Jessica Boehm, Axios Phoenix | April 11, 2024 | original article
A new $13 million state program to help middle-income Arizona families purchase homes kicked off Thursday.
Why it matters: Arizona — and especially metro Phoenix — has a severe housing shortage that has driven up home prices to unattainable levels for many.
A 2023 analysis found that average nurses, teachers and first responders don't make enough to afford the median Valley home.
The big picture: First-time homebuyers who make up to 120% of the area median income (about $107,000 for a Phoenix family of four) can apply for the "Arizona is Home'' program, which will provide as much as $30,000 for down payment assistance and interest rate buydowns.
It's expected to assist 500 families and is funded with $10 million from the Arizona Housing Trust Fund and $3 million from federal COVID relief money.
Gov. Katie Hobbs announced the program during her "State of the State" address in January.
The fine print: Arizonans can apply in two ways:
Chicanos Por La Causa and Trellis: Available to all Arizonans through these Phoenix-based organizations.
Arizona IDA: Available to residents who live outside of Maricopa and Pima counties and make up to 80% of the area median income. They may also qualify for a below-market interest rate.