Soon, many Rim country seniors will have more money to enjoy retirement with thanks to a proposed housing development for low-income individuals over 65.
Payson Regional Housing Development and the Englewood Group of Indianapolis, Ind., are drawing up plans for the Canal Senior Apartments, affordable housing alternatives for seniors who qualify for the Low-Income Housing Tax Credit Program
"There is a great need for housing," said Rick Croy, president of Payson Regional Housing Development. "Many seniors in the Payson area are low-income seniors."
The property, located along Main Street behind Sawmill Crossing, will contain 56 one-bedroom and seven two-bedrooms apartments, said John VanMetre, property manager for Canal Senior Apartments. One-bedroom apartments are priced between $233 and $388; two-bedrooms between $287 and $473. Income limitations will be placed on those who live in the complex, VanMetre said.
Individual residents making no more than $17,400 a year, and couples' incomes capping off at $19,900 are eligible, he said.
VanMetre said Payson's demographics were a contributing factor in the decision to build, and that he hoped the construction would be completed by the late fall or early winter of 2005.
"We've been very impressed with the demographics of the area," he said. "(We are) very enthused about senior housing." The area's demographics regarding senior citizens make the venture a potential success for the company.
"(Croy) is very, very involved in trying to find the right housing for people of different economic needs," he said.
Payson has seen a rise in property value recently, Croy said, meaning that rental prices have also begun to rise, creating a need for additional low-income rentals. Currently, a quick survey of rent for apartments in the Payson area shows the average cost is $569 per month, not including utilities and move-in deposits.
The apartments also will have energy-efficient appliances to keep utility costs low, Croy.
Accommodations also include fully equipped kitchens, central heating and air conditioning, and walk-in showers, VanMetre said.