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AZ HB2938

AZ HB2938
Home buyer assistance program


summary

Introduced
02/12/2025
In Committee
Crossed Over
Passed
Dead
06/27/2025

Introduced Session

Fifty-seventh Legislature - First Regular Session (2025)

Bill Summary

AN ACT amending title 35, chapter 7, Arizona Revised Statutes, by adding article 2; relating to the Arizona finance AUTHORITY.

AI Summary

This bill establishes a home buyer assistance program administered by the Arizona Finance Authority specifically designed to help certain public service workers purchase homes. The program will provide low-interest mortgage loans with zero down payment and closing cost assistance to eligible home buyers who have been continuously employed for five years as law enforcement officers, firefighters, certificated teachers, or other instructional staff in schools. Eligible buyers can purchase newly constructed or existing homes, including condos and co-ops, but must not own other residential real estate and must occupy the purchased home as their principal residence. The program will be funded through legislative appropriations, loan repayments, and interest earnings, with a dedicated home buyer assistance program fund. The authority is required to coordinate with private employers and local governments to maximize assistance, adopt program rules, and submit an annual report detailing the program's revenues, expenditures, and activities to various state leadership bodies. The bill aims to support public service workers by making homeownership more accessible through targeted financial assistance.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

House read second time (on 02/13/2025)

bill text


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