Cottonwood City Council Endorses Plan for New Affordable Apartments
$100,000 Local Loan to Aid in Securing Low-Income Housing Tax Credits
The Cottonwood City Council recently endorsed a plan to seek low-income housing tax credits for the construction of the Verde Plaza Apartments during a meeting on Tuesday, March 19. With plans to build 18 new apartments on city-owned land and renovate 52 existing ones, these apartments are intended to offer inexpensive housing options. With the council’s backing, a $100,000 local finance loan that comes from budget reserves set up for affordable housing will be taken into consideration in order to help secure competitive LIHTC awards. Given that the complex has already received over 65 applications for housing and that a sizable percentage of Cottonwood households make less than the region median income, the council’s unanimous decision represents a critical first step in addressing the city’s demand for affordable housing.
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Tax Credits for Verde Plaza Development- Cottonwood City Council Throws Support! (PHOTO: Journalaz.com)
Verde Plaza Apartments Offer Hope for Cottonwood Residents Struggling with Housing Costs
Apartments at Verde Plaza, located at 125 S. For people who are having trouble locating cheap housing in Cottonwood, 7th Street offers hope. There is a clear need for low-income housing, as there are currently just two possibilities in the city: Verde Plaza and Mingus Point. The council’s unanimity in support of this proposal highlights its importance and shows a commitment to resolving the housing issues that many locals face. People looking for affordable housing are invited to apply as the application process moves along, and qualified candidates may be eligible for rental assistance. Interested parties should call Verde Plaza Apartments at (928) 634-7269 for additional information.
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