THE ARIZONA IDA
SUMMER 2026 NEWSLETTER
Arizona Industrial Development Authority
OUR MISSION: We support and uplift residents and communities throughout the State of Arizona by cultivating partnerships, connecting resources, and facilitating private sector capital for the development of projects that provide long-term economic benefits and increased opportunities for urban, rural and tribal Arizonans.
LETTER FROM THE ARIZONA IDA EXECUTIVE DIRECTOR
Greetings,
The first half of 2026 at the Arizona Industrial Development Authority (Arizona IDA) has been marked by meaningful progress as we’ve welcomed new team members, launched innovative financing tools, and continued advancing projects that expand opportunity across Arizona.
We’re pleased to welcome Carson Folk, our Conduit Bond Business Development Officer, and Christian Hernandez, our Housing & Community Development Advocate, to the Arizona IDA team. Carson leads our conduit bond business development efforts, while Christian oversees our homeownership initiatives. Together, they enhance our ability to deliver greater value and broaden our impact throughout the state.
Building on this momentum, Arizona IDA has also launched its Multifamily Housing Bond Recycling Program to help preserve and maximize the use of Arizona’s limited private activity bond volume cap. Combined with the reduction of the private activity bond financing threshold for 4% Low-Income Housing Tax Credits (LIHTCs) from 50% to 25%, this innovative financing tool will allow us to stretch our state’s volume cap further while supporting more eligible multifamily housing projects statewide. Carson will also be joining a panel at the Arizona Department of Housing’s Arizona Housing Forum in August to discuss the benefits and implementation of bond recycling.
Over the past six months, we’ve closed 15 conduit bond financings, including one project that stands out as a significant milestone: a $270 million public-private partnership (P3) featuring the Collegiate Housing Foundation and the University of Arizona to develop critical new student housing on the university’s campus. Read more about this project in the newsletter below.
For the third consecutive year, we’re offering the Arizona Is Home homebuyer assistance program, which provides eligible homebuyers with a below-market interest rate and 4% down payment assistance. Participants must have household incomes at or below 100% of the Area Median Income (AMI) and purchase a home in rural Arizona. After two successful program years, we’re excited to continue helping more rural Arizona families achieve homeownership.
As we continue moving forward, our mission remains unchanged: to strengthen communities across Arizona by cultivating partnerships, connecting resources, and facilitating private-sector capital for projects that generate lasting economic benefits and expand opportunities for residents in urban, rural, and Tribal communities.
Thank you for your continued partnership and support.
Best regards,
Dirk Swift
Executive Director
Arizona Industrial Development Authority
Dirk Swift
Executive Director
Arizona Industrial Development Authority
MEET THE TEAM
The Arizona IDA is pleased to spotlight two team members who have joined the organization over the last year.
CARSON FOLK
Serves as Conduit Bond Business Development Officer, leading business development for conduit revenue bond financings that support affordable housing, healthcare, education, manufacturing, and other community development projects throughout Arizona.
Carson Folk
Conduit Bond Business Development Officer
Direct: (602) 501-1979
Email: Carson.Folk@ArizonaIDA.com
CHRISTIAN HERNANDEZ
Serves as Housing & Community Development Advocate / Business Development Officer, supporting the HOME+Plus and Arizona Is Home down payment assistance programs through lender outreach, community partnerships, and homebuyer education.
Christian Hernandez
Housing & Community Development Advocate / Business Development Officer
Direct: (602) 799-5931
Email: Christian.Hernandez@ArizonaIDA.com
Together, Carson and Christian are helping expand Arizona IDA’s impact by building strong partnerships, connecting organizations with innovative financing solutions, and advancing the Authority’s mission to strengthen communities across Arizona.
AFFORDABLE HOUSING
Arizona IDA launches Arizona’s first Multifamily Housing Bond Recycling Program
As affordable housing transactions continue to evolve following the reduction of the federal tax-exempt financing threshold from 50% to 25%, preserving and maximizing the use of Private Activity Bond volume cap has become more important than ever.
