About

Mission

The mission of the PCDIC is “to attract and provide funds for projects that will improve the quality of life of those individuals who live and work in underserved areas of the community.” To accomplish its mission, PCDIC seeks to focus on the following:

  • Commercial real estate gap financing to attract employers creating jobs.
  • Gap financing for commercial real estate for small businesses and non-profits having difficulty securing loans at favorable rates.
  • Blight, particularly within the city’s most distressed NMTC census tracts.
  • Nonprofits expanding services to the disadvantaged communities they serve.

Facts

The Phoenix Community Development and Investment Corporation (PCDIC) was created in 2002 in response to the Community Renewal Tax Relief Act of 2000, which established the New Markets Tax Credit (NMTC) Program. A few PCDIC facts:

  • 2002 City of Phoenix sponsors creation of a 501(c)(3) nonprofit corporation with its own Governing Board.
  • Corporation structure prevents investors from demanding indemnification from the City and meets investors’ need for quick turnaround and flexible terms.
  • PCDIC is self-funded, makes its own loan decisions and is managed by PCDIC staff.
  • PCDIC has two years to monetize (sell) tax credits and borrow funds from financial institutions to fully deploy CDFI allocations.

Board Directors

Ginger Spencer

Board Chair

Diana Yazzie Devine *

Advisory Board Chair and Loan Committee Chair

Susan Barnes

Board Director and Advisory Board Member

John Chan

Board Director

Kathleen Gitkin

Board Director

Carmen Heredia

Board Director

*Denotes Low–Income Community (“LIC”) Representative

Advisory Board Members

Diana Yazzie Devine *

Advisory Board Chair and Loan Committee Chair

Susan Barnes

Board Director and Advisory Board Member

Julia Karl

Advisory Board Member

Robin Romano

Advisory Board Member

Carmen Heredia

Board Director

Dr. Mario Ventura

Advisory Board Member

Administration

The Phoenix IDA administers PCDIC. For immediate assistance, please call 480-482-1086 or email jsalgado@phoenixida.com.