This bill proposes to amend current statutes by adding new requirements for first-time homebuyer and downpayment assistance programs offered by the state of Arizona or its agencies. Specifically, it introduces several eligibility criteria: recipients must be Arizona residents for at least two years prior to application, must occupy the home as their primary residence for a minimum of two years, and the home cannot be used as a vacation or short-term rental until all program funds are repaid. Additionally, the bill stipulates that out-of-state investors are ineligible for these assistance programs.

The proposed changes will be codified in a new section, 41-3958, of title 41, chapter 37, article 2 of the Arizona Revised Statutes. This section will outline the aforementioned requirements, thereby updating the existing legal framework governing housing assistance programs in Arizona. The bill aims to ensure that assistance is directed towards residents who are committed to long-term occupancy of their homes, while also preventing the use of these homes for short-term rental purposes.

Statutes affected:
Introduced Version: 41-3958