The Phoenix IDA is an entrepreneurial nonprofit that draws upon its decades of experience and proven record of accomplishments to support community and economic development through access to capital. The organization’s primary goal is to positively impact vulnerable populations and underserved communities through multiple strategies such as bond financing, investments, and down payment assistance to advance homeownership.
The Phoenix IDA serves as a conduit issuer of private activity bonds, which attract private investment to finance projects that provide a public benefit. As a national leader in bond financing, the Phoenix IDA has issued more than $1.8 billion in bonds since 2009 for a broad range and scope of undertakings involving educational facilities, healthcare facilities, multifamily housing, and nonprofit organizations.
The Phoenix IDA advances responsible low- to moderate-income homeownership through various programs to strengthen communities and the economy. Programs include the Home in Five Advantage program that offers homebuyers competitively priced loans through local lenders for new or existing homes, in addition to a three percent down payment and closing fee grant. Also, the Home Success Mortgage Credit Certificate program offers first-time Phoenix homebuyers the ability to claim an annual federal income tax credit of up to $2,000.
Community Impact Investments
The organization pursues investment opportunities to achieve a community and social impact or to realize a return on capital. Community and social impact investments are primarily focused on job creation, business attraction and retention, enabling of innovation, improvement of human services, expansion of homeownership opportunities, and improvements in education.
Community Development Fund
The Phoenix IDA Board of Directors established the Community Development Fund to make investments in community programs and projects that benefit and support the city of Phoenix and its residents. Through this Fund, the Phoenix IDA has invested millions of dollars, primarily from proceeds of non-Arizona bond transactions, to Phoenix nonprofit organizations.