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REFERENCE TITLE: home buyer assistance program |
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State of Arizona Senate Fifty-sixth Legislature First Regular Session 2023
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SB 1575 |
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Introduced by Senators Terán: Alston, Gabaldón, Mendez; Representatives Cano, Salman
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An Act
amending title 41, chapter 37, article 2, Arizona Revised Statutes, by adding section 41-3956; relating to the Arizona department of housing.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 41, chapter 37, article 2, Arizona Revised Statutes, is amended by adding section 41-3956, to read:
41-3956. Home buyer assistance program; fund; rules
A. The department shall establish and administer the home buyer assistance program to:
1. Assist home buyers by providing low-interest mortgage loans, with 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 so as to maximize the total amount that home buyers can receive under this 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 department shall administer the fund. Monies in the fund are continuously appropriated.
C. For loans provided under this program, the department shall:
1. Allow 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 borrowers under this program not own other residential real estate at the time THAT the loan is provided.
3. Require that a home purchased under this program be occupied by the home buyer as a principal residence.
D. Any proceeds from or repayment of loans provided under the program shall be deposited, pursuant to sections 35-146 and 35-147, in the home buyer assistance program fund established by this section to be used for the purposes of the program.
E. The department shall adopt rules to implement the program.