Governor Katie Hobbs Appoints New Members to Finance Authority, Creates New Direction for Community Investment
Governor Katie Hobbs Appoints New Members to Finance Authority ... Katie Hobbs
sdgtalks
Phoenix, AZ
Phoenix, AZ — Today, 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 Sustainable Development Goals (SDGs)
- Affordable housing and homeownership
- Renewable energy investment and technology
- Climate
- Broadband deployment and infrastructure
- Advanced manufacturing
- Transportation
- Health care access and research
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
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 1: No Poverty
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 17: Partnerships for the Goals
The article discusses the appointment of new members to the Arizona Finance Authority and their focus on inclusive economic development. This aligns with SDG 1, which aims to eradicate poverty, as well as SDG 9, which focuses on promoting inclusive and sustainable industrialization and fostering innovation. The mention of renewable energy investment and technology, broadband deployment and infrastructure, and transportation also connects to SDG 7, SDG 9, and SDG 11. Additionally, the article mentions partnerships and collaboration, which relates to SDG 17.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property.
- SDG 7.2: By 2030, increase substantially the share of renewable energy in the global energy mix.
- SDG 9.3: Increase the access of small-scale industrial and other enterprises to financial services, including affordable credit.
- SDG 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
- SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships.
Based on the article’s content, the targets identified above are relevant to the issues discussed. These targets focus on ensuring equal access to economic resources, increasing the share of renewable energy, providing financial services to small-scale enterprises, improving access to affordable housing and basic services, and promoting partnerships for sustainable development.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
Yes, there are indicators mentioned or implied in the article that can be used to measure progress towards the identified targets. These include:
- Percentage increase in renewable energy share in the state’s energy mix.
- Number of small-scale industrial and other enterprises with access to affordable credit.
- Number of affordable housing units created or upgraded.
- Number of partnerships formed between the Arizona Finance Authority and other stakeholders.
These indicators can be used to track progress towards achieving the targets related to renewable energy, financial services for enterprises, affordable housing, and partnerships.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property. | – |
| SDG 7: Affordable and Clean Energy | 7.2: By 2030, increase substantially the share of renewable energy in the global energy mix. | Percentage increase in renewable energy share in the state’s energy mix. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.3: Increase the access of small-scale industrial and other enterprises to financial services, including affordable credit. | Number of small-scale industrial and other enterprises with access to affordable credit. |
| SDG 11: Sustainable Cities and Communities | 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums. | Number of affordable housing units created or upgraded. |
| SDG 17: Partnerships for the Goals | 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships. | Number of partnerships formed between the Arizona Finance Authority and other stakeholders. |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: azgovernor.gov
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