ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

First Regular Session

 

HB 2329: first-generation home buyers assistance; appropriation

Sponsor: Representative Quiñonez, LD 11

Committee on Appropriations

Overview

Establishes the First-Generation Home Buyers Down Payment Assistance Grant Fund (Fund) and appropriates $12,000,000 from the state General Fund (GF) to the Fund.

History

The Arizona Department of Housing (ADOH) is responsible for addressing the affordable housing issues facing the state, including housing issues of low- and moderate-income families. Additionally, ADOH provides political subdivisions of the sate with financial, advisory and educational assistance for the development of safe and affordable housing (A.R.S. § 41-3953).

Provisions

1.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteEstablishes the Fund within ADOH, and exempts the Fund's monies from lapsing. (Sec. 1)

2.   Directs ADOH to distribute Fund monies to entities that administer down payment assistance for eligible first-generation home buyers. (Sec. 1)

3.   Requires an eligible first-generation home buyer to:

a)   Complete an approved home buyer education course before signing a purchase agreement; and

b)   Occupy the home as a primary residence. (Sec. 1)

4.   Allows an entity to provide down payment assistance of up to 10% of the purchase price of the home and $25,000 per eligible first-generation home buyer. (Sec. 1)

5.   Specifies repayment requirements if the property is sold, subject to foreclosure, or no longer occupied within the term of the five-year loan. (Sec. 1)

6.   Allows ADOH to waive recapture costs due to a first-generation home buyer's financial or personal hardship. (Sec. 1)

7.   Directs the Auditor General to audit the Fund, with the cooperation of ADOH. (Sec. 1)

8.   Exempts creditors from liability if the creditor provides down payment assistance to a borrower who does not meet the eligibility requirements if the creditor relied on the borrower's attestation of eligibility. (Sec. 1)

9.   Requires an annual report with specified content to the Legislature by January 15. (Sec. 1)

10.  Defines eligible first-generation home buyer and entity. (Sec. 1)

11.  Contains a delayed repeal date of July 1, 2027. (Sec. 2)

12.  Appropriates $12,000,000 from the GF in FY 2024 to the Fund, and from the Fund to ADOH. (Sec. 3)

13.   

14.   

15.  ---------- DOCUMENT FOOTER ---------

16.                    HB 2329

17.  Initials AF  Page 0 Appropriations

18.   

19.  ---------- DOCUMENT FOOTER ---------