Arizona's Governor Katie Hobbs, in partnership with the Arizona Department of Housing, has announced a significant expansion of the Arizona Is Home program. This initiative is designed to help low-to-middle middle-income families purchase their first homes by offering down payment assistance and interest rate reductions. The expansion of the program is set to double the number of first-time home buyers it supports, with aim to assist close to 1,000 families, a substantial increase from the initial 500.
Funded by $13 million when it was launched last year, and now with an additional $5 million from federal American Rescue Plan Act dollars, the total investment in the Arizona Is Home program now sits at $18 million. Governor Hobbs stated, "By putting homeownership within reach, we're helping working families unlock the Arizona Promise and build their future right here in Arizona," according to a statement by the Arizona Governor's Office.
Meanwhile, Ruby Dhillon-Williams, ADOH Director, told the Governor's Office, "Our mission at ADOH is to make homeownership available to the most Arizonans possible and ensure no one is priced out of our state." The program leverages the cooperative efforts of the Governor's Office and ADOH with Industrial Development Authorities in Pima, Tucson, Maricopa, Phoenix, and Arizona, aiming to create inclusive financial possibilities for aspiring homeowners.
Julie Arvo MacKenzie, General Counsel for the Maricopa County IDA, highlighted the importance of down payment assistance in a statement reported by the Governor's Office, "Down payment assistance is vital for first time homebuyers." She discussed the joint efforts of the IDAs to produce 7-year, forgivable second mortgage loans through the Home in Five Advantage program, pointing out the tangible benefits of such partnerships for communities in need.
Prospective homebuyers interested in taking advantage of the expanded Arizona Is Home program can find more information through the Arizona Governor's Office website. This initiative not only represents a step toward more affordable housing but also serves as a testament to the power of targeted governmental interventions in bridging the widening gap of homeownership accessibility. With the backing of federal funds and strategic partnerships, Arizona is setting a precedent for state-led solutions to nationwide housing concerns.
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