The proposed bill would amend current statutes by establishing the First-Time Homebuyer Assistance Program under the Arizona Finance Authority (AFA). It would introduce new definitions, including "first-time homebuyer," "home equity amount," and "qualifying residential unit," while also detailing the program's structure and requirements. The bill caps the assistance amount at $20,000, mandates repayment over 30 years at zero percent interest, and specifies that the funds can be used for down payments, closing costs, or interest rate reductions. Additionally, it prohibits price increases by builders based on the assistance received and allows the AFA to adjust maximum purchase prices annually based on market conditions.

Furthermore, the bill outlines the repayment obligations for recipients who sell or refinance their homes before the loan term ends, stipulating that they must repay the lesser of the assistance received or 50% of their home equity. It also requires the AFA to adopt rules for distributing program funds and mandates annual reporting on program activities, including disbursements and any adjustments to purchase prices. Overall, the bill aims to enhance homebuyer assistance while ensuring accountability and sustainability of the program.