Gov. Katie Hobbs announces new $13M housing program

Apr 13, 2024, 6:30 AM

Housing program...

Gov. Katie Hobbs and ADOH announce a new housing program. (Pexels photo)

(Pexels photo)

PHOENIX — Gov. Katie Hobbs and the Arizona Department of Housing (ADOH) announced a new housing program on Friday.

The $13 million program, called “Arizona is Home,” aims to increase homeownership across the state. According to officials, “Arizona is Home” features enhanced down payment assistance and mortgage interest rate relief. The program will assist approximately 500 qualifying low-to-moderate income first-time homebuyers statewide.

“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,” Hobbs said in a press release.

“This new program will offer the freedom and independence that comes with homeownership that has been eluding many deserving Arizonans across the state.”

The “Arizona is Home” initiative is a collaboration between ADOH and the Arizona Industrial Development Authority (AZIDA). ADOH has awarded grants to two home lending organizations (Chicanos Por La Causa and Trellis), and AZIDA has created a new loan product. Officials said that both endeavors target low and moderate-income first-time homebuyers, with the goal of providing down payment assistance and rate relief.

“Our mission at ADOH is to make homeownership available to the largest number of Arizonans possible and ensure no one is priced out of our state,” said ADOH Cabinet Executive Officer Joan Serviss in a press release.

“This program will help lower and middle income Arizona, in both metro and rural areas, succeed in becoming homeowners for the first time.”

According to officials, funds from the program can be used for a down payment, interest rate buy-down and closing costs related to the purchase of a home. First-time homebuyers who are at 80% or below Area Median Income are eligible to receive up to $30,000. First-time homebuyers between 81-120% are eligible to receive up to $20,000.

“Arizonans love our state and want to build their lives here. The “Arizona is Home” program will bring homeownership to more people, and provide assistance at a time when high home prices are keeping the American Dream from too many,” said Hobbs.

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Gov. Katie Hobbs announces new $13M housing program