Grand Canyon Times

Phoenix, AZ — On July 19, Governor Katie Hobbs appointed three new members to the five-member board of the Arizona Finance Authority. These members have the finance, economic development and entrepreneurship background and expertise to advance the Governor’s mission of an Arizona for Everyone by fully leveraging the Finance Authority as a tool for inclusive economic development. The Arizona Finance Authority also serves as the board of the Arizona Industrial Development Authority (AzIDA).

The Governor’s three appointees, Robin Romano, Dave Castillo, and Marcel Dabdoub, all have expertise in finance, accounting, and inclusive community economic development. The Arizona Industrial Development Authority has more than $800 million in private-activity cap annually, both acting as a conduit issuer to support projects serving a public purpose and generating revenue for the State. From its revenue, AzIDA provides an important source of funds for the Arizona Housing Trust Fund, a flexible, discretionary tool to bring more affordable housing to the state.

Robin Romano

Robin Romano has served as CEO of MariSol Federal Credit Union for more than 25 years, driving financial empowerment and community building. A former National Credit Union Administration (NCUA) Examiner, Robin was recruited to MariSol FCU by its board of directors to repair the problems identified during the examination.  Robin has served as Chair of the CFPB’s Credit Union Advisory Committee and is the current Chair for Inclusiv, a Community Development Financial Institution (CDFI) Intermediary.

Romano shared, "I'm looking forward to helping the Hobbs Administration further its mission for an Arizona for Everyone by fully utilizing the Finance Authority, increasing access to capital, and investing in projects that make a difference in long underserved communities."

Dave Castillo

Dave Castillo serves as CEO of Native Community Capital (NCC), a 501c3 tax-exempt, not-for profit organization, Department of Treasury certified, Native CDFI. His professional contributions to tribal community and economic development began in 1997 through work first with the Inter Tribal Council of Arizona, Inc., and later in Tribal government and since 2009 in the CDFI industry.

"The Arizona Finance Authority and Industrial Development Authority has a great opportunity to leverage its tools and capital to support much-needed investment in Tribal communities, to support housing, renewable energy, and broadband infrastructure," said Castillo.

Marcel Dabdoub

Marcel Dadboud is an entrepreneur, investor, and real estate developer in Tucson. He was named 2017 Businessman of the Year by the Tucson Hispanic Chamber of Commerce and currently serves on the boards of the Southern Arizona Community Foundation, the Arizona Forge Strategic Advisory Council, and the Casa Hogar Madre Conchita Girls Orphanage in Nogales, Sonora.  

"Communities across our state and especially in Southern Arizona need investment and economic growth to help them thrive.  I look forward to working closely with local partners and making the most of this opportunity to support smart investments in our future," said Dadboud.

New Bond Priorities and Standards

In March, the Governor directed the Arizona Finance Authority and Industrial Development Authority to prioritize projects that are in-State and in the following strategic areas:

•    Affordable housing and homeownership

•    Renewable energy investment and technology

•    Climate

•    Broadband deployment and infrastructure

•    Advanced manufacturing

•    Transportation

•    Health care access and research

The bond standards outlined by the Governor examine previous industry experience and past defaults for the project sponsor to create guardrails for AzIDA’s projects as a conduit bond issuer.

Toby Rittner, President & CEO, Council of Development Finance Agencies (CDFA), praised Governor Hobbs’ guidelines. “The bond policies being adopted by the Governor and the Authority represent best practices in the development finance industry and will lead to greater investment in affordable housing, renewable energy, broadband, water, and other important infrastructure in the state."

In addition Rittner offered support for the Governor’s choice in appointees. “The three individuals appointed represent a diverse set of communities throughout Arizona and provide the Authority with the technical, professional and governance expertise to maximize the Authority's bond financing abilities.”

CDFA is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation’s leading and most knowledgeable members of the development finance community representing hundreds of public, private and non-profit development entities.

About Arizona Finance Authority and Arizona IDA

(AzIDA) is a nonprofit corporation and political subdivision of the State of Arizona. AzIDA is a conduit issuer of municipal revenue bonds with the ability to assist private and public borrowers across the country. With AzIDA as their financing partner, applicants for financing often find they can substantially reduce borrowing costs for their most important projects.

AzIDA issues conduit revenue bonds for the benefit of private users. Repayment of the bonds is the obligation of the private user, not of AzIDA or the State of Arizona. The proceeds of these revenue bonds may be used for commercial enterprises of any kind, and the interest on the bonds may be exempt from federal income taxation (consult your tax lawyer). In Arizona, interest on bonds issued by AzIDA is always exempt from state income taxation.

AzIDA also participates in home buyer assistance programs. AzIDA administers the HOME+PLUS Home Buyer Down Payment Assistance Program, providing eligible credit worthy applicants a 30-year fixed-rate mortgage combined with down payment assistance (DPA) ranging from 0% – 5% depending upon the new underlying first mortgage. The DPA can be used toward a down payment, closing costs or a combination of the two.

To learn more about the Arizona Finance Authority and Arizona IDA - https://arizonaida.com/

Original source can be found here.