PHOENIX, June 9, 2026 /PRNewswire/ -- Arizona positioned itself at the forefront of special district finance nationwide as Governor Katie Hobbs signed House Bill 2999 into law, establishing the State Affordability Infrastructure District ("SAID") framework under a new Chapter 40 of Title 48 of the Arizona Revised Statutes.

The legislation creates a powerful mechanism by which developers and homebuilders can leverage tax-exempt financing to construct the public infrastructure that Arizona's rapidly growing communities urgently need, without burdening existing taxpayers or municipal balance sheets. The legislation is expected to unlock billions of dollars in infrastructure investment, accelerate housing production, and meaningfully improve affordability for Arizona homebuyers.

Taft Arizona Partner Tyler M. Cobb served as the principal drafter and legal architect of the legislation, advising the Home Builders Association of Central Arizona throughout the legislative process.

"This legislation closes a competitive gap that has quietly constrained Arizona's growth for years," said Cobb. "Developers and homebuilders now have access to the same proven financing tools that their counterparts in Texas, Colorado, and Utah have used for decades to deliver master-planned communities efficiently and at scale. The demand for special district debt is already proven – these states have built multi-billion dollar markets on the strength of these tools, and the capital is ready to follow sound legal frameworks into new markets. Arizona has no shortage of developers who need that capital, and no shortage of infrastructure that needs to be built. What has been missing is the legal mechanism to bring those two things together. This legislation provides it."

What This Means for Arizona's Housing and Development Markets

The practical implications of the SAID framework for Arizona's development community are significant. Communities can be delivered faster, with better infrastructure, and at price points more accessible to Arizona homebuyers.

While the SAID framework is tailor-made for large master-planned residential communities, its eligible infrastructure categories and flexible bond structures make it equally powerful for commercial, industrial, and mixed-use development. The SAID is not just a homebuilder tool. Rather, it is a statewide infrastructure finance platform capable of accelerating Arizona's economic development across every sector. Read more about the SAID framework in the Taft Law Bulletin, linked here.

About Tyler M. Cobb

Tyler M. Cobb is partner in Taft's Phoenix office, specializing in municipal bond transactions, special district law, and infrastructure finance. He serves as bond counsel, disclosure counsel, underwriter's counsel, and developer's counsel on bond issuances throughout Arizona and the western states, advising developers, municipalities, underwriters, and public entities on complex infrastructure financing transactions. He is the principal drafter of H.B. 2999 and is available to advise developers, landowners, municipalities, underwriters, and other market participants on the formation, governance, bond issuance, and ongoing compliance requirements of State Affordability Infrastructure Districts created under H.B. 2999.

About Taft

Founded in 1885 with a 140-year legacy rooted in the historic Taft family, today Taft is one of the nation's fastest-growing law firms. As a modern law firm with a non-headquarter operating model and more than 1,250 attorneys, Taft is fully committed to delivering the highest level of service to today's organizations and individuals. The legal performance of Taft attorneys is recognized nationally, with inclusion in the Am Law 100, Chambers USA, Best Lawyers®, Super Lawyers, and more. Learn more at Taftlaw.com.

For inquiries regarding SAID formation, bond counsel services, or transaction structuring, contact Tyler M. Cobb at tcobb@taftlaw.com or (602) 240-3035.

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SOURCE Taft Stettinius & Hollister LLP