Over the past year, Arizona IDA has collaborated with developers, lenders, bond counsel, underwriters, and industry partners from across the country to build a flexible program designed to meet the needs of Arizona’s affordable housing market. The Program incorporates multiple implementation tools, including a strategic preservation facility developed with the assistance of Tiber Hudson LLC and Kutak Rock to help facilitate the preservation and timely redeployment of recycled volume cap.
Bond recycling creates an opportunity to preserve and redeploy tax-exempt financing capacity, helping projects maximize supportable tax-exempt permanent debt while stretching Arizona’s constrained volume cap resources further.
By expanding access to tax-exempt financing and making more efficient use of these resources, Arizona IDA hopes to support the development and preservation of additional affordable housing across the state.
AFFORDABLE
HOUSING HIGHLIGHTS
Affordable housing remains one of Arizona’s most pressing challenges, and meaningful progress is only possible through strong public-private partnerships. Arizona IDA is proud to work alongside developers, lenders, local governments, investors, and community organizations to help finance projects that expand housing opportunities for families, seniors, veterans, and other Arizonans across the state.
The following highlights showcase just a few of the affordable housing milestones made possible through these partnerships over the past several months.
April 2026 | Salt River Flats 2 Groundbreaking
Project partners and community leaders gathered in April to celebrate the groundbreaking of Salt River Flats 2, an important investment in affordable housing for South Phoenix. Arizona IDA was proud to participate in the ceremony alongside the development team and community partners.
Developed by Ulysses Development Group, the project will provide 168 affordable apartment homes for families and individuals earning up to 60% of Area Median Income (AMI). Located adjacent to the original Salt River Flats development, the project will bring the total number of affordable homes at the site to 360 and feature amenities including a community room, business center, computer lab, swimming pool, playground, and outdoor gathering spaces.
May 2026 | Felix Financing Closes
Arizona IDA celebrated the successful closing of multifamily housing revenue bonds for Felix, a new affordable housing community coming to Phoenix.
Developed by Roers Companies, Felix will provide 147 affordable apartment homes for households earning up to 60% of Area Median Income (AMI). The community will feature two-, three-, and four-bedroom homes along with amenities including a fitness center, business center, movie theater, outdoor patio, dog run, and laundry facilities.
“The Felix is the 11th LIHTC project that Roers has closed with the Arizona IDA, which brings the total amount of new affordable units to 2,187 in Arizona.
It is no secret that it is extremely difficult to get deals across the finish line in the current market, and we are extremely appreciative of the insight and support that the Arizona IDA brings to the table. A clear example of this is the new Recycled Bond policy that was established over the past year to help combat larger gaps projects have experienced with the 25% test being implemented.
The Felix was the first project to go through this program with the Arizona IDA and the coordination and collaboration we saw from the AZIDA team was remarkable.
We look forward to the continued partnership as we continue to expand our portfolio in Arizona.”
– Peter Schroeder
Senior Development Associate
Roers Companies
June 2026 | Villas on McQueen Grand Opening
June marked the grand opening of Villas on McQueen, a significant affordable housing milestone for the City of Chandler.
Developed by Gorman & Company, the 157-home community marks Chandler’s first public housing redevelopment completed through HUD’s Rental Assistance Demonstration (RAD) program. The project replaces two public housing communities that served Chandler families for more than 50 years, preserving 78 replacement homes while adding 79 new affordable apartment homes for households earning up to 60% of Area Median Income (AMI).
Thank you to our developers, lenders, investors, local governments, nonprofit organizations, and all of our community partners for your continued collaboration and commitment to expanding affordable housing opportunities throughout Arizona.
