A new affordable housing development is underway in Phoenix, as Ulysses Development Group and state leaders marked the groundbreaking of Salt River Flats 2—an expansion project designed to address the region’s growing housing demand.
The development, celebrated alongside Katie Hobbs and several public and private partners, will bring 168 housing units to residents earning up to 60% of the area’s median income. The project reflects a broader push across Arizona to expand affordable housing options amid rapid population growth and rising costs.
Located in south Phoenix, Salt River Flats 2 is planned as a community-focused complex featuring amenities such as outdoor gathering areas, a swimming pool, playground, and a shared community space equipped with business and kitchen facilities. Individual units will include modern appliances, in-unit laundry, and energy-efficient features aimed at long-term sustainability.
In remarks tied to the announcement, Hobbs emphasized the importance of stable housing as a foundation for economic security, noting that state-backed funding tools—such as housing trust funds and federal tax credits—are critical to making projects like this viable.
The development is being financed through a combination of public and private investment, including support from the Arizona Industrial Development Authority and the Arizona Department of Housing, alongside private lenders and equity partners. These layered funding sources are commonly used to bring affordable housing developments to scale.
Salt River Flats 2 builds on the success of a neighboring project completed in 2024 and is part of a growing portfolio by Ulysses Development Group across Arizona. The company, founded in 2021, has rapidly expanded its footprint with multiple developments aimed at increasing access to quality, income-restricted housing.
Construction on the new community is expected to be completed by early 2028, adding to a pipeline of projects that developers and policymakers say are essential to meeting the housing needs of the Phoenix metro area.
