On October 20, 2010 the Phoenix City Council authorized a loan for $6,500,000 of Neighborhood Stabilization Program funds to NHS for use in the acquisition of and rehabilitation of the Pines of Camelback, located at 19th Ave. and Camelback Road. The acquisition is scheduled to close at the end of February, 2011. Currently, NHS is pursuing financing options with the State, the Federal Home Loan Bank of San Francisco, the Phoenix IDA and private sector lenders to raise an additional $5,700,000 to complete the construction and rehabilitation of the Project which is to be renamed Camelback At The Stop.
Now more than ever, public/nonprofit organizations and companies in the private sector must come together to create innovative programs assisting individuals and families secure, decent and affordable housing. Camelback@TheStop will bring together Neighborhood Housing Solutions, Inc.(“NHS”), an affordable housing nonprofit corporation, Old World Communities and Abbot Management LLC, two private sector companies that have extensive experience in construction and rehabilitation of multifamily projects, and Dunlap and Magee, a property management company long recognized as a leader in the management of affordable housing apartment communities.