New community will add 168 affordable housing units for families in Phoenix
PHOENIX, April 29, 2026 /PRNewswire/ -- Ulysses Development Group (UDG) continues to expand its impact in Arizona with the groundbreaking of Salt River Flats 2, a new affordable housing community located at 4027 S. 13th Street in Phoenix. The project, celebrated today with Governor Katie Hobbs and other partners, will add 168 homes for families and individuals earning 60% of the area median income.
To cultivate a sense of community among residents, the property will offer a range of amenities, including a BBQ and outdoor gathering area, a pool, a playground, and a community room with a kitchenette and business center. Units will be fully equipped with oven, range, dishwasher, disposal, microwave, in-unit washer and dryer, stone countertops, central air conditioning, and walk-in closets.
"The State of Arizona is proud to support the development of Salt River Flats 2 with federal low-income housing tax credits and State Housing Trust Funds," said Governor Hobbs. "Our state's population has grown extensively over the last few years, and ensuring all Arizonans have a safe place to call home is the critical first step to stability."
"Salt River Flats 2 was thoughtfully designed for families to thrive," said UDG Chief Development Officer Kirsty Greer. "It offers a pathway to stability for so many and demonstrates what mission-driven partners can do when we work together."
"The Arizona Industrial Development Authority is thrilled to partner with UDG on the development of Salt River Flats 2 by providing tax-exempt bonds," said AZIDA Executive Director Dirk Swift. "The people of Phoenix deserve a safe place to call home so they can live their lives with dignity, knowing they have a place to lay their heads at night."
Salt River Flats 2 is made possible through contributions from the following funding sources:
- The Arizona Industrial Development Authority (AZIDA)
- $34.5M in tax-exempt bonds
- The Arizona Department of Housing (ADOH)
- $23.5M in annual federal low-income housing tax credits (LIHTC)
- $2.5M in State Housing Trust Funds
- US Bank
- Investor of $23.5M of LIHTC equity
- $700k of solar investment tax credits
- Merchants Capital
- Provided $30.8M tax-exempt construction loan
- Provided $15.6M of taxable bridge loan debt
- $28.7M in permanent debt
Salt River Flats 2 is located directly west of UDG's first project in Arizona, Salt River Flats, which includes 196 multifamily units and opened in the spring of 2024. UDG is solidifying its growing presence in Arizona through impactful, affordable housing projects aimed at addressing the region's critical housing needs. In addition to Salt River Flats 2, which is expected to complete construction in Q1 2028, UDG is leasing up The Acacia at Youngtown, a 312-unit community set to welcome residents in summer 2026. The company recently celebrated the opening of Dahlia Village and the groundbreaking of Wild Rose Flats, further reinforcing UDG's commitment to providing quality affordable housing and fostering stronger communities in the Phoenix metro area.
For leasing information for The Acacia at Youngtown, visit https://www.missionrockresidential.com/apartments/az/youngtown/west-peoria-ave/.
For updates on all these projects, follow UDG on LinkedIn.
For media materials, click here.
Ulysses Development Group (UDG) develops, acquires, and invests in affordable housing, using proven methods and sustainable solutions that benefit residents in the communities we serve. Founded in 2021, UDG owns 2,230 apartments in communities across five states and has plans to build or preserve 2,000 more by the end of 2026. For more information, visit UDG's website at https://ulyssesdevelopment.com/.
Contact: Maleah Schmidt
720.952.8801
maleah.schmidt@ulyssesdevelopment.com
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SOURCE Ulysses Development Group
