Building a Legacy for the Future

AFFORDABLE HOUSING INITIATIVES
The affordable housing situation in Arizona has been changing rapidly, and the ability of a typical Valley household to afford a home has dropped to an all time low. From June 2000 through November 2007, the average price of an existing Valley home has gone from $130,000 to $242,000 while the median household income has only risen to $59,100.
 
The Authority has put a significant effort into financing both single family and multifamily projects throughout Maricopa County and in the State of Arizona. The Authority has demonstrated its commitment to promoting private sector initiatives and innovation while working to address the needs of underserved populations.
 
The Authority is one of four industrial development authorities in Arizona authorized to issue qualified mortgage credit certificates and qualified mortgage revenue bonds. The Authority has been issuing such bonds since 1980.
The Authority analyzes housing market segments and finds the appropriate strategy for each segment rather than trying to find a "one size fits all" solution.

The result of this focus on housing is substantial. Since the Authority began issuing bonds, in excess of $2.618 billion in revenue has been authorized to support affordable housing projects in Arizona. More than 150 different multifamily projects have been initiated throughout the County. At the same time, 39 different single family projects have been financed, creating more than 9,948 single family homes.  Over $10.451 million has been used to finance second mortgages for more than 1,776 families.

The Authority has also financed two manufactured housing facilities - Clayton Homes, Inc. and Redman Homes, Inc. - which produce affordable manufactured homes. This generated multiple impacts to the State's economy, including the introduction of new capital investment, construction and manufacturing jobs, and an increase in affordable housing stock.