With more apartment complexes converting to condominiums, it could become harder for low-income households to afford housing in Payson, but a new 48-unit complex is nearing completion and could alleviate some of the demand.
After two years of planning and construction, the NRP Group LLC will open Center Ridge Apartment Homes sometime in March and start leasing in mid-January.
The apartments are marketed as affordable housing, meaning the group charges lower rents than the market. Based on family size and income, rent will range from $350 to $600 for a two- or three-bedroom, said Vice President of Development Mark Shoemacher.
Shoemacher said he expects the typical applicant to make between $13,000 and $29,000. If a tenant’s income goes up, because of a raise or a second income source, rent does not increase.
“We lose residents who are moving out to a new home because they can save up and get a home while living with us,” Shoemacher said.
Located just off the Beeline Highway, at 105 E. Main St., the complex will include a clubhouse with community room, onsite laundry facility, computer center, barbecue and picnic area and playground.
Units are configured as the Agave, two bedrooms, two baths at 868 square feet or 888 square feet and the Saguaro, three bedrooms, two baths at 1,160 square feet with 9-foot ceilings.
All of the apartments come fully equipped with appliances, washer and dryer hookups, ceiling fans and window coverings.
Shoemacher said he realized Payson needed affordable housing after driving through town for several months to another 136-unit site in Show Low.
“We did a market study and that showed us there was a need for affordable housing,” he said.
The NRP Group wanted to build a community not just an apartment complex.
“We are in the business of rebuilding communities,” he said.
For the second year in a row, the NRP Group was named the top affordable housing developer by the magazine Affordable Housing Finance. The NRP Group started the most affordable housing units, 1,765, in 2007. Housing projects are financed with federal low-income housing tax credits.