TUCSON, Ariz. (KGUN) — The PimaTucson Lighthouse program is adding millions more dollars of funding to help first-time homebuyers prepare their offer.
The Pima County Industrial Development Authority (Pima IDA) is back partnering with the City of Tucson IDA to offer this money.
In this third round of funding, PimaTucson Lighthouse 3.0, prospective buyers can apply for their share of $25 million dollars.
A buyer who applies will also have access to a below-market fixed mortgage rate and a forgivable down payment loan. As of Thurs. Feb 22., interest rates from Lighthouse 3.0 loans were locked in at 6%.
That is still a lower figure than the current residential 30-year mortgage rate.
Additionally, first-time home buyers can get 4% of the mortgage total up-front, for covering either their down payment or closing costs. Homeowners who stay in their property for at least 5 years will have that loan forgiven.
Diane Quihuis, president of the Pima IDA Board of Directors, said this program helps address the affordable housing crisis by making a public investment in the community.
"(We're) collaborating with our partners and creating programs that help Pima County residents purchase homes and build generational wealth," Quihuis said.
The funding is limited, though, and first-come, first-serve. Anyone who's interested can click here for a list of approved lenders within the program.
The PimaTucson Lighthouse program originally launched in August 2023. The first two rounds of funding were also $25 million dollars, helping hundreds of buyers find homes.
Nicole Johnson, the community development champion for the Tucson IDA, said it's important that people take advantage of this program because of the positive economic impact.
"Through Lighthouse, we have a collective economic impact of $33 million staying thus far within our local economy," she said. "So it's so important to make sure that home ownership is an avenue for people in our community because it helps people create generational wealth."
