ARIZONA NEWS

Maricopa County helping prospective homebuyers with down payment assistance

Aug 8, 2023, 4:00 PM

(Pexels Photo)...

(Pexels Photo)

(Pexels Photo)

PHOENIX — A recently approved program will help hopeful Maricopa County homebuyers with down payment assistance.

Low-to-moderate families and individuals can receive federal funding from the American Rescue Plan Act as part of the partnership with the Industrial Development Authority of Maricopa County.

The program has been allotted $500,000 that will help at least 83 homebuyers, according to a press release.

“By working together, the county and its partners continue to make meaningful strides towards building a stronger and more resilient community where homeownership is a possibility for all,” Board of Supervisors Chairman Clint Hickman said in the release.

“This partnership between the Industrial Development Authority exemplifies Maricopa County’s dedication to fostering community development and effectively addressing housing affordability challenges.”

Those eligible for the funding must meet credit and underwriting guidelines. They must also have an annual income below 80% of the area median income, which is $74,000 for a family of four.

Homebuyers will receive a second forgivable seven-year loan that reduces each month they stay in the home.

More information is available online.

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Maricopa County helping prospective homebuyers with down payment assistance