Title
Series 2023 Single Family Mortgage Revenue Bond Program (Resolution 22159)
Description
Request City Council approval for (1) the issuance and sale of single family mortgage revenue bonds, (2) the related Standards and Requirements (Attachment A) and General Plan (Attachment B), and (3) the execution of a Cooperative/Intergovernmental Agreement (Attachment C).
Report
Summary
Request City Council adoption of a resolution (Attachment D) granting approval of the proceedings under which The Industrial Development Authority of the City of Phoenix, Arizona (the “Phoenix IDA”) has previously resolved to issue up to $200,000,000 of the Series 2023 Single Family Mortgage Revenue Bonds (the “Series 2023 Program Bonds”), to be jointly issued with The Industrial Development Authority of the County of Maricopa (the “Maricopa IDA”) in multiple series pursuant to a plan of finance (the “Series 2023 Program”).
The Phoenix IDA and Maricopa IDA propose to use the proceeds of the Series 2023 Program Bonds to finance mortgage loans and homebuyer assistance for single family homes to be owned and occupied by persons of low and moderate income in Maricopa County, including the City of Phoenix.
In accordance with the Industrial Development Financing Act, the Standards and Requirements and General Plan adopted by the Phoenix IDA for the Series 2023 Program Bonds and Series 2023 Program require the approval of City Council.
The Phoenix IDA and Maricopa IDA intend to jointly issue the Series 2023 Program Bonds to implement the Series 2023 Program benefiting the citizens of their combined jurisdictions pursuant to the Cooperative/Intergovernmental Agreement.
Pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, City Council must approve the issuance of the Series 2023 Program Bonds after a public hearing following reasonable public notice. The public hearing is being held by a representative of the Phoenix IDA on Oct. 10, 2023.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Series 2023 Program Bonds, approve the Standards and Requirements and General Plan, and approve entering into the Cooperative/Intergovernmental Agreement at its meeting held on Sept. 21, 2023.
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer.