On June 5, Arizona Governor Katie Hobbs signed House Bill 2999 into law, creating a new State Affordability Infrastructure District (SAID) framework under Chapter 40 of Title 48 of the Arizona Revised Statutes. The legislation establishes a new mechanism through which developers, homebuilders, and other project sponsors may finance public infrastructure using tax-exempt bonds and other district financing tools.
The legislation is expected to expand access to infrastructure capital for master-planned communities and other large-scale development projects throughout Arizona. By authorizing districts to issue general obligation bonds, special assessment bonds, and revenue bonds secured by property-based obligations within the district, the SAID framework provides an additional financing option for public improvements without creating obligations for existing taxpayers or municipal general funds.
