In one of Phoenix’s historic midtown neighborhoods, a former office building has been transformed into something the community urgently needs: affordable housing for seniors.

Once home to Catholic Charities offices, the site is now Acacia Heights Apartments, a five-story, 78‑unit affordable housing community designed specifically for low- and very low-income seniors. Nestled in the historic Pierson Place district, Acacia Heights offers residents a stable, dignified place to live in a neighborhood connected to helpful services and transit.

“We’re so proud of Acacia Heights,” says Tami Bohannon, president and CEO of AllThrive 365. “It is a jewel right in the heart of Phoenix. And it is our most recent Low-Income Housing Tax Credit project.”

Bringing Acacia Heights to life required strong partnerships and significant investment. A key piece of the funding came from the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP), which helps bridge financing gaps for affordable housing developments.

“We couldn’t have done this project without the help of the Federal Home Loan Bank,” said Bohannon.

The location itself is part of the appeal. Built in the Pierson Place historic district, Acacia Heights sits just steps from Phoenix’s light rail system, with easy access to grocery stores, retail shopping, and healthcare services which are all critical amenities for seniors aging independently.

But for Bohannon, the true impact of Acacia Heights goes beyond building’s roof and walls.

“We built a building, but it is not just a beautiful building," said Bohannon. "It’s what happens inside these affordable housing communities that impacts the residents who live here. It takes a village.”

Acacia Heights Apartments includes shared community spaces, access to food assistance, financial literacy training, and on-site resident support services — tools designed to help seniors both stay housed and thrive.

For residents like Sheila, those amenities translate into independence and peace of mind.

“I like the convenience of the shops — and the locality,” says Sheila. “It’s easy to go anywhere you need to go. You’ve got the rail down the street, just five minutes away, and the same thing for the buses.”

More importantly, Acacia Heights has given her something she had been missing.

“I feel settled here," said Sheila. "I feel comfortable here. I feel safe here. That’s what has changed for me — safety, being settled, being able to move around.”

For another resident, Renée, the journey to Acacia Heights came with uncertainty. After relocating from the Midwest, rising rents and poor living conditions left her on edge.

“I really thought I was going to be living in my car.”

Then Renée was able to secure an apartment at Acacia Heights.

“I was relieved. I was going to have a home — and a nice home."

The development of Acacia Heights was led by AllThrive 365, a nonprofit with more than 50 years of experience helping Arizonans thrive with health, housing, and human connection services. In addition to partnering with Catholic Charities which provided the land for the affordable project, AllThrive 365 also worked closely with multiple funders to secure capital, including Low-Income Housing Tax Credits, to ensure the apartments can remain affordable for seniors.

Among the project’s funders was Wells Fargo National Bank West, which delivered an $800,000 AHP grant in 2020 awarded by FHLBank San Francisco, helping close the remaining funding gap needed to move the project forward.

As Arizona’s aging senior population continues to grow, the need for affordable housing is becoming more urgent.

“With senior housing in general, there is not enough housing — even currently — for the amount of seniors that need it,” says Jeff Weist, senior property manager at Acacia Heights.

That reality is what drives organizations like AllThrive 365 to continue expanding affordable housing options paired with resident support services.

“It’s a wonderful feeling when we know we can help seniors who are vulnerable the most.”

The benefits reach beyond individual residents. Research shows that investments in affordable housing — including projects like Acacia Heights — create significant economic ripple effects.

An independent study by the Morrison Institute for Public Policy and the Seidman Research Institute found that more than two decades of AHP investments from FHLBank San Francisco have helped construct thousands of affordable homes while strengthening Arizona’s economy.

According to the study:

• $117.5 million in AHP grants helped jump-start the construction of more than 2,300 affordable units in Maricopa County, and over 7,000 units statewide.

• Those investments added $82.7 million to Arizona’s GDP and $30.2 million to Maricopa County’s GDP.

• More than 1,000 job years have been generated across the state as a result of AHP grant funding.

Learn more about the AHP on the FHLBank San Francisco website.