Pima County IDA Wins National Award for Lighthouse Program
The Pima County Industrial Development Authority won the 2024 Single Family Award of Excellence from the National Association of Local Housing Finance Agencies on May 2.
The Pima IDA won for the PimaTucson Lighthouse program, in collaboration with the City of Tucson Industrial Development Authority.
“We’re honored to receive this national recognition for this highly successful local bond program,” said Diane Quihuis, president of the Pima IDA.
The PimaTucson Lighthouse program was launched in August 2023 through a joint issuance of single-family mortgage revenue bonds by both the Pima IDA and the Tucson IDA. The initial issuance of bonds provided $25 million for first-time homebuyers in response to price and mortgage rate increases in housing, essentially pricing many families out of the market for a median single-family home.
Since that initial offering, there has been another joint bond issuance by both IDAs and two more bond issues by the Pima IDA, with all the bond issues approved by the Pima County Board of Supervisors, each in the amount of $25 million. That has provided for nearly 400 home loans and, when the loans close, more homebuyers in Pima County.
The Pima IDA anticipates additional issues of single-family mortgage revenue bonds this year for first-time homebuyers, pairing a below-market fixed mortgage rate with a forgivable down payment loan.
“Combined with the on-going program entitled Pima Tucson Homebuyers Solution and the Pima IDA’s Single Family Mortgage Credit Certificates, this reflects Pima County’s focus on affordable housing, and the Pima IDA Board looks forward to continue providing meaningful assistance to Pima County homebuyers,” Quihuis said.
According to NALHFA:
“The NALHFA Award of Excellence is the most prestigious recognition award in the local affordable housing finance community. The award recognizes the mission-driven work that NALHFA members do in their local communities to provide affordable housing to those who need it most. Out of many award nominations, ten NALHFA members were honored for their exceptional, innovative, and sustainable solutions.”
Pima County homebuyers, and lenders interested in offering the Lighthouse program, can obtain detailed information at pimatucsonlighthouse.com. They can find information on the PTHS program at pimatucsonhomebuyers.com and on MCCs at cictucson.org/mcc.
