The Industrial Development Authority of the County of Pima (Pima IDA) was created by the Pima County Board of Supervisors in 1972. The Pima IDA’s purpose is to promote development for the good of Pima County and the regional economy which it accomplishes by issuing tax-exempt bonds to spur private investment in private economic activities. Fees from these bond issues are paid to the Pima IDA, which it uses for other development activities such as to provide housing through the financing of single family mortgage loans and the acquisition, construction and/or renovation of residential real property.
The Pima IDA is perhaps the most important partner of Community Investment Corporation (CIC), an independent 501(c)3 non-profit organization, which the IDA created in 1996 with the purpose of supporting its economic development efforts in Pima County and southern Arizona. CIC continues to serve as one of the Pima IDA’s primary contractors and partners acting as contracted “staff” for programs such as the Pima Tucson Homebuyers Solution (PTHS) and Mortgage Credit Certificate (MCC) programs. CIC has also served as the loan servicing agent for the Pima IDA’s non-profit loan program for many years.
Pima IDA board members are appointed by the Pima County Board of Supervisors and at least two IDA board member serves on CIC’s board at all times.
For more information on the Pima IDA, its purpose and programs please visit www.pimaida.com.