Arizona » Phoenix » Massive $400M Bond Issuance to Boost Affordable Housing in Maricopa County

Massive $400M Bond Issuance to Boost Affordable Housing in Maricopa County

The City Council has approved the issuance and sale of up to $400 million in Series 2024 Single Family Mortgage Revenue Bonds. These bonds, issued jointly by the Phoenix IDA and Maricopa IDA, will finance mortgage loans and provide homebuyer assistance for single-family homes. The program specifically targets homes to be owned and occupied by low and moderate-income residents in Maricopa County, including the City of Phoenix. The initiative includes issuing multiple series of bonds and adhering to comprehensive standards and requirements to ensure the funds effectively support affordable housing.

Why it matters

This bond program addresses the critical shortage of affordable housing in Maricopa County, which threatens the health, safety, and welfare of its residents. By facilitating homeownership for low and moderate-income families, the initiative aims to foster economic stability and growth, reduce crime, and enhance the overall quality of life in the community. Access to affordable housing can help alleviate slum conditions, bolster the tax base, decrease unemployment, and reduce the need for excessive public spending on social services.

Source

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When: June 12, 2024

Where: Entire Phoenix/Maricopa County area

Who: The Industrial Development Authority of the City of Phoenix, Arizona and The Industrial Development Authority of the County of Maricopa

• Issuers’ Counsel: Squire Patton Boggs (US) LLP
• Bond Counsel: Kutak Rock LLP
• Bond Trustee: US Bank Trust Company, National Association
• Financial Advisor: CSG Advisors Incorporated
• Bond Underwriter: Stifel, Nicolaus & Company, Incorporated
• Bond Underwriter’s Counsel: Greenberg Traurig, LLP
• Servicer: Lakeview Loan Servicing, LLC
• Program Administrator: Housing and Development Services, Inc., dba eHousingPLUS

What: Housing Policies

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