Reaching what could be a turning point for middle-class Arizonans struggling with homeownership, Governor Katie Hobbs has announced a landmark achievement for the Arizona Is Home program, with 100 families now closing on new homes. The initiative, aimed at aiding first-time buyers through down payment assistance and lowered interest rates was part of Hobbs' State of the State address, as the Governor's Office revealed yesterday.
"I was born and raised in an Arizona where a middle-class family could buy their own home. That should be the reality for the next generation, too," Governor Hobbs said during the announcement, acknowledging the steep climb that many families face in the chase for a place to call theirs. With housing costs on the rise, Governor Hobbs lauded the program's potential to build a foundation for more affordable living in the state, and she underscored her dedication to dismantling the barriers that stand between Arizonans and homeownership.
Pooling resources from the Housing Trust Fund and the American Rescue Plan Act (ARPA), the Arizona Is Home program collaborates with Chicanos Por La Causa, Trellis, and the Arizona Industrial Development Authority to expand its reach. "Last year's historic investment in housing has had an impact across the full housing continuum, from preventing homelessness to building more affordable housing,” said Joan Serviss, Arizona Department of Housing CEO, remarking on the breadth of the program's impact.
Brenda Lopez of Trellis described the program as a crucial player in narrowing the affordability gap for those striving towards homeownership, "By offering down payment assistance, interest rate reductions, and housing counseling, it has empowered many families to achieve their dream of owning a home when they otherwise would not have been able to," she said, speaking to the tangible outcomes of the assistance provided. Chicanos Por La Causa echoes this sentiment with Patricia Garcia Duarte emphasizing the opportunity the program creates, even in tough markets and Dirk Swift, of the Arizona Industrial Development Authority pointed out the specific challenges rural homebuyers face, the program’s efforts squarely aimed at alleviating some of that strain.
For those eligible Arizonans looking to explore the benefits of Arizona Is Home, more information is readily available. Interested parties can find details and application instructions on the program's referral webpage.
