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REFERENCE TITLE: home buyer assistance program |
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State of Arizona House of Representatives Fifty-seventh Legislature First Regular Session 2025
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HB 2938 |
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Introduced by Representative Márquez
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AN ACT
amending title 35, chapter 7, Arizona Revised Statutes, by adding article 2; relating to the Arizona finance AUTHORITY.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 35, chapter 7, Arizona Revised Statutes, is amended by adding article 2, to read:
ARTICLE 2. HOME BUYER ASSISTANCE PROGRAM
35-921. Home buyer assistance program; fund; rules; report; definition
A. The authority shall establish and administer the home buyer assistance program to:
1. Assist eligible home buyers by providing low-interest mortgage loans, with zero down payment and closing cost assistance options, for the purchase of homes.
2. Coordinate with and, as appropriate, provide matching monies for similar programs that are offered by private employers and county and municipal governments in order to maximize the total amount that eligible home buyers may receive under the program.
B. The home buyer assistance program fund is established consisting of legislative appropriations, monies received from the repayment of loans provided by the program and interest earned on those monies. The authority shall administer the fund. Monies in the fund are continuously appropriated.
C. For loans provided under the program, the authority shall:
1. Allow eligible home buyers to use the loans for the purchase of newly constructed or existing homes, including homes that are held in cooperative or condominium forms of ownership.
2. Require that ELIGIBLE home buyers under the program not own other residential real estate at the time that the loan is provided.
3. Require that a home purchased under the program be occupied by the eligible home buyer as a principal residence.
D. The authority shall deposit, pursuant to sections 35-146 and 35-147, Any proceeds from or repayment of loans provided under the program in the home buyer assistance program fund to be used for the purposes of the program.
E. The authority shall adopt rules to implement the program, including a fee schedule for loans disbursed pursuant to the program.
F. On or before October 1 of each year, the authority shall submit a report to the president of the senate, the speaker of the house of representatives and the directors of the joint legislative budget committee and the governor's office of strategic planning and budgeting detailing the revenues, expenditures and activities of the home buyer assistance program for the previous fiscal year and any recommendations for improving the program. the authority shall provide a copy of this report to the secretary of state.
G. For the purposes of this section, "eligible home buyer" means a person who has been CONTINUOUSLY employed for the immediately PRECEDING five years as either of the following:
1. A municipal, county or state law enforcement officer or firefighter.
2. A certificated teacher as defined in section 15-501 or any other person who provides instruction to pupils in any school district, charter school or accommodation school or the Arizona state schools for the deaf and the blind or a private school in this state.
Sec. 2. Short title
This act may be cited as the "Public Service Home Buyer Assistance Program".