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The Phoenix IDA

The Phoenix IDA. 2012 Arizona Housing Forum October 2-4, 2012. Presentation by: Juan Salgado, Executive Director. MISSION STATEMENT. To provide community and economic benefits to Phoenix residents through bond financing and other community investments. Overview. Statutory Powers

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The Phoenix IDA

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  1. The Phoenix IDA 2012 Arizona Housing Forum October 2-4, 2012 Presentation by: Juan Salgado, Executive Director

  2. MISSION STATEMENT To provide community and economic benefits to Phoenix residents through bond financing and other community investments

  3. Overview Statutory Powers Mission Statement Bond Projects Programs Bond Proceeds

  4. Statutory Powers Incorporated in 1981 as an Arizona nonprofit corporation, by the Phoenix City Council Industrial Development Financing Act – A.R.S. Title 35, Chapter 5 Political subdivision of the State of Arizona

  5. Statutory Powers Broad powers, including issuing bonds for specific types of projects as listed below: • Educational Facility Bonds • Manufacturing Facility Bonds • Housing Bonds

  6. Statutory Powers Advantages of financing bonds through the Phoenix IDA • Does not involve the credit or financial backing of the City of Phoenix • No cost to taxpayers • Volume cap - out-of-state bonds do not affect the bonding capacity of the City of Phoenix, the Phoenix IDA or any other political subdivision of the state of Arizona • Bond proceeds used to support community and economic development projects for Phoenix residents

  7. BOND PROJECTS

  8. January 2009 to June 2012 Bond Projects

  9. Bond Projects FY2012 Bond Projects (In Millions)

  10. Bond Projects FY2012 Bond Projects (In Millions)

  11. PROGRAMS

  12. ProgramsJuly 2011 – September 2012 • Community Banking • Community Impact Fund • Community-Based Nonprofit Awards • Community Development Fund • Directors’ Community Awards • Home in Five Advantage Program • Other Investments

  13. ProgramsJuly 2011 – September 2012 Community Banking • Increased investment deposits in Arizona-based banks • Opened 10 new $250K CDs • > $10MM in 15 community banks • Goals • Support local banks and local community • Develop banking relationships

  14. ProgramsJuly 2011 – September 2012 Community Impact Fund • $5million • Impact investments Goals • Financial and social impact • Collaboration with community partners

  15. ProgramsJuly 2011 – September 2012 Community Impact Fund – Allocations (In Millions)

  16. ProgramsJuly 2011 – September 2012 Business Loan Alliance Program • $1 million • 1-year pilot: Feb. 2012 - March 2013 • Loan participation • 5 investor partners, 3 community banks • Equal loan participation • Buy down interest rates

  17. ProgramsJuly 2011 – September 2012 Collateral Reserve Program (EXPAND II) • $500,000 • 3-years: July 1, 2011 - June 30, 2014 • Direct administration approved Aug. 2012 • Loan collateral support • 25% of loan amount • Maximum $150K • Goal: 1 job per $35K support

  18. ProgramsJuly 2011 – September 2012 Charter School Pre-Dvlpt Loan Program • $500,000 • 1-year pilot: approved June 2012 • Arizona Community Foundation - $500K • Goal: Assist charter schools with pre-development soft costs • Restrictions: Phoenix IDA bond applicants

  19. ProgramsJuly 2011 – September 2012 Home In Five Advantage Mortgage Origination Program • Raymond James | Morgan Keegan • 5% down payment/closing costs assistance • Special incentives for military and vets • $15MM revolving fund • Approved: July 12, 2012 • Launched: September 4, 2012

  20. ProgramsJuly 2011 – September 2012 Other Investments Phoenix Public Market $250K Solar Phoenix $50K

  21. MISSION STATEMENT To provide community and economic benefits to Phoenix residents through bond financing and other community investments

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