Arizona Finance Authority receives Distinguished Development Finance Agency Award
National award recognizes AFA’s leadership in expanding economic opportunities for Arizona’s rural and tribal communities
PHOENIX, Ariz. (November 14, 2024) — Today the Arizona Finance Authority (AFA) received the Distinguished Development Finance Agency – State Award from the Council of Development Finance Agencies (CDFA), a national industry association. Under Governor Katie Hobbs, the Arizona Finance Authority, which is housed in the Arizona Office of Economic Opportunity (OEO), has put a focus on inclusive economic development. The award recognizes the AFA for its work to create jobs, boost local economies, and make communities better places to live.
The AFA was honored at a ceremony on Thursday, November 14th at the CDFA National Development Finance Summit, a gathering of public and private sector participants from across the country.
"Diverse and sustainable economic development is vital to Arizona's success,” said Governor Katie Hobbs. “When we reactivated the Greater Arizona Development Authority, we unlocked millions of dollars in infrastructure financing for rural and Tribal communities. We are grateful for this recognition as we continue to build an Arizona for everyone."
“AFA and its partners are committed to creating funding pathways that empower jobs, rural communities, and small businesses across Arizona,” said Robin Romano, Board Chair of the Arizona Finance Authority. “This recognition from CDFA inspires us to strengthen our collaborations with rural and tribal communities, providing essential financial support to drive growth, sustainability, and opportunity statewide.”
“The Distinguished Development Finance Agency — State Award is a testament to AFA’s leadership in providing a streamlined and reliable process that gets borrowers the affordable financing they need,” said Gregg Ghelfi AFA Executive Director. “We’re grateful for the recognition and will continue to build on our commitment to being a trusted partner for borrowers and drive meaningful change.”
The AFA recently announced the reactivation of the GADA with a new round of financial assistance open for the first time since 1997. GADA is a financing program that leverages private financing to assist rural communities and tribal governments with the development of public infrastructure projects.
GADA has funded $500M in public infrastructure projects since it was created in 1997. The most recent round of financing saw more than $30M in financing applications. Recipients of funding will be announced in early 2025.
For more information and to access the funding application, please visit oeo.az.gov.
About the Arizona Office of Economic Opportunity and Arizona Finance Authority
The Arizona Office of Economic Opportunity (OEO) strengthens Arizona's workforce and economy. OEO coordinates workforce development strategy and evaluation, monitors the state's tax and regulatory competitiveness, and produces labor market, economic and demographic research and analysis. OEO is also home to the Arizona Finance Authority (AFA), which offers innovative, responsible, and sustainable financing solutions for public and private borrowers.
The AFA Board of Directors consists of experts in finance, economic development and entrepreneurship and serves to advance the Governor’s mission of an Arizona for Everyone bay fully leveraging the AFA as a tool for inclusive economic development. Board members include: Robin Romano, Chief Executive Officer (CEO), MariSol Federal Credit Union; Ken Burns, Chief Financial Officer (CFO) and Chief Operating Officer (COO), Arizona Commerce Authority (ACA); Dave Castillo, CEO, Native Community Capital; Marcel Dabdoub, entrepreneur, investor, and real estate developer; Andre Whittington, U.S. Army Veteran, and CEO of Growth Partners.
For more information, please visit oeo.az.gov.
Media Contacts:
Gina Flores, Deputy Director
Office of Economic Opportunity
602-695-8955
[email protected]