Pineview Manor, a 49-unit rental development for low-income senior citizens in Payson, is one of 11 affordable housing projects in Arizona to receive a zero-interest loan from the Arizona Community Foundation’s Affordable Housing Fund.
Slated to begin work in June 2011, the project includes rehabilitation of an existing 29-unit development and construction of 20 new units for senior citizens with incomes below 60 percent of the area median income. Located at 304 S. Clark Road in Payson, the development will include supportive services and reduced rents.
Pineview Manor is being developed by the nonprofit Foundation for Senior Living, which received a $75,000 recoverable grant from the ACF Affordable Housing Fund to help pay for predevelopment work, including archaeological studies required to secure building permits.
The Arizona Community Foundation and LISC-Phoenix created the ACF Affordable Housing Fund in 2007 to assist with development of affordable housing after the 2005 surge in home prices shut many Arizonans out of the housing market.
In what is considered a creative use of philanthropic capital, the fund makes zero-interest loans, also called recoverable grants, to nonprofit housing developers for the construction, refurbishment and/or repurposing a variety of types of housing for affordable use, in both rural and metropolitan areas. Grants are awarded year-round, and the application and eligibility requirements are available online at www.azfoundation.