Arizona Department of Housing

Tom Simplot

Housing prices in the Valley have skyrocketed recently.

The median home price in Phoenix this summer is a record $400,000. Last summer, it was $100,000 less. 

And this rise has created an affordable housing crisis that experts fear isn’t going away anytime soon.

But now, a new low-income housing tax credit could put a dent in that crisis. The legislation provides an annual $4 million for developers to finance this much-needed housing.

The Show spoke with Arizona Housing Director Tom Simplot to learn more about it, beginning with just how bad the affordable housing situation has gotten here and how much has it shifted in recent years.

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