On Aug. 5, Governor Katie Hobbs and the Arizona Department of Housing (ADOH) announced the expansion of Arizona Is Home, a signature initiative to increase homeownership across the state. The program provides enhanced down payment assistance and mortgage interest rate relief to qualifying low-to-middle income first-time homebuyers.
The state says that Arizona Is Home has already helped more than 500 homebuyers close on a home, and the expansion will bring that number to around 1,000.
Arizona Is Home was launched in 2024 and funded with $13 million. This expansion invests another $5 million in the program, from federal American Rescue Plan Act dollars, bringing the total investment to $18 million. Homebuyer assistance for the next phase of the program is being facilitated through partnerships between ADOH and Arizona’s Industrial Development Authorities: Pima IDA, Tucson IDA, Maricopa IDA, Phoenix IDA, and Arizona IDA.
The funds can be used for a down payment and closing costs related to the purchase of a home. First-time homebuyers in Maricopa County/Phoenix who are at or below 120% Area Median Income (AMI) are eligible to receive between 3% and 7% of the home’s purchase price. Down payment assistance is paired with competitive, federally available mortgage interest rates available to first-time homebuyers.
Find more information at https://housing.az.gov/general-public/arizona-home-program.
