Maricopa County’s Industrial Development Authority Channels Bond Funds into Exciting New Home Loan Initiative

By Matthew Holloway |

The Maricopa County Industrial Development Authority (MCIDA) recently announced a $500,000 investment in Arizona’s inaugural nonprofit Green Bank, the Sustainable Home Improvement Loans of Arizona (SHILA). This funding initiative aims to enhance access to affordable financing for low- and moderate-income homeowners seeking to make energy-efficient improvements to their properties.

Maricopa County Supervisor Clint Hickman emphasized the significance of this investment, stating, “Maricopa County is committed to fostering economic growth and supporting sustainable communities for all residents.” The investment is expected to significantly benefit 425 residents over three years, enabling them to undertake approximately $5 million in energy efficiency projects.

SHILA plans to assist homeowners with various upgrades, including insulation, roofing, windows, and heating, ventilation, and air conditioning (HVAC) improvements. The average cost per project is projected to be around $12,000, aimed at lowering utility bills and enhancing overall living standards.

Ty Lorts, CEO of SHILA, expressed gratitude for the support from the MCIDA. He remarked, “With their support, we can start making home improvement financing accessible for families who need it most.” The organization aims to transform residential environments across Maricopa County, targeting lower utility expenses and improved quality of life.

Established in 1973, the MCIDA operates without government funding, striving instead to bolster job creation and enhance living standards through revenue bonds exempt from state and potentially federal taxes. With a track record of over $12 billion in bonds issued, the MCIDA has played a crucial role in expanding affordable housing initiatives.

Lorts noted that SHILA seeks to distinguish itself from predatory lenders by providing more sustainable financial options. “As money gets paid back in, we’re able to grow the business to a point where we don’t need any more outside money,” he explained. This strategy aims to ensure long-term support for the community.

“We’re trying to keep people in their homes,” Lorts added, highlighting the organization’s commitment to helping residents maintain their housing stability amidst increasing financial pressures.

Matthew Holloway is a reporter for AZ Free News. Follow him on X for his latest stories or email tips to Matthew@azfreenews.com.