The Arizona Finance Authority has reactivated the Greater Arizona Development Authority (GADA), opening a fresh round of financial assistance for rural and tribal communities. This initiative, dormant since 1997, aims to unlock millions in infrastructure financing, fostering inclusive economic development across the state.

Empowering Communities: The Path to Sustainable Growth and Prosperity

Under Governor Katie Hobbs' leadership, the Arizona Finance Authority (AFA) has placed a strong emphasis on equitable economic growth. Housed within the Arizona Office of Economic Opportunity, AFA's renewed focus on inclusive development is evident in its recent reactivation of GADA. This move underscores the state's commitment to providing essential financial support for public infrastructure projects in underserved areas.

Economic Transformation through Inclusive Financing

Governor Hobbs highlighted the significance of diverse and sustainable economic development in achieving Arizona's long-term success. Reactivating GADA has unlocked substantial resources for infrastructure financing in rural and tribal regions. Since its inception in 1997, GADA has successfully funded over $500 million in public infrastructure projects, with more than $30 million in applications received during the most recent funding cycle. This influx of capital is set to transform communities by creating jobs, stimulating local economies, and enhancing quality of life.The recognition from the Council of Development Finance Agencies (CDFA) as the Distinguished Development Finance Agency – State Award winner further validates AFA's efforts. This accolade reflects the organization's dedication to streamlining processes and delivering reliable, affordable financing solutions. With this acknowledgment, AFA remains committed to fostering partnerships that drive meaningful change and empower rural and tribal communities.

Building Stronger Foundations: Empowering Jobs and Small Businesses

Robin Romano, Board Chair of the Arizona Finance Authority, emphasized the importance of creating pathways for job creation and small business growth. By leveraging private financing, GADA provides critical support for rural communities and tribal governments. These funds enable the development of vital public infrastructure projects, such as water systems, roads, and utilities, which are crucial for attracting investment and fostering economic resilience.Gregg Ghelfi, Executive Director of AFA, noted that the streamlined process ensures borrowers receive the necessary financing promptly. This reliability builds trust and positions AFA as a dependable partner for those seeking to improve their communities. As recipients of the latest round of funding are announced in early 2025, the impact of these investments will be felt across Arizona, driving growth, sustainability, and opportunity statewide.

A Vision for Future Success: Driving Sustainable Change

The reactivation of GADA represents a pivotal moment in Arizona's economic landscape. By focusing on inclusive development and providing essential financial support, AFA is paving the way for a brighter future. The benefits extend beyond immediate infrastructure improvements; they foster long-term economic stability and enhance the overall well-being of residents in rural and tribal areas. As AFA continues to build on its successes, the state moves closer to realizing its vision of an Arizona that thrives for everyone.