Letter from the CEO
2022 marked a banner year for both the Phoenix IDA and the Phoenix Community Development & Investment Corporation (PCDIC), in terms of fulfilling both organizations’ missions of impacting the underserved.
Revenue generated from innovative financing enabled us to reinvest nearly $3 million into more than 60 nonprofits in 2022 alone – a record annual total for our grant program.
The Phoenix IDA, as outlined in the state law that created it more than four decades ago, promotes community and economic development.
Through creative financing, the Phoenix IDA helps attract private capital that boosts economic development in the greater Phoenix area.
The Phoenix IDA collaborates with organizations to provide public finance options, including bonds, investments and loans, to projects that benefit the overall health and sustainability of underserved communities. Projects are focused in the areas of housing, healthcare, education, and community and economic development. Since 2009, the Phoenix IDA has closed more than $3.3 billion in bond transactions, which have greatly enhanced communities.
Additionally, as administrators of PCDIC, a nonprofit created by the City of Phoenix in 2002, the Phoenix IDA continues to expand investments in areas such as health and human services projects due to multimillion-dollar federal awards for New Markets Tax Credit financing, which benefit local projects in under-resourced areas.
With a long history of innovative financing experience at both the Phoenix IDA and PCDIC, we will continue to invest in underserved markets for years to come.
Thank you for taking a few minutes to review our 2022 Annual Impact Summary.