The Alhambra Elementary School District is moving forward with the sale of excess land for affordable housing development. It will utilize a model pioneered by the Isaac Elementary School District, the City of Phoenix, and the Phoenix Industrial Development Authority.
The Isaac Elementary model involved the school district transferring land to the City of Phoenix, which in turn transferred the land to the Phoenix Industrial Development Authority to be leased to its development partner, UMOM New Day Centers. Cindy Stotler, the Phoenix IDA Housing Director noted that the IDA is looking to do more deals using this new structure.
Rep. Analise Ortiz sponsored legislation this session that would authorize school districts to enter into lease transactions with non-profit organizations to develop affordable housing. H.B. 2465, available at https://lnkd.in/gnqXEm-Y.
The Phoenix IDA deal structure for school districts and Rep. Ortiz’s legislation highlight the opportunity we have to leverage excess land and underutilized sites owned by school districts for the development of new affordable housing.
Read more at https://lnkd.in/gEyD8Cwr.
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