HB 2329
Initials AF Page 1 Appropriations
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
First Regular Session
HB 2329: first-generation home buyers assistance; appropriation
Sponsor: Representative Quiñonez, LD 11
Committee on Appropriations
Overview
Establishes the First-Generation Home Buyers Down Payment Assistance Grant Fund (Fund)
and appropriates $12,000,000 from the state General Fund (GF) to the Fund.
History
The Arizona Department of Housing (ADOH) is responsible for addressing the affordable housing
issues facing the state, including housing issues of low- and moderate-income families.
Additionally, ADOH provides political subdivisions of the sate with financial, advisory and
educational assistance for the development of safe and affordable housing (A.R.S. § 41-3953).
Provisions
1. Establishes the Fund within ADOH, and exempts the Fund's monies from lapsing. (Sec. 1)
2. Directs ADOH to distribute Fund monies to entities that administer down payment assistance
for eligible first-generation home buyers. (Sec. 1)
3. Requires an eligible first-generation home buyer to:
a) Complete an approved home buyer education course before signing a purchase
agreement; and
b) Occupy the home as a primary residence. (Sec. 1)
4. Allows an entity to provide down payment assistance of up to 10% of the purchase price of
the home and $25,000 per eligible first-generation home buyer. (Sec. 1)
5. Specifies repayment requirements if the property is sold, subject to foreclosure, or no longer
occupied within the term of the five-year loan. (Sec. 1)
6. Allows ADOH to waive recapture costs due to a first-generation home buyer's financial or
personal hardship. (Sec. 1)
7. Directs the Auditor General to audit the Fund, with the cooperation of ADOH. (Sec. 1)
8. Exempts creditors from liability if the creditor provides down payment assistance to a borrower
who does not meet the eligibility requirements if the creditor relied on the borrower's
attestation of eligibility. (Sec. 1)
9. Requires an annual report with specified content to the Legislature by January 15. (Sec. 1)
10. Defines eligible first-generation home buyer and entity. (Sec. 1)
11. Contains a delayed repeal date of July 1, 2027. (Sec. 2)
12. Appropriates $12,000,000 from the GF in FY 2024 to the Fund, and from the Fund to ADOH.
(Sec. 3)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note