Phoenix IDA and PCDIC Award Nearly $3M in Grants to Local Nonprofits
As part of the community-focused missions of the Phoenix IDA and the Phoenix Community Development & Investment Corporation (PCDIC), the organizations announced a total of $2.9 million awarded in 2022 to nonprofits serving Phoenix and Maricopa County.
Both organizations are instrumental in impacting vulnerable populations and underserved communities in Phoenix as well as Maricopa County by providing access to capital through bond financing, investments and loans, and homeowner down payment assistance, among other programs.
“At the heart of the missions of both the Phoenix IDA and PCDIC, we believe in investing back into under-resourced communities in Phoenix and Maricopa County,” said Phoenix IDA CEO Juan Salgado. “Revenue generated from our innovative financing enabled us to reinvest nearly $3 million into 61 nonprofits last year alone.”
The Phoenix IDA and PCDIC maintain Community Development Funds to award grants to nonprofits in the areas of affordable housing, health innovation, youth and family development, and economic and community development.
Funding for these local projects comes primarily from the Phoenix IDA’s public financing of out-of-state projects and PCDIC’s private revenue attracted by New Markets Tax Credits projects, which are federally funded. Since 2011, the Community Development Funds have allocated more than $10 million to local nonprofits.
Following the challenges of the COVID pandemic, the boards of the Phoenix IDA and PCDIC launched a goal of allocating $1 million to fund initiatives that promote innovation in healthcare. Nonprofits receiving healthcare grants during this funding cycle include Banner Health Foundation, Neighborhood Outreach Access to Health, Save the Family Foundation of Arizona, Society of St. Vincent de Paul and Valleywise Health Foundation.
For more behind this Frontdoor, visit phoenixida.com and pcdic.org.