Location: Nogales, AZ

Type: Affordable Multi-family Rental Housing

Units: 104

Status: Construction

When acquired by DFA in 2022, the property included 12-two story residential buildings and two single-story community buildings for a leasing office and central laundry facility. These improvements were originally constructed in 1981 as a USDA RD 515 property and offered 16 one-bedroom, 48 two-bedroom and 40 three-bedroom units. 

The site, at almost 10 acres, is located in a mixed-use neighborhood in the east-central portion of Nogales, Santa Cruz County, Arizona. With larger family units, this project is poised to provide much needed affordable rental housing for low-income families in the area that is updated to a higher quality standard of living. DFA began the renovation in 2022 after working closely with the State of Arizona and closing on the property with financing from tax credit equity, USDA 538 and RD 515 loans, and USDA rental assistance on 100% of the units.

Post-renovation, Las Terrazas will house families who qualify with incomes at 50 and 60% of the county-wide median. All of the units onsite will be enhanced with new living features, which include, but are not limited to new flooring, new cabinets and countertops, appliances, plumbing and air conditioning, and new insulation. Construction is anticipated to be complete in April 2023.