A Dominium Texas Property
Dominium, a leading affordable housing owner, developer and manager announced that it has closed a deal to acquire land for the development of a new community of affordable housing in Surprise, Arizona.
Dominium plans to use the land located at 13500 N Cotton Lane in Surprise to construct Arterra and Orchard Springs, new high-quality housing communities for low-income families and seniors in the state of Arizona. Once completed, Arterra will provide 388 high-quality homes for families, offering much-needed workforce housing, while Orchard Springs will deliver 211 homes designed for seniors. The project will be constructed by WD Construction.
Construction of Arterra and Orchard Springs will be supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC). Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market by increasing the supply of affordable housing.
Dominium would like to thank its development partners, including Citi Bank, Alliance Bank, Collier Securities, US Bank, Western Alliance Bank, the Arizona Department of Housing (ADOH), Winthrop & Weinstine, Gammage & Burnham, Todd & Associates, Hunter Engineering, Commercial Partners Title, Kutak Rock, and Arizona Industrial Department Authority.
