Valley renters stunned to find their income-restricted apartments may soon face massive jump in price
“Come March 2024, Quail Run Apartments, will switch from affordable units to market-rate apartments. The property was built through the Low Income Housing Tax Credit Program, where the government helps pay for the development if the property is kept affordable for 30 years. However, a loophole in the federal tax code can mean the property can move to market rates as early as 15 years. More than two dozen other complexes in Arizona are currently transitioning to market rates.”