Phoenix IDA Provides Bonds for Goodwill Projects
The Phoenix IDA recently closed two lease revenue bonds for the Phoenix-based nonprofit Goodwill of Central and Northern Arizona and its affiliates. The
$6.4 million refinanced Goodwill’s Excel Center, located at 4837 E. McDowell Road in Phoenix, with a lower interest rate and provided operational support.
The Excel Center is a tuition-free charter high school for underserved adults that enables them to earn a high school diploma by offering a standards-aligned instructional program. The center offers additional services, including free drop-in child care, transportation assistance and workforce development programs, in order to better meet the needs of the special adult student population it serves.
Additionally, $4.5 million in lease revenue bonds were approved in support of a Goodwill facility located on Grand Avenue and 85th Avenue. The retail site collects community donations, processes donated goods and generates revenues through the sale of donated goods for purposes of supporting Goodwill’s job training and career placement programs.
Helping First-Time Homebuyers Through Home in Five
Since 2012, the Home in Five programs, Home in Five Advantage and the recently launched Home in Five Platinum, have helped more than 25,000 individuals and families purchase a home in Maricopa county. Qualified low- to moderate-income homebuyers receive assistance for down payment and closing costs, plus a loan with a competitive interest rate.
Recent data from the Home in Five Platinum program – which is funded by tax-exempt bonds – indicates that the average home purchase price is $359,000. Since launching late last year, 428 home purchases have closed and approximately 112 additional loans are currently in the pipeline.
The Phoenix IDA and the Maricopa IDA partner together on the Home in Five programs to assist local residents in achieving their dreams of home ownership.
Mesquite Terrace Celebrates Grand Opening
Housing for Hope, an affiliate of Catholic Charities Community Services and its partner Trinity Housing Development, created Mesquite Terrace, an affordable and sustainable (LEED certified) housing development that recently celebrated its grand opening in Central Phoenix.
The Mesquite Terrace apartment complex features 297 affordable, safe and beautiful multifamily housing units for low- to moderate-income individuals and families. Amenities include covered onsite parking, community rooms, community laundry rooms, a fitness room, and a playground with a basketball court and BBQ picnic area. Mesquite Terrace is also conveniently located next to a Valley Metro Rail stop.
Along with a diverse collaboration of funders, the Phoenix IDA financed
$48 million in private activity bonds and extended a line of credit for more than $1.9 million to Catholic Charities Community Services. This was also the first multifamily project to receive funding from a new collaboration between the City of Phoenix and the Phoenix Community Development and Investment Corporation (PCDIC) to provide $1 million additional financing that was deployed along with the City’s HOME funds. Construction began in July 2021.
In Case You Missed It: 2023 Impact Summary
The Phoenix IDA and the Phoenix Community Development & Investment Corp. (PCDIC), administered by the Phoenix IDA, recently published the 2023 Impact Summary, which shares highlights in the areas of public finance, community investments, homebuyer assistance programs and special projects.
The Phoenix IDA Board of Directors is scheduled to meet at 3 p.m. Thursday, June 13th, 2024.
