Chicanos Por La Causa, the largest community development corporation in Arizona, is breaking ground on a new, 161-unit development in Phoenix, AZ.
Pueblo Apartments, located along the Salt River, enables upward economic mobility for Black, Indigenous and other people of color (BIPOC). 150 units will serve households earning 60% of the Area Median Income or less, and 11 units will be designated for residents earning less than 40% of the Area Median Income.
Chicanos Por La Causa has provided affordable housing and social services in Arizona for 50+ years. They focus on five distinct areas of impact: health and human services, housing, education, economic development, and advocacy.
Additional Services
At Pueblo Apartments, Chicanos Por La Causa will provide supportive services. Residents can attend financial coaching programs that will assist them in identifying financial goals. They will also create and implement an action plan to eventually become a homeowner.
Further, the $190 million Enterprise Equitable Upward Mobility Fund — responsible for this project — will provide a reserve to fund services that further upward mobility including financial assistance, financial literacy workshops and coaching, broadband internet readiness and access, and reporting rent payment history to credit bureaus.
The goal is to help families move out of economic insecurity and onto a path toward additional opportunities and resources.
Financing Needs
Pueblo Apartments require a total development budget of $31 million. To secure funding and provide additional housing and services to BIPOC residents, Chicanos Por La Causa partnered with Comerica Bank.
Through the Low-Income Housing Tax Credit (LIHTC) program, which offers a dollar-for-dollar reduction in federal income taxes for project owners, Comerica provided $3.75 million in funding.
Last year, Comerica invested $94 million in LIHTC equity for construction of affordable housing projects1, like Pueblo Apartments. In total, Comerica provided $302 million in lending and investment to support affordable housing. Comerica also seeks to invest in projects that support sustainability, the arts and other social benefits. The impact of the investments aligns with Comerica’s Outstanding CRA rating.
To learn more about Comerica’s commitment to community development, and our work with affordable housing builders like Chicanos Por La Causa, visit Commuity Development Lending & Investing.
1For fiscal year 2023
