The first phase is planned for 44 affordable and 12 market-rate apartments at a central location with transit and services nearby.
Archive note: This report was prepared for Tucson Ahead’s 2026 launch archive using contemporaneous public records and reporting. The date reflects the underlying news event.
What happened
Stone and Speedway Phase I received $2.5 million in Low-Income Housing Tax Credits. Plans call for 44 income-restricted apartments and 12 market-rate homes, creating a mixed-income project near two major corridors. Tax credits are allocated competitively and are typically sold to investors to provide project equity.
Why it matters in Tucson
The award is a financing milestone, not a completed building. Projects still must close financing, manage rising construction costs and meet federal affordability rules. The central location offers access advantages but requires careful design for traffic, heat and pedestrian safety.
What to watch next
Watch for financial closing, final unit mix, income limits and a construction start. Public reporting should state how long restrictions remain in place and whether rents include utility allowances.
Source and verification: View the underlying report or public record. Tucson Ahead independently rewrote and contextualized this article; no source article text or publisher-owned photography was republished.