153 affordable apartment homes preserved for Phoenix seniors through major investment in long-term housing
PHOENIX, Ariz. (August 26, 2026) – National Church Residences celebrated the grand reopening of Memorial Towers on Tuesday, August 25, marking the completion of a comprehensive rehabilitation that preserves one of Phoenix’s longstanding affordable senior housing communities for decades to come.
Originally built in 1964 as part of the Memorial Hospital development, Memorial Towers has served older adults in Phoenix for more than 60 years. The completed rehabilitation preserves all 153 affordable apartment units while modernizing the property with upgraded building systems, enhanced resident amenities, and improved accessibility.
“Affordable senior housing is becoming harder to find in Phoenix, so preserving these 153 homes was important to us,” said Tracey Fine, Sr. Director of Affordable Housing for National Church Residences. “We’re keeping housing affordable and investing in the property in a way that improves safety, accessibility, comfort, and the overall quality of life for the residents who call Memorial Towers home.”
Located in Central City Village near downtown Phoenix, Memorial Towers consists of two 10-story buildings on approximately three acres. The community includes 152 one-bedroom apartments for residents age 62 and older, one employee unit, an on-site service coordinator, community gathering spaces and affordable housing supported through a Housing Assistance Payments (HAP) contract that extends through 2043.
The rehabilitation represents National Church Residences’ first affordable housing development in Arizona since 2008 and reflects the organization’s continued commitment to preserving affordable housing for older adults. Today, National Church Residences owns and manages seven affordable housing communities throughout Arizona totaling 416 affordable apartments.
The project was financed through a combination of 4% Low-Income Housing Tax Credit (LIHTC) equity, an assumed HUD-insured Section 223(f) loan, HOME funds from the City of Phoenix, tax-exempt bonds issued by the Industrial Development Authority of the City of Phoenix, seller financing and deferred developer fees.
The rehabilitation also extends the useful life of a building that had accumulated deferred maintenance since its previous renovation in 2008-2009. Improvements include:
- Mechanical, electrical, and plumbing upgrades throughout both towers.
- Replacement of elevator controls to provide service on every floor.
- A new roof upgraded security cameras and exterior improvements.
- New landscaping, accessible walking paths, benches, grilling areas, community gardens and outdoor fitness equipment.
- Renovated community spaces with new flooring, cabinetry, appliances, LED lighting and a new fitness center.
- Modernized resident apartments featuring new flooring, cabinetry, countertops, appliances, plumbing fixtures, HVAC fan coil units and LED lighting.
- Additional accessible parking and site improvements.
The project incorporates energy-efficiency improvements identified through an Advanced Energy Study that are expected to reduce the building’s energy consumption by more than 15 percent.
The rehabilitation follows several significant project milestones, including a HUD-approved refinancing in 2023, approval of $34 million in tax-exempt bond volume capacity by the Arizona Finance Authority in 2024, financial closing in December 2024 and construction beginning in January 2025.
Berardi + Partners served as architect for the project, bringing extensive experience in historic preservation and affordable housing, including its previous work on Memorial Towers. Arizona-based ICON Builders served as the project’s general contractor, applying its extensive affordable housing rehabilitation experience to create a community that residents can enjoy for years to come.
About National Church Residences
Originating from a Christian commitment of service, National Church Residences provides an array of health care services and a variety of housing options to 65,000 seniors. The nonprofit organization is driven by a vision to scale for mission impact by advancing better living for 100,000 seniors by 2030.
With more than 300 communities across the United States, it is one of the nation’s largest nonprofit providers of affordable senior housing and the largest manager of service coordinators. The organization also offers a variety of additional senior living options, home and community-based services, as well as supportive housing for the formerly homeless and disabled. For more information, visit us at NationalChurchResidences.org and follow us on Facebook, LinkedIn and YouTube.
CONTACT:
Chris Herbert, Public Relations
Cell: 614-448-8703
[email protected]
