This bill proposes updates to current statutes regarding housing in Arizona by establishing a "housing affordability fund" within each county, which will be funded by specific tax revenues. The article heading of Title 11, Chapter 2, Article 13 will be changed from "COUNTY HOUSING TRUST FUND" to "COUNTY HOUSING FUNDS." The fund will be used for various purposes, including providing down payment assistance for employees of state and local government entities, charter schools, and public safety or health care employers, as well as grants and loans to builders for constructing affordable housing units. Additionally, the bill allows counties to enter into intergovernmental agreements to manage the fund and mandates that the fund's money be accounted for separately and not used to replace existing housing program funding.

Furthermore, the bill introduces new provisions for the valuation of newly constructed residential properties, requiring county assessors to complete valuations within sixty days of sale. Taxpayers will pay property taxes based on this new valuation on a prorated basis, and the county treasurer will deposit the difference between the new and initial valuations into the housing affordability fund. This deposit will only apply to property tax revenues from the period before the property is fully assessed at its new valuation, after which all tax revenues will be distributed as usual.

Statutes affected:
Introduced Version: 11-382, 42-13057