All three of Dominium’s Phoenix-area affordable housing projects benefited from Section 42 of the Low-Income Housing Tax Credit (LIHTC) program, which provides funding to increase the supply of affordable rental housing.

Plans for 56 at Arcadia include 40 rental townhomes of five varying layouts, ranging from two- to three-bedrooms.

Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures. 

Several cities around the country, including Phoenix, are making significant strides in addressing housing shortages with new construction.

Aspirant Development is constructing a 25-story multifamily tower at the site of a vacant property on North Central Avenue.

Located at 5023 W. Peoria Ave., the cottage-style community will consist of 197 units ranging in size from one- to three-bedrooms.

Toll Brothers’ development would be one of the largest ever constructed in the Greater Phoenix area.

Rental developer Mill Creek Residential announced it broke ground on Modera Rio Salado, an apartment community in North Tempe.

Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Banc of California provided a $65 million loan.

Low inventory and high demand are buoying builder sentiment in the face of several headwinds. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

Construction is underway at Portico, a luxury Scottsdale condominium building from developer Belgravia Group.

A shortage of existing inventory continues to drive buyers to new construction. 

Single-family permits also posted a gain, indicating even more new homes are headed to today’s supply-constrained housing market.