The Maricopa County Industrial Development Authority received the Local Agency Award from the Council of Development Finance Agencies in early November. Excellence in Development Finance Awards honor excellence in the use of financing tools for economic development, according to a press release.
The CDFA recognized the development authority’s more than 40-year history spurring economic development, increasing the availability of affordable housing, aiding in job growth and improving the economy through access to low-cost financing and community investments.
The MCIDA has issued more than $5 billion in bonds, invested millions of dollars in the community, given access to affordable housing and helped create thousands of jobs.
“The availability of tax-exempt financing through the Maricopa County Industrial Development Authority continues to strengthen our region,” said Maricopa County Board of Supervisors Chairman Clint Hickman, District 4, in the release. “This award highlights our success at investing in our community.”
Over the past year, the MCIDA has approved over $1 billion in bonds for charter schools, affordable housing and nonprofits as well as millions of dollars in down payment assistance to homebuyers. All the projects are self-sustaining with no county taxpayer dollars supporting the operation of MCIDA.
“The Maricopa County Industrial Development Authority is extremely honored to be recognized by the CDFA. Our board of directors takes great pride in being innovative leaders within our community and strives to always focus on contributing to our local economy,” said Shelby Scharbach, executive director of the MCIDA, in the release.
The MCIDA is governed by a nine-member board of directors. The Maricopa County board of supervisors has final approval on bond issuances.
The MCIDA helps create and maintain jobs within Maricopa County and assists residents with achieving a better standard of living and way of life. Private borrowers are offered an opportunity to finance their projects with tax-exempt interest from private lenders.
For more information, visit www.mcida.com.