Tempe Mayor Corey Woods unveils funding system for inexpensive housing

A new 310-unit apartment complex is planned at Rio Salado Parkway and Smith Road in north Tempe.

Chain dining places, retail shops and industrial warehouses dot Tempe’s northeast metropolis limits.

But the cheapest hire at a proposed condominium advanced in the area goes for about $1,500 for a studio — a market-fee cost that is out of attain for numerous services workers.

The apartments, Smith & Rio Household at Rio Salado Parkway and Smith Street, have drawn criticism from citizens and some council members alike for a lack of workforce housing and other issues.

The job has reignited a many years-lengthy discussion about how Tempe leaders can best handle very affordable housing problems in the town.

Soaring rent and house loan selling prices have set a squeeze on Tempe inhabitants. The challenge is anticipated to exacerbate as the ongoing coronavirus pandemic proceeds to acquire a toll on the economic system and the end of a federal moratorium on evictions looms.