Madison Gardens senior housing community, developed by Phoenix‐based WESCAP Investments, Inc., recently received the HOME Housing Development of the Year award from the city of Phoenix.
The five‐acre property, located at 808 E. Missouri Ave., was previously an abandoned, unfinished townhome subdivision that was the victim of the 2008 economic downturn before being purchased by WESCAP. The eyesore has been replaced by a housing development serving seniors 62 and older with affordable independent‐living apartments.
The award highlights the partnerships and variety of funding sources for this $27-million development, including federal housing tax credits awarded by the Arizona Department of Housing and a $2 million HOME Loan from the city of Phoenix. A study commissioned by WESCAP and completed by the National Association of Home Builders indicated that the development resulted in 337 jobs created and $13.6 million in wages generated.
Madison Gardens was completed in late 2013 and occupancy is already at 80 percent. Rents start at $564 for the remaining units and are restricted based on resident income under the housing tax credit program. For leasing information, contact Karla Harper at 602‐274‐3300.