In the mid-1990's, residents in the Valley began experiencing increasing rent hikes, with rent sometimes increasing four times a year. To alleviate part of the problem, Mercy Housing Southwest began working with the Authority in 1995 to acquire some existing apartment units and keep the rents from escalating so dramatically. The Authority started with a small loan, then added a $50,000 grant, and later moved to a series of two bond projects, totaling more than $24 million to purchase several facilities. These efforts provided more than 550 stabilized multifamily units.

 

Sister Lillian, President and Chief Executive Officer of Mercy Housing Southwest said, "The IDA was very responsive to our needs and suggested ways to make the acquisitions most effective. We needed to finance the projects with a combination of low income tax credits and housing grants, as well as their bonds, and the IDA team helped us fill in all the financing gaps."