FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” has financed over $500 million in affordable housing developments since 2020. The bank recently launched Unlocking Arizona, a content series showcasing developments that expand affordable housing in the state.
“This represents our commitment to increasing attainable housing throughout Arizona,” said Humphrey Shin, FirstBank Phoenix Market President. “We’re proud to partner with several organizations with similar goals. By creating solutions to make owning and renting a home more accessible, we can empower individuals and families, while contributing to the growth and vitality of our communities.”
The median home price in Arizona is $435,000. In addition, rent prices increased 30 percent over the last year, making affordable housing unattainable. In response to these challenges, FirstBank partnered with several organizations to finance over 1,000 affordable housing units in Arizona that help address the pressing need for housing.
FirstBank financed the following projects in Arizona: Cabana Encanto, Cabana Bullard, and Cabana Happy Valley: FirstBank helped developer Greenlight Communities finance over 900 attainable rental units across Phoenix. These developments, strategically located in desirable areas, provide modern housing options at rental rates tailored to meet residents’ needs. Rose Terrace and Casa Bonitas: In partnership with the Housing Authority of Maricopa County, FirstBank supported the development and renovation of Rose Terrace in Avondale and Casa Bonitas in Surprise. These developments bring approximately 150 units to Phoenix. Newtown Micro Estates: FirstBank contributed to creating 13 modern tiny homes in Tempe. The homes are designed to help foster a sense of community and promote financial stability.
In addition to providing affordable housing loans, FirstBank expanded the Providing Access to Homeownership (PATH) grant program in Arizona. PATH helps remove barriers to homeownership for Black and African American families – the historically least likely ethnic/racial group to own a home. Since its inception in 2021, PATH has helped more than 200 families purchase their first home.
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