NOAH Palomino Health Center Receives NMTC Allocation
The Phoenix Community Development & Investment Corporation (PCDIC), which is administered by the Phoenix IDA, recently deployed a $15 million New Markets Tax Credit (NMTC) allocation in support of the Neighborhood Outreach Access to Health (NOAH) Palomino Health Center in Phoenix.
The project represents an operating business allocation deployment to support expansion of services at the facility. The allocation will enable NOAH Palomino to serve an additional 1,500 patients annually, a 15% increase. In addition to expanding NOAH Palomino’s services, the allocation deployment will assist with funding the addition of an on-site pharmacy for underserved patients.
Phoenix IDA Presents at Phoenix City Council Policy Session
The Phoenix IDA was invited to present an update on our work at the Phoenix City Council Policy Session in March. Phoenix IDA CEO Juan Salgado walked Mayor Kate Gallego and City Council members through recent activities of both the Phoenix IDA and PCDIC, as well as outlined our plan to focus on ensuring Phoenix residents have options for affordable mortgages and rents by supporting developments with the shared goal of finding more equitable housing solutions. Some of the highlights include:
- The Phoenix IDA has provided $3.4 billion in bond financing since 2009.
- The Phoenix IDA, in partnership with the Maricopa IDA, supported more than 25,000 new homeowners in Maricopa county with down payment assistance and affordable home loans since 2012.
- PCDIC has received $195 million in federal New Markets Tax Credit allocations since 2019.
Dreamscape Learn Pod Unveiled at ASU Prep Pilgrim Rest
Thanks to a collaboration between Arizona State University (ASU) and Dreamscape Learn, with funding from the Phoenix IDA and PCDIC, underserved students at ASU Preparatory Academy Pilgrim Rest will be the first in the country to learn in an entirely new way.
Dreamscape Learn pod “blends the power of experiential pedagogy, cinematic engagement, and advanced virtual reality technology” so students can “attend class in any imaginable virtual location relevant to their subject matter.”
For example, they can learn about ancient Egypt during a tour of King Tut’s crypt or biology from the middle of the ocean. The hope is to generate student excitement and engagement in STEM, social studies, and language arts, as well as decrease school absences, which spiked after the pandemic.
Project partners included the Arizona Diamondbacks, Arizona Public Service (APS) and Salt River Project (SRP). Cronkite News and other local news outlets were on hand to cover the debut of the Dreamscape Learn technology.
Susan Barnes Steps Down from PCDIC Board
PCDIC extends its gratitude to outgoing chair Susan Barnes, executive vice president and chief financial officer of Goodwill of Central and Northern Arizona, for her nearly five years of service to PCDIC.
She first served on the PCDIC advisory board and was appointed to the board of directors two years later. Her work with Goodwill allowed her to serve as a low-income community representative on both boards. During her tenure as board chair, PCDIC was awarded a $60 million federal New Markets Tax Credit allocation, and a portion of those funds were deployed in support of Child Crisis Arizona and NOAH’s Palomino Health Center.
Sonia Blain Joins the Phoenix IDA as Legal Advisor
With a law degree from Southern Methodist University and a bachelor’s degree from Barnard College, Blain is a member of the State Bar of Arizona and the American Bar Association.
The Phoenix IDA Board of Directors is scheduled to meet at 3 p.m. Thursday, April 18, 2024.
