The Phoenix City Council approved a resolution authorizing the Phoenix Industrial Development Authority (IDA) to issue up to $20,000,000 in Multifamily Housing Revenue Bonds for "The Moreland I 2025" project. This financial incentive will support The Moreland I LLC in the acquisition, construction, and equipping of a qualified residential rental housing project located at 1221 North 3rd Street in Phoenix, AZ. A key condition of the project is that a portion of the housing units will be designated for individuals and families earning no more than 60% of the area median gross income, ensuring the provision of affordable housing options.