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New Arizona program will provide up to $30,000 for first-time homeowners

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.


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.

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