Memorial Senior Citizens Towers
1405 S 7th Ave
Phoenix, Maricopa County, Arizona 85007

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Funding Programs

Memorial Senior Citizens Towers was developed and operates with Federal housing financing. The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants. These programs are Low Income Housing Tax Credit and Project Based Sec. 8.

Section 8

Memorial Senior Citizens Towers has a project-based Section 8 contract. 152 of the 153 total units at the property receive Section 8 assistance. This means that 99% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on August 01, 2005 and the contract expires on July 31, 2025. The Section 8 contract rent is 94% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $735.00 for One Bedroom.

19% of Arizona properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

Low Income Housing Tax Credit

The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 2004 for $700,000 with a 10 year value of $7,000,000. The property was placed in service in 2006. 152 of 153 units at Memorial Senior Citizens Towers are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was located in a Qualified Census Tract qualifying it for additional tax credit financing.

Overview

Memorial Senior Citizens Towers is an affordable apartment community located in Phoenix, Arizona which is located in Maricopa County. The property is located in Arizona's 6th Congressional District served by Representative David Schweikert (R), Senator John McCain (R) and Senator Jeff Flake (R).

Memorial Senior Citizens Towers is an apartment community containing 152 rental units. The property contains 152 bedrooms and based on typical apartment occupancy limits, Memorial Senior Citizens Towers is home to not more than 228 persons when fully occupied.

Rent Subsidies

Memorial Senior Citizens Towers provides rental subsidies to renters. The type of subsidy provided to apartment renters in Phoenix, AZ by this property is Project Based Sec. 8.

This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays the difference. To qualify, a renter must earn 50% or less of the Area Median Income.

There is a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Memorial Senior Citizens Towers contains a mix of 152 assisted one bedroom apartments for rent. There are 152 One Bedroom apartments in this property. The unit mix is 100% One Bedroom apartment rentals. The average bedroom size for Memorial Senior Citizens Towers is 0.99.

Arizona's 6th

Congressional District

152

Total Units

152

Tax Credit Units

152

Project Based Sec. 8 Units

94

% of Fair Market Rent

31-Jul-25

Project Based Sec. 8 Contract Expiration

One

Unit Mix

0.99

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data