Meet Colin Tetreault,
Relentless Change Agent
Board Member, Phoenix IDA
For Colin Tetreault, creating a better future is both a profession and a passion. He describes himself as a “relentless change agent,” focused on building shared opportunity for governments, businesses and communities. His career has spanned consulting, academia, nonprofit leadership, entrepreneurship and public service – all with a foundation in sustainability and community advancement.
Today, Tetreault works as a consultant for EY, a global climate change organization, advising commercial and government clients of all sizes on how to improve efficiencies, unlock value and keep people at the center of decision-making. He has also been a faculty associate at Arizona State University (ASU) for more than 15 years, blending theory with practice in the classroom. Earlier in his career, he served as the City of Phoenix’s Senior Policy Advisor for Sustainability and chaired the city’s Environmental Quality and Sustainability Commission.
Tetreault was drawn to serve as a board member for the Phoenix IDA because of its unique role in bridging finance and community impact. “Finding the ways to put good finance to good projects, to catalyze outcomes for people and focus on long-term benefits for residents and our environment, is what excites me,” he explained. He believes financial tools, when used with purpose, can be powerful engines for equity and opportunity.
His values align strongly with the Phoenix IDA’s mission. With a deep commitment to justice, he emphasizes the importance of addressing the needs of underserved communities. “Our region should be measured by how well we support our most at-risk populations, not just those already thriving,” he said. That belief fuels his passion for initiatives in affordable housing and education – two areas he considers essential to breaking cycles of hardship and empowering people to succeed.
Looking ahead, Tetreault sees opportunities for the Phoenix IDA to lead on sustainability, particularly in aligning capital with projects that address extreme heat and climate resilience in Phoenix. He also underscores the importance of solving both availability and affordability in housing, noting, “We can’t solve just one variable; we need to address both at the same time.”
Though newer to the board, he already takes pride in supporting affordable housing projects that provide stability and dignity for families. “I hope someday I can tell my kids, ‘Dad played a small part in helping people live in these great communities.’”
Outside of his professional commitments, Tetreault enjoys coaching youth sports, hiking, mountain biking, participating in scouting with his children, and cheering on his beloved ASU Sun Devils. His guiding advice for future leaders is simple but powerful: “Serve selflessly and often.”
More Affordable Housing
Units Coming to Phoenix
Since 2023, the Phoenix IDA has helped to finance 1,170 affordable housing units in Phoenix. The latest projects to receive financing from the Phoenix IDA include:
Wild Rose Flats
In late August, the Phoenix IDA successfully closed on a $17 million multifamily housing revenue bond issue for Wild Rose Flats — a new affordable housing community that will bring 72 units to Phoenix near the intersection of 43rd Avenue and Thomas Road. This project represents the second affordable housing development that the Phoenix IDA has worked with the City of Phoenix and Isaac School District on as part of our School District Surplus Land Initiative.
Wild Rose Flats will feature 20 one-bedroom units, 16 two-bedroom units, 20 three-bedroom units and16 four-bedroom units. The development will serve individuals and families earning at or below 60% of Area Median Income, providing quality housing across five two-story buildings on 4.6 acres. Construction is expected to take 16 months.
This marks the fourth affordable housing project in Arizona by the Ulysses Development Group LLC, joining Salt River Flats, Dahlia Village and Agua Fria Flats.
Broadway Farms at Hurley Station
In July, the Phoenix IDA closed on $51.5 million in multifamily housing revenue bonds for Broadway Farms at Hurley Station, Phase I. This project, located on the northeast corner of 91st Avenue and Broadway Road in Phoenix, will add 190 affordable housing units in the initial development phase.
This project includes a mix of one-, two- and three-bedroom units. Future plans call for the addition of another 144 units as well as commercial and retail space.
Developed by St. Charles Town Company, this work force housing project is located in Estrella Village and is a collaboration with Vintage Partners, which is looking to build up to 20,000 square feet of neighborhood-serving retail. Phase I construction is expected to be completed in early 2027.
Brothers Complete South Central Phoenix Duplex for Voucher-Assisted Renters
Alonzo Cruz, left, poses with staff from the Phoenix IDA and his team at Omni Construction Products as well as the project architect.
Olympic gold medalist and UFC champion Henry Cejudo and his brother, licensed general contractor Alonzo Cruz, are tackling Phoenix’s affordable housing crisis one duplex at a time.
The brothers recently completed construction via Cruz’s company, Omni Construction Products, on a brand-new duplex in South Central Phoenix, which is now ready for families using Housing Choice Vouchers from the City of Phoenix. This marks a major milestone in their mission to provide high-quality, affordable homes to low-income families in their hometown.
“We’re giving families more than a place to live — we’re giving them a fresh start,” Cejudo said. “A brand-new home can change how a child sees their future.”
With financing from First Fidelity Bank and a participation loan from the Phoenix IDA, their latest duplex is one of three new-construction duplexes the brothers have recently completed. They also have two six-unit projects in the planning stages.
Arizona Is Home Expansion Helps More First-Time Homebuyers
Gov. Katie Hobbs and the Arizona Department of Housing (ADOH) recently announced the expansion of the Arizona Is Home program, investing an additional $5 million to help more Arizonans achieve homeownership.
The Phoenix IDA is proud to support this initiative in partnership with ADOH and the Maricopa IDA by offering enhanced down payment assistance and competitive mortgage interest rates for first-time homebuyers through our Home in Five Advantage program.
Through this program, qualifying buyers in the Phoenix area may receive up to 7% of the purchase price in down payment assistance, making homeownership more accessible for working families.
“For many, owning a home can feel out of reach, and we’re honored to play a role in making that goal more attainable,” said Juan Salgado, CEO of the Phoenix IDA. “The Phoenix IDA is proud to collaborate with the Arizona Department of Housing and the Maricopa IDA to expand access to homeownership in the city of Phoenix.”
The Phoenix IDA is committed to creating equitable opportunities for all Arizonans. We’re honored to help first-time homebuyers overcome one of the biggest barriers to purchasing a home: the upfront costs.
Santellanes and Magallanez
Take On New Roles
Please join us in congratulating two Phoenix IDA team members on their new roles within our organization:
Mike Santellanes was recently promoted to Deputy Chief Executive Officer at the Phoenix IDA. For more than 15 years, he has been steadfastly working to move forward our mission to provide access to funding that benefits underserved communities. Prior to this role, he was instrumental in securing New Markets Tax Credit (NMTC) allocations on behalf of the Phoenix Community Development & Investment Corp. (PCDIC), which the Phoenix IDA administers.
Paul Magallanez has taken over the role of New Markets Tax Credit Director at the Phoenix IDA, working on behalf of PCDIC. In this role, he helps nonprofits and other interested parties secure NMTC allocations for projects that will improve the quality of life in underserved areas. He has served the Phoenix IDA in a variety of capacities for more than seven years.
Reid Named ‘40 Under 40’ Honoree
Congratulations to Operations Director Vic Reid who was recently named one of the Phoenix Business Journal’s 2025 40 Under 40 honorees! From his early days of mowing lawns and washing cars to leading initiatives that provide funding for underserved communities, Reid’s journey is a testament to dedication, resilience and service. His leadership at the Phoenix IDA continues to inspire and drive positive change in our community.
