The Housing Development Section provides staffing assistance to the Phoenix IDA for its housing programs. The Section is responsible for the review and administration of all applications for funding submitted and approved by the PIDA for the following housing programs:

Multi-family Mortgage Revenue Bond Program - Allows for the issuance of tax- exempt and taxable bonds to assist nonprofit and for profit entities with the acquisition and renovation or new construction of multi-family rental housing in Phoenix. The bond financing provides long term financing at below market interest rates. Entities utilizing this financing mechanism must reserve a portion of the units in the complex for lower income households. They have the choice of setting aside either: a) 20% of the units in the complex for households with incomes below 50% of median, or b) 40% of the units in the complex for households with incomes below 60% of median.

NEW-Home in Five Mortgage Assistance for First-Time Homebuyers - The Home in Five Mortgage Assistance for First-Time Homebuyers assists first time buyers earning less than $64,524 for a family of one or two and $74,203 for a family of three or more in obtaining mortgage financing to purchase a home anywhere in Maricopa County. Homebuyers can obtain 30-year FHA, VA and conventional financing at competitive market interest rates through the program. Down payment and closing cost assistance grant of 5% of the final loan amount is available to qualified buyers as a part of the program. Financing is available on new or existing homes, condominiums, townhouses or manufactured homes on a first come, first served basis. For more information...