Up to 500 first-time homebuyers in Arizona can now receive mortgage and down payment assistance through new programs that became available Thursday.Arizona Gov. Katie Hobbs announced the “Arizona is Home” program in her State of the State speech earlier this year, which outlines her policy priorities. On Thursday, she said $10 million from last year’s state budget would get the program off the ground, starting now.It comes as a combination of high interest rates, high home prices and a housing shortage have kept many first-time buyers out of the market. Homebuyers now need a six-figure salary to buy a median-priced home in Arizona, according to one recent analysis.”When I talk to my own kids about homeownership, it’s a conversation about how, not when,” said Hobbs, who has two young adult children. “I was born and raised in an Arizona where a middle-class family could buy their own home, and that should be the reality for the next generation, too. But to make it so, we must take action.”Here’s what you need to know about the program and who is eligible.What are the program details?There are two main components.Statewide aid is offered through grants the Hobbs administration made to existing homeowner assistance nonprofits Chicanos Por La Causa and Trellis. This new offering will provide down payment assistance, help with closing costs or lower-than-market-rate interest through deferred payment loans.Participants would not make a monthly repayment or pay interest on that loan but are on the …
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