ARIZONA IDA
DOWN PAYMENT ASSISTANCE
Expanding Homeownership Opportunities Through Arizona IDA
By Christian Hernandez
Since 2016, Arizona IDA’s HOME+Plus program has helped more than 37,427 Arizona homebuyers achieve the dream of homeownership, providing more than $304 million in down payment assistance. Behind every number is a family opening the door to a new beginning, a participating lender providing trusted guidance, and Arizona IDA’s commitment to expanding homeownership opportunities across our state.
These milestones reflect more than program success- they represent Arizona IDA’s enduring commitment to helping families build stability, strengthen communities, and invest in Arizona’s future.
HOME+Plus
Arizona IDA’s HOME+Plus program provides eligible homebuyers with down payment assistance through its statewide network of participating lenders. By reducing upfront home buying costs, the program helps make homeownership more attainable while supporting long-term financial stability for Arizona families.
Arizona Is Home
In partnership with the Arizona Department of Housing, Arizona IDA also administers Arizona Is Home, expanding down payment assistance opportunities for eligible homebuyers in Arizona’s rural communities.
Together, HOME+Plus and Arizona Is Home expand access to homeownership while addressing the unique housing needs of both urban and rural communities, helping more Arizona families put down roots and build brighter futures.
Strong partnerships are at the heart of Arizona IDA’s mission.
Every day, our participating lenders help families navigate one of the most important financial decisions of their lives. Through ongoing outreach, education, and collaboration, Arizona IDA gathers lender feedback, market insights, and success stories that strengthen relationships, enhance educational resources, and help us better serve Arizona homebuyers.
By listening to our lending partners and learning from their experiences, Arizona IDA continues to improve program awareness, identify opportunities for innovation, and ensure our programs evolve alongside the needs of Arizona families and the communities they call home.
Lender Spotlight
Every homebuyer has a story.
One recent success shared by participating lender Rene Herrera of Bison Ventures involved a borrower whose path to homeownership was complicated by IRS debt. Working closely with the borrower and utilizing Arizona IDA’s down payment assistance program, the borrower overcame that obstacle and received the keys to a new home- a fresh start and the opportunity to build a brighter future.
Stories like this remind us that Arizona IDA’s work extends far beyond financing.
Every partnership creates opportunity. Every success story strengthens a community. Every home purchased represents another Arizona family building a future of stability, pride, and possibility.
Looking Ahead
As Arizona’s housing needs continue to evolve, Arizona IDA remains committed to expanding access to affordable homeownership through innovation, collaboration, and strong partnerships.
Working alongside our participating lenders, REALTORS®, housing professionals, developers, nonprofit organizations, and community partners, we will continue creating opportunities that help more Arizona families achieve the dream of homeownership.
As we look ahead, we remain committed to listening, learning, and growing alongside our partners while sharing the stories, milestones, and measurable impact that continue strengthening communities throughout Arizona.
Together, we’re opening more doors to homeownership- one family at a time.
ARIZONA IDA
Student Housing P3 Public-Private-Partnership project closing with Collegiate Housing Foundation & the University of Arizona
Arizona Industrial Development Authority is proud to announce the successful closing of approximately $270 million in Student Housing Revenue Bonds for the CHF-Arizona, L.L.C. – University of Arizona Project.
This financing will support the development of a new, approximately 1,373-bed student housing community on the University of Arizona campus, helping meet growing student housing demand while enhancing the campus experience for future generations of Wildcats.
The project represents the power of a public-private partnership (P3) financing model—bringing together the University of Arizona, Collegiate Housing Foundation, Mortenson, RBC Capital Markets, and many other dedicated partners to deliver critical campus infrastructure through an innovative financing approach.
At Arizona IDA, we are proud to support projects that strengthen Arizona’s educational institutions, expand community infrastructure, and create long-term public benefit.
Congratulations and thank you to all of the partners whose collaboration made this milestone possible. We look forward to seeing this exciting project come to life.
Thank you for your continued support in helping to create opportunities throughout Arizona.
