Arizona reactivates dormant program that supports rural and tribal infrastructure projects
Aug 7, 2024, 5:00 PM
State officials have reactivated the Greater Arizona Development Authority, a program that supports rural infrastructure projects. (Pixabay Photo)
(Pixabay Photo)
PHOENIX – State officials have reactivated the Greater Arizona Development Authority (GADA), a dormant state program that supports infrastructure projects in rural and tribal communities.
GADA officially returned to action last week after 10 years of inactivity, Gov. Katie Hobbs announced Tuesday.
“By reinvigorating this tool, we are providing an opportunity to leverage existing funds to invest in essential infrastructure all across Arizona. This will support our focus on priority projects such as transportation, clean energy, water supply and workforce training facilities,” Hobbs said in a press release.
Cities and towns can apply for affordable financing for infrastructure projects, leveraging GADA’s strong bond rating, through Oct. 1.
In addition, GADA can subsidize up to 50% of closing costs and help provide technical support for the projects.
What is the Greater Arizona Development Authority’s history?
Before going dormant, GADA issued $574 million in bonds to support 84 rural infrastructure improvement projects from 1997 to 2014. The projects included the construction of firehouses, community centers, libraries and municipal complexes.
The Arizona Finance Authority (AFA) oversees GADA, which has been self-sustaining and doesn’t require state funds for its investments.
“Investing in our rural and tribal communities is vital to the success of Arizona,” Robin Romano, president of the AFA board of directors, said in the release. “The board looks forward to financing between $50 and $100 million within the next year.”
