TUCSON, Ariz. (13 News) – Tucson is embarking on a new program to help fund more affordable housing in the city.

It’s called People, Communities and Housing Investment Plan or P-CHIP.

Currently, Tucson is estimated to be short 16,000 housing units, leading to higher demand and, of course, higher prices.

It’s not affordable.

The price of a home in Tucson has nearly doubled in the past seven years. Rent of almost two thirds. Wages have not kept pace.

“We are looking for anyone interested in providing affordable housing in Tucson,” said Ann Chanecka, director of housing and community development.

The council unanimously approved the plan at its Nov. 7 meeting and it is ready to take flight.

“And so next week we plan to put out four calls for tenders, that’s our call for projects,” she said. “And in total we have a little over $4 million.”

That $4 million isn’t a lot of money for a program like this, but it will be repeated year after year.

The dollars will be used as reserve funding for developers, making it easier for them to get the money they need to build approved projects. Contractors can be non-profit or private for-profit.

“We know that if we are able to help developers fill these gaps, it will be much easier for them to obtain other sources of financing and make their projects work,” Chanecka said.

This is important because Tucson’s housing crisis has morphed into a housing crisis.

“We hope to attract more developers over time because we know we want to build more housing,” Chanecka said. “We know we want to have affordable housing for the long term and so we hope, over time, to attract more developers into the world of affordable housing. »

A world that most private real estate developers have avoided because the profit margins simply aren’t high enough, but with the city’s help, the hope is to close that gap.

Be sure to subscribe to the 13 News YouTube channel: www.youtube.com/@13newskold

Copyright 2024 13 News. All rights reserved.