(The Center Square) – The Hobbs administration is touting the “Arizona is Home” state mortgage assistance program created in part with federal taxpayer dollars.
The administration said that 100 homes had been closed in the Grand Canyon State so far as part of the program, which provides financial help for first-time homebuyers from $20-30,000 depending on one’s income qualifications. According to the Arizona Department of Housing, the funds can be used for interest rates, the down payment, or “closing costs.”
“I was born and raised in an Arizona where a middle-class family could buy their own home. That should be the reality for the next generation, too,” Hobbs said in a statement on Wednesday. “The cost of housing is too high, and I’m proud to deliver this important help to build a more affordable Arizona. I will continue fighting to break down barriers to homeownership for Arizonans and work to ensure every family in our state has an opportunity to reach their full potential.”
Three million dollars came from the American Rescue Plan Act of 2021, and $10 million came from state housing funds, AZPM reported in April. Funding from the COVID-19 stimulus bill has been used for housing efforts across the state and country, including in Maricopa County.
“The Arizona is Home Program has played a crucial role in bridging the affordability gap for hardworking individuals striving to become homeowners,” Brenda Lopez, Chief Homeownership Officer at Trellis, said in a statement. “By offering down payment assistance, interest rate reductions, and housing counseling, it has empowered many families to achieve their dream of owning a home when they otherwise would not have been able to.”
The “median sale price” in Arizona is $426,167 as of May, according to Zillow, but the price of a home varies widely by county, as some rural areas have lower home prices compared to the Phoenix or Tucson areas.
