Affordable Housing Programs

Annually, the federal government allocates to Arizona the authority to issue tax-exempt private activity bonds, including bonds for low income, multi-family housing.  The State of Arizona allocates the bonding authority for single-family housing to the different jurisdictions of the state by population.  The tax-exempt bonds are used by various state and local Industrial Development Authorities to issue Single Family Mortgage Revenue Bonds  (SFMRBs), and to establish Mortgage Credit Certificate (MCCs) programs.  This allocation is referred to as "volume cap."

The Authority also issues tax-exempt bonds to assist borrowers with the acquisition, renovation, and new construction of rental housing and facilities.  The advantages to the borrowers include below-market rates, longer term loans, and long-term affordability.  During the last ten years, the Authority provided assistance to over 20 multi-family projects. 

In September 2007, the Authority again partnered with the Maricopa County Industrial Development Authority to create a $400 million SFMRB program.  "Home in Five" for first-time home buyers.

Since 2001, through the partnership between The Industrial Development Authority of the City of Phoenix, Arizona and Industrial Development Authority of the County of Maricopa, the "Home in Five program issued more than $600 million in bonds and made it possible for more than 2,800 families to become first-time homebuyers.  

Multi-family Housing Revenue Bonds

Multi-family housing bonds allow for the issuance of tax-exempt and taxable bonds to assist non-profit and for-profit entities with the acquisition, renovation, or new construction of multi-family housing rental projects in Phoenix. bonds provide long-term financing at below-market interest rates.  Entities utilizing this financing mechanism must reserve a portion of the units in the complex for lower income households.

Proceeds from tax-exempt multi-family housing bonds are primarily used for:

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