Sedona needs 1,300 apartments and should get 30 of those sometime in 2025. The Villas on Shelby will provide 24 one-bedroom units and six three-bedroom units and rents will run from about $849 to $1,178. But as the lingering shortage of affordable housing in Sedona and elsewhere illustrates, it’s not easy to come by. The developer, HS Development Partners, used low-income tax credits as well as loans and will lease the land from the city for 75 years in exchange for $50,000 down and an annual rent of $1,200, and the contract lets the city buy the entire project after 30 years for $100.
Source: https://www.redrocknews.com/2024/01/19/villas-on-shelby-aiming-to-add-30-units-in-2025/
