Arizona Governor Katie Hobbs teaming up with the state's Department of Housing, just dropped the big announcement of a new housing assistance program, tagged ‘Arizona is Home’, and it comes with a hefty $13 million price tag. Designed to open the door for about 500 first-time homebuyers with not-so-deep pockets – we're talking low to moderate income – this program is the state's latest shot at the housing crisis, offering down payment help and some relief from killer mortgage interest rates.
Familiar with the struggle herself, Hobbs put it like this: “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,” further noting that the program aims to give people "the freedom and independence that comes with homeownership that has been eluding many deserving Arizonans across the state." The state agencies are not riding solo on this one—Chicanos Por La Causa and Trellis are on board to handle the down payment aid, with some extra backup from the Arizona Industrial Development Authority playing wingman to rural county first-time buyers.
ADOH Cabinet Executive Officer Joan Serviss told interested parties, “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.” And they're not horsing around. The dough can be thrown at down payments, rate buy-downs, or closing costs. If you make 80% or less of Area Median Income (AMI), you could see up to $30,000 in your bank; earn between 81-120%? Up to $20,000 could come your way.
Echoing the sentiment of state pride and building a life in the grand Arizona landscape, Hobbs hit the nail on the head saying, “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.” If you fancy getting the lowdown on this homeownership bonanza, you can do just that here.
