be available.
The need for affordable housing in Maricopa County is very real, and local housing advocates have been meeting to discuss potential solutions. One of these concerned groups, the Arizona Community Foundation, is a non-profit that offers programs such as the Arizona Housing Fund and other affordable housing programs.
The State of Arizona
The Arizona Department of Housing has other resources for those with lower incomes. For instance, the State Housing Trust Fund Program offers financial support for qualifying residents who require money for affordable housing. In June, the Arizona legislature voted to add $15 million to the Fund to support affordable housing efforts.
Many advocates and lawmakers agree that Maricopa County is in the midst of an affordable housing crisis. However, it appears that recent legislative, private sector, community, and local government efforts are being made to try to address the problem.
Laura B. Bramnick is an Arizona real estate attorney with the expertise to help with all aspects of your Arizona real estate issues. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.