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Just Published! 2023 Impact Summary

The Phoenix IDA and Phoenix Community Development & Investment Corporation (PCDIC) are pleased to share 2023 highlights in the areas of public finance, community investments, homebuyer assistance and special projects. Together, we:

    • Issued $75.6 million in private activity bonds for 4 affordable housing projects in Phoenix
    • Provided $52.5 million in New Markets Tax Credit allocations to eligible projects in Maricopa County, including the expansion of St. Mary’s Food Bank and construction of a new healthcare center for residents of Guadalupe, Ariz.
    • Launched a new, tax-exempt, bond-financed program called Home in Five Platinum offering lower mortgage rates to first-time homebuyers
    • Assisted nearly 400 Phoenix residents who were facing imminent displacement as a result of several mobile home park closures with housing navigation
    • Supported 90 new and returning Verma & Ed Pastor scholars by providing scholarships totaling $420,000

Find out more about how both the Phoenix IDA and PCDIC are impacting our community!

School District Surplus Land Initiative in the Spotlight

The Phoenix IDA’s School District Surplus Land Initiative was developed last year to assist the Isaac School District in selling unused land to the City of Phoenix to create more affordable housing. For the Isaac transaction, the Phoenix IDA utilized tax-exempt bonds and low-income housing tax credits to fund the purchase on behalf of UMOM New Day Centers for an affordable housing development. Now, Alhambra Elementary School District plans to sell land to the City in order to build affordable rentals that target families by having an overrepresentation of three- and four-bedroom units. Though the project is still in the very early stages, it could include between 60 and 240 units, depending on whether the land can be rezoned for higher-density development. Phoenix IDA Housing Director Cindy Stotler has been speaking at school districts about this innovative program that represents a win-win for both school districts and the City of Phoenix, which has a goal of creating or preserving 50,000 homes by 2030.

Arizona’s Family covered this topic recently spotlighting both projects: watch the segment.

PCDIC Grants Support 2 Choice Neighborhoods

PCDIC recently approved two grants at the request of the City of Phoenix Housing Department in support of vital Choice Neighborhoods transformation projects. PCDIC committed to providing a $3 million grant for the Edison Impact Hub project, located in the Edison-Eastlake neighborhood of Phoenix just east of downtown Phoenix.

This project seeks to restore the exterior of the historic Crippled Children’s Hospital, originally constructed in 1941 as part of the New Deal, and develop it into a new community-focused facility that includes a job center, classroom space, medical and behavioral health clinic along with community gathering space.

Additionally, PCDIC is providing a $1 million grant for the Marcos de Niza Community Planning effort that will guide future redevelopment of the Marcos de Niza Apartments, located just north of Interstate 17 between Central and 7th avenues. Community workshops, focus groups and leadership councils will convene over a 24- to 30-month process to develop a transformation plan for the neighborhood.

PCDIC Appoints New Officer Slate, Adds Board Director

Susan Barnes

PCDIC recently approved a new officer slate for its board of directors including:

  • Board Chair John Chan, Deputy City Manager, City of Phoenix
  • Board Vice Chair Titus Mathew, Housing Director, City of Phoenix
  • Board Treasurer Kathleen Gitkin, Chief Financial Officer, City of Phoenix

Additionally, Lloyd Hopkins, Executive Director/Founder of the Million Dollar Teacher Project, was appointed to the PCDIC board of directors. He is also a member of the PCDIC advisory board.

Murray Boess Appointed to NALHFA Board of Directors

Phoenix IDA Chief Financial Officer Murray Boess was recently appointed to a two-year term serving on the board of directors for the National Association of Local Housing Finance Agencies (NALHFA). The board’s leadership team represents powerful advocates in the local affordable housing community who advocate on legislative and regulatory issues affecting affordable housing and provide technical assistance and educational opportunities to members and the public.

The Phoenix IDA Board of Directors is scheduled to meet at 3 p.m. Thursday, May 16th, 2024.

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