KeyBank Community Development Lending and Investment provided a $13.9 million construction loan and $21.4 million in low-income housing tax credit financing for the construction and rehabilitation of Miami Inspiration Housing in Miami, Arizona. Zammy Arcos and Matthew Haas of KeyBank CDLI structured the financing. Chicanos Por La Causa is developing the property. Gorman Property Management, an affiliate of Gorman & Company (“Gorman”), will serve as the management company.

Miami Inspiration Housing will consist of renovating a non-occupied historical building with 16 units and building a second building with 24 units, creating a 40-unit total affordable housing complex. The property will provide quality housing for families with income levels between 40%, 50%, and 60% of the AMI. 

The development is located in Miami (photo), a rural town approximately 80 miles east of Phoenix. The community is located within the Copper Corridor, where mining and ranching still represent 20% of the county’s primary sources of employment.