Rainbow Tapped for Phoenix Affordable Community
- Aug 18, 2017
Reliant Group Management tapped Rainbow Housing Assistance Corp. as the service provider for La Palmilla Apartments in Phoenix. The community was purchased by a new tax credit limited partnership sponsored by Reliant and will have all units restricted to households making 60 percent of the area median income or less. The community is managed by Avenue5 Residential.
According to Yardi Matrix, the transaction was subject to a $14.5 million acquisition and development loan provided by Fannie Mae in June. Terms of payment include a three-year, interest-only period, followed by a 35-year amortization of principal paid along with interest, for 13 years.
Youth and adult programs
Since the community houses families with children, Rainbow will offer its main services to residents. This refers to youth enrichment programs such as:
- educational activities
- resources and homework help
- teen employment opportunities
Adult courses will include life skills programming, financial literacy, health and nutrition, computer training and job readiness. The company will also offer partner referrals for those in need of crisis intervention and similar services.
“In partnership with Reliant Group Management and the focus of the Arizona Department of Housing, Rainbow will begin tailoring programs and services to support the needs of the qualified low-income residents at La Palmilla. A community event will be held on Oct. 6, 2017 along with many community organizations and businesses,” Flynann Janisse, executive director of Rainbow, told Multi-Housing News. “Community development is key to sustaining those that live, thrive and grow in the communities we serve. We are very excited to be serving a greater number of families in our home state. The Arizona economy is improving with job growth and business development. The time is right for empowering those we serve.”
Located at 3838 West Camelback Road, the 267-unit community comprises one-, two- and three-bedroom floorplans ranging from 688 to 1,106 square feet. Built in 1972, La Palmilla features 70 one-story buildings across 22 acres. Amenities include a playground, swimming pool, seven laundry facilities, private balcony/patios, outside storage and 352 parking spaces.
La Palmilla is currently undergoing renovations to its common areas and unit interiors to modernize and promote energy efficiency across the property, utilizing tax-exempt housing revenue bonds approved by the Industrial Development Authority of Phoenix and Low Income Housing Tax Credits allocated by the Arizona Department of Housing. Renovations are projected for completion in mid-2018, upon which Rainbow will unveil its free on-site residential programs.
Image courtesy of Rainbow Housing Assistance Corp.