The Phoenix Community Development and Investment Corporation (PCDIC) was created in 2002 in response to Community Renewal Tax Relief Act of 2000, which established the New Markets Tax Credit (NMTC) Program.  PCDIC is comprised of the following components:

  • 2002 City of Phoenix (COP) sponsors creation of a 501(c)3 nonprofit corporation with its own Governing Board
  • Corporation structure prevents investors from demanding indemnification from the City and meets investors’ need for quick turn around flexible terms
  • PCDIC is self funded, makes its own loan decisions and is managed by PCDIC staff
  • PCDIC has two years to monetize (sell) tax credits and borrow funds from financial institutions to fully deploy CDFI allocations
  • PCDIC  manages the Phoenix New Markets Tax Credit Program