State Affordability Infrastructure Districts

Your Arizona SAID Timeline: From Petition to Bond Issuance

Arizona’s State Affordability Infrastructure District framework is in effect. Governor Katie Hobbs signed HB 2999 on June 5, 2026, and the law took effect on September 14, 2026, the general effective date for the session. The Arizona Finance Authority opened the SAID program to petitions the following week. For landowners who have been modeling a SAID on paper, the question has moved from whether to when. The answer now depends far less on a jurisdiction’s calendar and far more on how prepared the project is.

What Changed About Arizona SAID Timing

Under a traditional community facilities district, formation runs through the city, town, or county, and the schedule follows that jurisdiction’s agendas, staffing, and priorities. We have written before about how long that wait can stretch. A SAID removes that variable. The petition goes to the Arizona Finance Authority, the local jurisdiction receives notice but does not approve the district, and the AFA’s review confirms that the statutory requirements are met.

The statute also puts a clock on that review. The House summary of HB 2999 as signed describes what applies when the AFA does not issue a formation order within 60 days of a complete petition. The Senate fact sheet adds that the AFA must then provide a written basis and identify the changes needed. That is not a guaranteed approval date. It is a defined standard, and a defined standard can be built into underwriting.

Formation and Financing Are Two Different Milestones

For a prepared project, reaching bond issuance in months is now realistic. Getting there means clearing two separate milestones, forming the district and then issuing bonds, and each carries its own requirements.

Step One: Forming the District

A petition must be signed by every fee-title owner of land in the proposed district, and public infrastructure costs must exceed $5 million. The package is substantial. It includes a finance plan, a general plan, cost estimates, a proposed maximum tax rate, an appraisal, a bond counsel certificate, a legal description, and a title report, among other items. The Senate Finance Committee fact sheet caps AFA fees for submitting and considering a formation petition at $15,000. The district exists only once the AFA issues a formation order. From that point it is governed by a board of three directors drawn from the landowners or their designees.

Step Two: Financing the Infrastructure

Formation gives the district authority to finance. It does not fund anything on its own. Before the district builds or acquires infrastructure, the board commissions a feasibility study and submits it, along with the proposed financing details, to the AFA. Under the signed-bill summary, the board cannot hold its required public hearing until 30 days have passed since that submission without a deficiency notice from the AFA. General obligation bonds also require a district election to authorize the bonds and the maximum tax rate. Assessment bonds follow a board resolution levying the assessment. Revenue bonds depend on fees and charges the district sets. Bond documents, disclosure, pricing, and closing follow, and those depend on market conditions and investor demand.

Tax-exempt, non-recourse district bonds can lower the cost of capital and spread infrastructure costs over as long as 30 years, which may return developer equity sooner. Final terms, tax treatment, and pricing depend on the structure, the bond counsel opinion, and the market at the time of sale.

What Sets the Pace on Your Project

With the jurisdictional variable gone, the schedule depends mostly on factors a landowner can influence:

  • Petition completeness. The 60-day standard applies to a complete petition. Gaps restart the conversation.
  • Ownership and title. Every fee owner has to sign. Multiple owners, pending closings, or title issues add time.
  • Infrastructure scope. Knowing which costs are eligible public infrastructure, including development impact fees, and when they will be incurred shapes the general plan.
  • Bond structure. The choice among general obligation, assessment, and revenue bonds determines which elections, hearings, and approvals follow.
  • Value and absorption. Assessed value, lien-to-value, and buildout assumptions determine what the district can support and when.

Decisions made at formation, including boundaries, the general plan, and the maximum tax rate, carry directly into what the district can finance later. Getting them right at the start is usually the quickest route to a closing, even when it adds a few weeks of preparation.

How DASH Coordinates the Path

DASH is The Done-For-You Solution™ for Arizona SAIDs and Arizona’s first and only purpose-built SAID formation and financing platform. It puts the district finance and management advisor (Launch), bond counsel, the underwriter (D.A. Davidson & Co.), and the district manager (Blackwood Advisors) on one schedule from the first conversation. DASH estimates that petition preparation typically takes four to eight weeks depending on project complexity.

During AFA review, the team manages communication with AFA staff and responds to requests for supplemental information. After formation, D.A. Davidson structures and prices the bonds, and the Launch Reimbursement System™ tracks eligible costs for reimbursement from bond proceeds.

DASH was created by the individuals directly involved in drafting and passing HB 2999. That familiarity helps a project anticipate what reviewers will look for. It does not replace AFA review, and it does not change the statutory steps.

What You Can Do Now

  1. Start with a conversation. DASH begins with an initial meeting and a preliminary request for project information, then runs a bond sizing to estimate what district financing may support. You can also request a complimentary bond sizing from Launch at any time.
  2. Confirm ownership. Identify every fee-title owner who will need to sign the petition and resolve title questions early.
  3. Inventory costs and timing. List the public infrastructure and impact fees the project expects to incur, and when.
  4. Decide on structure early. Work backward from the financing you want so the district is formed to support it. For a refresher on the basics, see how an Arizona SAID works.