Fact Sheet
Mission Statement: The Industrial Development Authority of the City of Phoenix, Arizona's (the Authority) mission is to provide financial assistance for affordable housing, and community and economic development within the City of Phoenix.
Vision: The Authority will be a mode of innovative, creative, entrepreneurial and prudent conduit financing.
History and Powers: The Authority was established in 1981, by the City of Phoenix under the Industrial Development Financing Act, Arizona Revised Statue § 35-701 et. seq. The Authority is an Arizona non-profit corporation and political subdivision of the State of Arizona, possessing the following statutorily prescribed powers:
| • | To provide tax-exempt financing through industrial revenue bonds up to $20 million for the acquisition, construction, equipping or improvement of qualified manufacturing projects located within the City of Phoenix. |
| • | To finance capital projects for non-profit organizations in larger amounts other than qualified manufacturing projects. |
| • | Make loans to finance projects including housing and economic development projects. |
| • | Acquire and hold obligations. |
| • | Implement Single Family Mortgage Revenue Bonds (SFMRBs) and Mortgage Credit Certificate (MCCs) Programs. |
Governance: The Authority is governed by a nine-member Board of Directors, which is appointed by the Mayor and City Council of the City of Phoenix. Each member serves a six-year term. The 2010-2011 Authority Board of Directors are:
| Tommy Espinoza, President Margio O'Campo de Castillo, Vice President Karl Gentles, Secretary Lydia Lee, Treasurer Marian Yim, Assistant Treasurer Donald Keuth, Director Bruce Mosby, Director Sal Rivera, Director Mark Winkleman, Director |