Ruiz Engineering Corporation

Roberto Ruiz, President of Ruiz Engineering Corporation, began looking for a way to finance his dream: multifamily housing units that were affordable. He considered using other

Roberto Ruiz (right), his daughter Toni Lowry, and his son-in-law Daren Lowry stand on the site of one of their  apartment complexes. Villas Solanas Apartments, a family apartment complex in Glendale, Arizona, now provides 180 affordable units. Bonds issued by the Authority were a major factor in making the construction fo this complex possible.

A CASE STUDY IN SUCCESS

governmental agencies, but the lengthiness of their financial processes made his project seem out of reach. But The Industrial Development Authority of the County of Maricopa changed all that. The Authority made the financial means attainable through its tax exempt bond financing process. Now, Roberto and his family have developed at least  nine apartment complexes - the Villas Solanas Apartments, San Martin Apartments, and San Remo Apartments in Glendale, Arizona; the Las Gardenias Apartments in Phoenix, Arizona; the San Miguel Apartments, San Angelin Apartments and San Fernando Apartments in Mesa, Arizona; the San Clemente Apartments in Gilbert, Arizona; and the San Lucas Apartments in Tolleson, Arizona. These nine projects provide a total of 2,644 affordable, multifamily housing units, to Maricopa County.
 
"We are extremely proud to provide market-rate style housing at below market-rate rents to the working poor in Maricopa County," Ruiz said. "This accomplishment was only possible with the help of the Maricopa IDA."