We are pleased to share that Arizona Governor, Katie Hobbs, has signed House Bill 2999 into law, creating a significant new infrastructure financing tool for developers and homebuilders throughout the state. 

What Is a State Affordability Infrastructure District (SAID)? 

HB 2999 establishes the framework for State Affordability Infrastructure Districts in Arizona. SAIDs provide developers with access to efficient, tax-exempt, non-recourse financing for eligible public infrastructure — without requiring county or municipal approval. 

Key features of Arizona SAIDs include: 

• SAIDs are established by the Arizona Finance Authority — not the county or municipal jurisdiction in which the project is located. 
• Each SAID is governed by a three-member landowner board. 
• SAIDs may issue Limited Tax General Obligation Bonds, Special Assessment Bonds, and Revenue Bonds. 
• Bond terms extend up to 30 years. 
• Bonds are tax-exempt, resulting in lower interest rates than private or bank lending alternatives. 
• No developer recourse requirements or personal guarantees. 

For the full text of HB 2999, please see here.

We applaud Governor Hobbs for the foresight and proactive action taken to enhance the efficiency of public infrastructure financing in the State of Arizona. This legislation positions Arizona among the states with the most developer-friendly infrastructure financing frameworks in the country.