Initiative for first-time homebuyers includes mortgage down payment assistance and interest rate relief

Phoenix, AZ - Governor Katie Hobbs and the Arizona Department of Housing (ADOH) On April 12 announced the rollout of a new housing program to increase homeownership across the state called ‘Arizona is Home.’ The $13 million program consists of enhanced down payment assistance and mortgage interest rate relief to qualifying low-to-moderate income first-time homebuyers and will assist approximately 500 homebuyers statewide.

“As someone who has struggled to make mortgage payments myself, I know how owning a home can help build a strong financial foundation and anchor families to the communities they love,” said Governor Katie Hobbs. “This new program will offer the freedom and independence that comes with homeownership that has been eluding many deserving Arizonans across the state.”

The ‘Arizona is Home’ initiative is a collaboration between the two state agencies responsible for expanding homeownership opportunities. ADOH has awarded grants to two home lending organizations (Chicanos Por La Causa and Trellis) to provide enhanced down payment assistance and mortgage interest rate relief to low- and moderate-income first-time homebuyers across the state (including Maricopa and Pima Counties). In addition, the Arizona Industrial Development Authority (AZIDA) has created a new loan product specifically targeted at first-time homebuyers in rural counties to provide down payment assistance and rate relief.
 
“Our mission at ADOH is to make homeownership available to the largest number of Arizonans possible and ensure no one is priced out of our state,” said ADOH Cabinet Executive Officer Joan Serviss. “This program will help lower and middle income Arizona, in both metro and rural areas, succeed in becoming homeowners for the first time.”

The funds can be used for a down payment, interest rate buy-down, and closing costs related to the purchase of a home. First-time homebuyers who are at 80% or below Area Median Income (AMI) are eligible to receive up to $30,000 (first-time homebuyers between 81-120% of AMI are eligible to receive up to $20,000).

“Arizonans love our state and want to build their lives here. The Arizona is Home’ program will bring homeownership to more people, and provide assistance at a time when high home prices are keeping the American Dream from too many,” said Governor Katie Hobbs.

Read details about the program HERE.