The Villas on Lake Mary | Multi-Family Affordable Housing Development
Clearinghouse CDFI provided $5,607,320 in replacement financing for The Villas on Lake Mary, a newly completed multi-family affordable housing community in Flagstaff, Arizona. The community features 76 apartment homes across multiple residential buildings. Every home is reserved for households earning up to 60% of area median income (AMI), expanding access to stable, affordable housing for individuals and families.
Originally financed through the Low-Income Housing Tax Credit (LIHTC) program, the project overcame a delayed anticipated equity contribution from the LIHTC investor through a replacement loan at market interest rates and was able to continue moving toward completion.
As demand for affordable housing continues to grow across Coconino County, The Villas on Lake Mary provides quality rental homes for income-qualified households with convenient access to public transportation, essential services, and recreational amenities. After the community began leasing in late 2024, it reached 90% occupancy in approximately three months, faster than originally projected.
The completed community stands as a long-term investment in Flagstaff, providing affordable homes for local residents to build a stable future.
#26AZ-7998
Increases access to stable, affordable housing for income-qualified households while supporting the long-term growth and vitality of the Flagstaff community.
To provide replacement financing that supports long-term affordable housing opportunities for income-qualified residents in Flagstaff.
