100 middle class families have closed on a new home using the Arizona Is Home mortgage assistance program. The program, which was first announced in Governor Hobbs’ State of State earlier this year, is tailored to help middle class families across the state purchase their first home through down payment assistance and interest rate relief.
“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,” said Governor Katie Hobbs. “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.”
The Arizona Is Home mortgage assistance program utilizes the Housing Trust Fund and ARPA to fund assistance through three existing lending organizations, Chicanos Por La Causa, Trellis, and the Arizona Industrial Development Authority, to reach the maximum number of eligible Arizonans.
“Last year’s historic investment in housing has had an impact across the full housing continuum, from preventing homelessness to building more affordable housing,” said Arizona Department of Housing CEO Joan Serviss. “I’m very pleased to direct this funding to the ‘Arizona is Home’ program to assist first time homeowners make their dreams of homeownership a reality.”
“The Arizona is Home Program has played a crucial role in bridging the affordability gap for hardworking individuals striving to become homeowners,” said Brenda Lopez, Chief Homeownership Officer at Trellis. “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.”
“Chicanos Por La Causa, Inc. is delighted to be able to help low to moderate income and first-time homebuyers with resources, like the Arizona Is Home Program, to bridge the financial gap to purchase their first home,” said Patricia Garcia Duarte, Executive Vice President, Homeownership Initiatives at Chicanos Por La Causa. “Even in challenging housing markets the reality of homeownership is possible when down payment and interest rate reduction options are available.”
“Throughout Arizona 1st time homebuyers are facing unprecedented headwinds and those challenges are even greater in our rural committees,” said Dirk Swift, Executive Director, Arizona Industrial Development Authority. “The Arizona is Home program targets these rural homebuyers, providing assistance and creating a pathway to homeownership.”
Eligible Arizonans interested in the Arizona Is Home mortgage assistance program can find out more information here.
