Staff Reports | Business & Commerce
Arizona Finance Authority has received the Distinguished Development Finance Agency – State Award from the Council of Development Finance Agencies, a national industry association.
Under Governor Katie Hobbs, the Arizona Finance Authority, which is housed in the Arizona Office of Economic Opportunity, has put a focus on inclusive economic development, according to a press release.
“Diverse and sustainable economic development is vital to Arizona’s success,” Gov. Hobbs said in a prepared statement. “When we reactivated the Greater Arizona Development Authority, we unlocked millions of dollars in infrastructure financing for rural and Tribal communities. We are grateful for this recognition as we continue to build an Arizona for everyone.”
The AFA recently announced the reactivation of the GADA with a new round of financial assistance open for the first time since 1997. GADA is a financing program that leverages private financing to assist rural communities and tribal governments with the development of public infrastructure projects.
“AFA and its partners are committed to creating funding pathways that empower jobs, rural communities, and small businesses across Arizona,” said Robin Romano, Board Chair of the Arizona Finance Authority. “This recognition from CDFA inspires us to strengthen our collaborations with rural and tribal communities, providing essential financial support to drive growth, sustainability, and opportunity statewide.”
GADA has funded $500M in public infrastructure projects since it was created in 1997. The most recent round of financing saw more than $30M in financing applications. Recipients of funding will be announced in early 2025.
“The Distinguished Development Finance Agency — State Award is a testament to AFA’s leadership in providing a streamlined and reliable process that gets borrowers the affordable financing they need,” said Gregg Ghelfi AFA Executive Director. “We’re grateful for the recognition and will continue to build on our commitment to being a trusted partner for borrowers and drive meaningful change.”
