This bill proposes to amend current statutes by establishing a new home buyer assistance program under the Arizona Finance Authority. The program aims to assist eligible home buyers by providing low-interest mortgage loans with zero down payment and closing cost assistance options. It will also coordinate with private employers and local governments to maximize funding for eligible buyers. Additionally, a dedicated fund for the program will be created, consisting of legislative appropriations and loan repayments, which will be continuously appropriated for the program's purposes.

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. The authority will also be responsible for adopting rules to implement the program, including a fee schedule, and will be required to submit an annual report detailing the program's activities and recommendations for improvement. The definition of "eligible home buyer" is also clarified to include certain public service employees, such as law enforcement officers, firefighters, and certificated teachers.