Letter from the CEO
The Phoenix IDA promotes community and economic development through innovative financing that helps attract private capital for projects that positively impact vulnerable populations and underserved communities. The Phoenix IDA is self-sustaining through its own efforts and does not rely on any taxpayer funds.
Since 2009, the Phoenix IDA has closed more than $3.4 billion in bond transactions, which have greatly enhanced high-need communities, particularly in the areas of affordable housing, healthcare and education. In 2023, we issued $75.6 million in private activity bonds for four affordable housing projects. The fees the Phoenix IDA earns from these transactions are invested in programs and initiatives that benefit Phoenix residents.
Housing will be the Phoenix IDA’s top priority in 2024. In addition to bond transactions, we continue to support our Home in Five Advantage program. Since 2012, the Phoenix IDA has helped more than 25,000 first-time homebuyers achieve the American Dream of home ownership. In 2023, we launched the new Home in Five Platinum program, a tax-exempt, bond-financed program offering below-market interest rates and down payment assistance, as an additional finance option for first responders, veterans and other approved homebuyers.
As the administrator of the Phoenix Community Development & Investment Corporation (PCDIC), a nonprofit created by the City of Phoenix, the Phoenix IDA continues to expand federal and private investments in projects benefiting underserved communities. Over the past four federal New Markets Tax Credit allocation rounds, PCDIC has been awarded a total of $195 million in allocations, which has been invested in local organizations that serve vulnerable communities, such as St. Mary’s Food Bank and the Guadalupe Health Care Center.
Our team is incredibly proud of the work we do to benefit the overall health and sustainability of the city of Phoenix.
Juan Salgado
Chief Executive Officer
Thank you for taking a few minutes to review our 2023 Impact Summary.
