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Phoenix IDA Receives Award of Excellence for Soluna II

The Phoenix IDA recently received an Award of Excellence from the National Association of Local Housing Finance Agencies (NALHFA) for its financing of Soluna II, the first Choice Neighborhoods mixed-income, affordable housing project located in the Edison-Eastlake community of Phoenix. When completed, the five-phased project will represent the single largest public housing redevelopment effort in Arizona history.

The NALHFA Award of Excellence is the most prestigious national recognition in the local affordable housing finance community, and Soluna was selected as the HOME Excellence Award recipient.

Developed by Gorman & Company and the Phoenix Housing Development Corp., Soluna II received bond funding from the Phoenix IDA and a loan from PCDIC.

Pictured above left to right: PCDIC Board Member and City of Phoenix Housing Director Titus Mathew, Phoenix IDA Housing Director Cindy Stotler and Phoenix IDA Chief Finance Officer Murray Boess.

Alhambra Elementary School District: Sevilla West Turf Field

In late 2019, PCDIC and the Phoenix IDA provided innovative financing in the amount of $250,000 to make the Sevilla West Turf Field a reality.

The Alhambra Elementary School District had already secured $750,000 in grants and bond funding for the project, and PCDIC was able to provide a forgivable loan for the remaining $250,000.

The district recently fulfilled all conditions of the loan, and the Alhambra community has been enjoying the conversion of a grass field into a regulation-size synthetic sports turf field complete with lights, goal posts and bleachers. 

The Alhambra Elementary School District serves more than 12,500 students from preschool through eighth grade, and 91% of students qualify for free or reduced lunch.

Phoenix IDA Welcomes Mark Moeremans to Board of Directors

Mark Moeremans, managing director of The Journey, a nonprofit healthcare-focused venture studio, was recently appointed to the Phoenix IDA board of directors.

Prior to launching The Journey, Moeremans served as senior vice president of entrepreneurship and venture development for the Arizona Commerce Authority where he helped grow Arizona’s tech and startup ecosystem.

During his tenure at the Arizona Commerce Authority, Moeremans helped the state’s small business and startup community navigate the pandemic, launched a three-month virtual accelerator program, and was instrumental in growing the state’s Venture Capital environment – helping launch the UNMET Arizona conference and securing more than $100 million in federal grant funds for startup investment and small business loan programs.

“As someone who comes from immigrant roots and a working-class upbringing, I know how crucial access to capital and economic opportunity is to success and security,” Moeremans said. “I appreciate the work the Phoenix IDA does to spur economic development and equitable growth in the Phoenix metro area – especially in the areas of healthcare, housing and entrepreneurship. I am grateful and excited about the opportunity to collaborate with this dynamic nonprofit that positively impacts our city while serving vulnerable and underserved members of our community.”

In Case You Missed It

The 2022 Impact Summary highlights the Phoenix IDA and Phoenix Community Development & Investment Corporation’s (PCDIC) activities over the past year in the areas of public finance, community investments, scholarships and homebuyer assistance.

The Phoenix IDA Board of Directors is scheduled to meet at 3 p.m. Thursday, May 18, 2023.

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