The proposed bill would amend current statutes by establishing the First-Time Homebuyer Assistance Program under the Arizona Finance Authority (AFA). This program would provide financial assistance capped at $20,000 for first-time homebuyers, which must be repaid over a 30-year period at zero percent interest. The bill outlines specific definitions, including "first-time homebuyer," "qualifying residential unit," and "recipient," and sets forth the criteria for eligibility and the use of funds. It also prohibits builders from increasing home prices based on the assistance received and allows the AFA to adjust maximum purchase prices annually based on market conditions.

Additionally, the bill mandates that the AFA adopt rules for the distribution of program funds and requires annual reporting on program activities, including disbursements and any adjustments to purchase prices. The language of the bill includes various insertions to clarify definitions and processes, while maintaining existing statutes that are not directly affected by this new legislation. Overall, the bill aims to enhance homeownership opportunities for first-time buyers in Arizona while ensuring accountability and sustainability of the program.