Bill > HB2855

This bill establishes a Home Buyer Assistance Program administered by the Arizona Finance Authority to help eligible individuals purchase homes by offering low-interest mortgage loans with options for zero down payment and assistance with closing costs. The program also aims to coordinate with and potentially match funds from private employers and local governments to increase the total assistance available to buyers. A dedicated fund will be created for the program, financed by legislative appropriations, loan repayments, and interest, with monies continuously available for use. To qualify for a loan, eligible home buyers must not own other residential real estate and must intend to occupy the purchased home as their primary residence, which can be a newly constructed or existing home, including condos or co-ops. The program will also require the authority to adopt rules for its implementation, including a fee schedule, and to submit an annual report detailing its financial activities and operations to legislative leaders and the governor's office. An "eligible home buyer" is defined as someone continuously employed for the preceding five years as a law enforcement officer, firefighter, or a certificated teacher or other instructional staff in various educational settings.

Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/84680