Tommy Espinoza makes the most of things, whether it’s investing capital or seizing moments. The Valley is better for it.
The Arizona native packed a lot into the five minutes he had Friday to wrap up the big announcement that Raza Development Fund and LISC Phoenix boosted their equal partnership in the Sustainable Communities Transit-Oriented Development Fund by $30 million. In 2011, the partnership put an initial $20 million into the transit-oriented development fund.
U.S. Transportation Secretary Anthony Foxx, Phoenix Mayor Greg Stanton and other dignitaries were on hand to hear Espinoza, president and CEO of Raza Development Fund, speak from the heart about Phoenix, the Latino community and low-income families. He was on point when he said, “Community development is about building up families, not building up buildings.” His riff on social, business and political leadership included a play on the highly charged words “anchor babies.” (Yep, he went there.)
U.S. Secretary of Transportation Anthony Foxx will join leaders of Phoenix, Tempe and Mesa for an announcement today about LISC Phoenix and Raza Development Fund adding $30 million to a pool of transit-oriented development investment money.
In 2011, LISC Phoenix and Raza Development Fund created a $20 million transit-oriented investment fund to that has helped create more than 2,000 units of affordable housing and 205,000 square feet of retail and community space. The fund leveraged $387 million in total investment activity. The additional $30 million in the investment fund will build on that success.
Some of the projects built with support of the fund include The Newton commercial project near Central Avenue and Camelback Road in Phoenix, the Gracie’s Village mixed-used development in Tempe and the Encore mid-rise senior housingproject in downtown Mesa.
Secretary Foxx’s visit comes the day before the opening of the Metro light-rail extension in downtown Mesa and four days before Phoenix voters decide the fate of the Proposition 104 transit tax.