Gov. Katie Hobbs says Arizona mortgage assistance program helps 100 families purchase new home
Jul 23, 2024, 4:15 AM
Gov. Katie Hobbs announced that Arizona Is Home helped 100 families purchase their first homes. (AP Photo/Ross D. Franklin, File)
(AP Photo/Ross D. Franklin, File)
PHOENIX — Gov. Katie Hobbs announced last week that an Arizona mortgage assistance program has now helped 100 families purchase their first home.
Arizona Is Home was introduced by Hobbs in her January State of the State address and enacted in April, hitting a milestone number in just three months.
The Hobbs-sponsored program had a opening goal of assisting 500 first-time home buyers with a low to middle-class income.
In order to be eligible for Arizona Is Home, a citizen must be someone who has not owned real estate in the last three years.
“I was born and raised in an Arizona where a middle-class family could buy their own home,” Hobbs said in a press release. “The cost of housing is too high, and I’m proud to deliver this important help to build a more affordable Arizona.”
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The $13 million program combines support from the Housing Trust Fund and American Rescue Plan Act in order to distribute funds to qualified Arizonans. The assistance flows through three lending organizations, Chicanos Por La Causa, Trellis and the Arizona Industrial Development Authority.
If the home buyer is at 80% or below the Area Median Income, they can receive up to $30,000 towards their investment and those in the 81-120% range can receive up to $20,000.
On January 13, 2023, Hobbs released her 2024 fiscal year executive budget which included $150 million going towards the Housing Trust Fund.
“Last year’s historic investment in housing has had an impact across the full housing continuum,” Joan Serviss, CEO of Arizona Department of Housing, said in a press release.
