By InBusiness Phoenix
The Office of Economic Opportunity, and the Arizona Finance Authority (AFA) are announcing the reactivation of the Greater Arizona Development Authority (GADA) with a new round of financial assistance open as of August 1, 2024. GADA, established in 1997, is a financing program that leverages private financing to assist rural communities and Tribal governments with the development of public infrastructure projects.
“GADA is a proven tool for assisting economic development in our rural communities,” said Governor Katie Hobbs. “By reinvigorating this tool, we are providing an opportunity to leverage existing funds to invest in essential infrastructure all across Arizona. This will support our focus on priority projects such as transportation, clean energy, water supply, and workforce training facilities.”
GADA has been inactive for nearly 10 years. However, from 1997 to 2014 it supported 84 projects statewide by issuing $574 million in bonds to rural community projects, including construction of firehouses, community centers, libraries, municipal complexes and transportation improvement, in dozens of rural communities.
