How Is Arizona Volume Cap Allocated?
• By state law, volume cap is allocated within each category. • First yearly allocations are made through a competitive lottery held on the first business day of January. • Only borrowers who have received a preliminary approval resolution from an Arizona IDA can participate in the lottery. • On June 30 any unused volume cap (other than volume cap in the directors discretion pool) is re-pooled. • A second competitive lottery (without regard to categories) is then held on the first business day of July.
