This bill proposes to establish a new home buyer assistance program under the Arizona finance authority, which would provide low-interest mortgage loans with zero down payment and closing cost assistance to eligible home buyers. The program aims to coordinate with private employers and local governments to maximize funding for participants. Additionally, a dedicated fund for the program will be created, consisting of legislative appropriations, loan repayments, and interest earned, with the authority responsible for its administration.

The bill outlines specific requirements for eligible home buyers, including the stipulation that they must not own other residential real estate at the time of the loan and that the purchased home must be their principal residence. It also mandates the authority to adopt rules for program implementation, including a fee schedule, and to submit an annual report detailing the program's financials and activities. The definition of "eligible home buyer" is expanded to include municipal, county, or state law enforcement officers, firefighters, and certificated teachers, thereby targeting specific professions for assistance.