Phoenix Apartment Complex Wins $500K Affordable Housing Grant

A Phoenix apartment complex serving low-income families has won a $500,000 grant from the Home Matters Arizona Fund, adding a critical piece of gap financing to a nearly $45 million affordable housing development in the heart of the city.

The award, announced in January 2024, went to Family Housing Community Development Corporation for the Residences at Falcon Park, a 192-unit apartment community at 1220 N. 34th Ave. in Phoenix. The grant was part of a $2 million round of funding the Home Matters Arizona Fund distributed to affordable housing projects across Phoenix, Flagstaff, Tempe, and Tucson.

About the Residences at Falcon Park

The Residences at Falcon Park is a 192-unit affordable rental community with a total development cost of roughly $44.99 million. The project was estimated for completion on January 31, 2025. The $500,000 grant helps bridge the financing gap that typically stands between below-market rents and the rising cost of construction, land, and labor in metropolitan Phoenix.

Like many affordable developments, the property is financed through a patchwork of sources, including public subsidies, low-income housing tax credit equity, and philanthropic grants like this one. Grants at this scale often make the difference between a deal penciling out and a project stalling.

Who Qualifies To Live There

The Home Matters Arizona Fund specifically targets housing for households eligible for Arizona's Medicaid program, the Arizona Health Care Cost Containment System, or AHCCCS. That generally means low-income families, seniors, people with disabilities, and individuals who might otherwise be one medical bill or rent hike away from homelessness.

Fund leaders point to a familiar problem: many low-income Arizonans spend more than half of their income on housing, forcing them to cut back on food, medication, or doctor visits. Stable, affordable rent is treated here not just as shelter, but as a health intervention.

About the Home Matters Arizona Fund

The Home Matters Arizona Fund was created in 2020 by healthcare leaders and the Arizona Association of Health Plans to tackle the state's housing affordability crisis through a social determinants of health lens. Since its launch, the fund has awarded $10.3 million through 24 grants to affordable housing projects around Arizona.

Member health plans that back the fund have included Arizona Complete Health, Banner University Health Plan, Care1st Health Plan Arizona, and other Medicaid-focused insurers. By putting capital into housing, the plans are betting that stably housed members will have fewer emergency room visits, better chronic disease management, and lower overall costs of care.

Why This Matters for Phoenix Renters

Phoenix has been one of the fastest-growing and fastest-appreciating rental markets in the country, and the gap between market-rate rents and what working families can afford has widened sharply. Projects like the Residences at Falcon Park are designed to keep some of the region's housing stock within reach for households earning well below the area median income.

For renters searching for affordable units, completed developments like this one eventually get listed through the property manager and, in many cases, through the City of Phoenix Housing Department's affordable housing resources. Income limits, household size requirements, and waitlists typically apply.

The Bigger Picture

The $500,000 Falcon Park award is a reminder that most affordable housing in the United States is not built with a single check. It is stitched together from federal tax credits, state and local trust funds, private lenders, and increasingly, mission-driven funders like health plans that see housing as infrastructure for public health.

For Phoenix, every 192-unit community like this one is a small but real dent in a much larger affordability shortfall. For the families who eventually move in, it can be the difference between stability and another move.