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