TUCSON, Ariz. (KGUN) — "Arizona Is Home."
That's the name of the new $13 million state housing program rolled out by Gov. Hobbs and the Arizona Department of Housing (ADOH) on Friday.
It aims to help approximately 500 first-time home buyers with the down payment, interest rate buy-down, and closing costs related to the purchase of a home.
“As someone who has struggled to make mortgage payments myself, I know how owning a home can help build a strong financial foundation and anchor families to the communities they love,” said Hobbs.
“This new program will offer the freedom and independence that comes with homeownership that has been eluding many deserving Arizonans across the state.”
The program awarded grants to two organizations: Chicanos Por La Causa and Trellis, both which provide housing assistance low and middle class families in Pima and Maricopa counties.
Residents who are 80% or below the Area Median Income (AMI) are eligible to receive up to $30,000, and residents to fall in the 81-120% of the AMI could receive up to $20,000.
In order to get the funding, applicants must attend an 8-hour homebuyer education class and meet one-on-one with a Department of Housing and Urban Development (HUD)-certified Home Ownership Advisor.
Any family that uses the money from this program should treat it like a silent second mortgage.
Essentially that means the original mortgage lender of the home purchase wouldn't know the family is using government assistance. The family would also have to pay the money back to the state. If the property is sold at any time, the full amount is due at the time of the sale.
Visit the ADOH website for more information.
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