Affordable Housing Programs

Single-Family Housing Programs

The Phoenix IDA has the ability to issue tax-exempt revenue bonds to finance mortgage loans on single-family homes, either directly by purchasing newly originated or existing mortgage loans, or indirectly by allowing lenders to purchase mortgage loans using bond proceeds.  Such mortgage loans generally are targeted to first-time homeowners meeting certain income and purchase price requirements.  Repayment of the mortgages may be further secured by federal programs or through private mortgage insurance.  The Phoenix IDA also has the ability to establish Mortgage Credit Certificate (MCC) programs for single-family loans.

Multi-Family Housing Revenue Bonds

Multi-family housing bonds allow for the issuance of tax-exempt and taxable bonds to assist nonprofit and for-profit entities with the acquisition, renovation, or new construction of multi-family housing rental projects within the City of Phoenix. Borrowers utilizing this financing mechanism must reserve a portion of the units in the complex for lower income households.

Proceeds from tax-exempt multi-family housing bonds are primarily used for:

• New Construction
• Acquisition
• Rehabilitation