News Summary
Arizona has increased its commitment to aiding first-time homebuyers by adding $5 million to its homeownership initiative, now totaling $18 million. This program assists low-to-middle-income families in covering down payments and closing costs, providing critical support in Maricopa and Pima counties to ensure more residents can achieve their dream of owning a home.
Arizona Expands Homeownership Initiative with Additional $5 Million for First-Time Buyers
The state of Arizona is enhancing its efforts to promote homeownership among low-to-middle-income first-time buyers by allocating an additional $5 million to a state program. This funding comes from the Arizona Rescue Plan Act, raising the total investment to $18 million, as announced by Governor Katie Hobbs and the Arizona Department of Housing (ADOH).
Program Details and Benefits
The expanded program provides necessary assistance to first-time homebuyers, enabling them to cover down payment and closing costs associated with purchasing a home. This initiative is designed specifically for working families in Arizona, assisting them in achieving their homeownership dreams and building a stable future.
First-time homebuyers in Maricopa County are eligible to receive assistance ranging from 3% to 7% of their home’s purchase price, provided their income does not exceed 120% of the area’s median income. In Pima County, buyers can receive up to $9,000 in assistance, ensuring a broader range of support tailored to diverse financial situations.
Understanding First-Time Homebuyers
A first-time homebuyer is classified as someone who has not owned real estate in the last three years. The assistance provided through this program is structured as a silent second mortgage, which means that repayment is not required until the home is sold before the term of the loan ends. This feature is strategically designed to alleviate the immediate financial pressure on new homeowners.
Government Commitment to Accessibility
ADOH Director Ruby Dhillon-Williams highlighted the agency’s commitment to making homeownership accessible for all residents of Arizona. The ongoing investment in this program reflects the goal of ensuring that no individual or family is pushed out of the housing market due to rising costs.
The initiative by Governor Hobbs and ADOH is positioned as a critical step in helping families secure stable housing—an essential factor in community stability and economic growth. Supporting first-time buyers contributes not only to individual success stories but also to the overall health of Arizona’s housing market.
How to Get Involved
Individuals interested in learning more about this program or exploring potential eligibility can find further details on the Arizona Department of Housing’s official website. By seeking assistance through this initiative, potential homeowners can take significant strides toward purchasing their first home and establishing roots in Arizona.
Conclusion: A Path to Homeownership
As housing affordability continues to be a pressing concern for many families, Arizona’s expanded homeownership initiative marks a significant effort to provide pathways for first-time buyers. With the additional funding and support, first-time buyers now have a better opportunity to navigate the complexities of home purchasing and achieve the long-held dream of homeownership.
Deeper Dive: News & Info About This Topic
- AZ Big Media: A Return to Sanity in the Phoenix Housing Market
- AZ Central: Home Prices in Metro Phoenix Drop
- KTAR: Buyers Market for Phoenix Homes
- Google Search: Phoenix Housing Market 2025
- Wikipedia: Real Estate
Author: STAFF HERE PHOENIX WRITER
PHOENIX STAFF WRITER The PHOENIX STAFF WRITER represents the experienced team at HEREPhoenix.com, your go-to source for actionable local news and information in Phoenix, Maricopa County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Waste Management Phoenix Open, Cactus League Spring Training, and Arizona State Fair. Our coverage extends to key organizations like the Greater Phoenix Chamber of Commerce and Visit Phoenix, plus leading businesses in technology and healthcare that power the local economy such as Intel and Banner Health. As part of the broader HERE network, including HERETucson.com, we provide comprehensive, credible insights into Arizona's dynamic landscape.
