Arizona 2023 Regular Session

Arizona Senate Bill SB1347 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	REFERENCE TITLE: home buyer assistance program State of Arizona Senate Fifty-sixth Legislature First Regular Session 2023 SB 1347 Introduced by Senators Mendez: Gabaldn, Hernandez, Tern; Representative Salman An Act amending title 41, chapter 37, article 2, Arizona Revised Statutes, by adding section 41-3956; relating to the Arizona department of housing. (TEXT OF BILL BEGINS ON NEXT PAGE)
2	2
3	3
4	4
5	5
6	6
7	7
8	8
9	9	REFERENCE TITLE: home buyer assistance program
10	10	State of Arizona Senate Fifty-sixth Legislature First Regular Session 2023
11	11	SB 1347
12	12	Introduced by Senators Mendez: Gabaldn, Hernandez, Tern; Representative Salman
13	13
14	14	REFERENCE TITLE: home buyer assistance program
15	15
16	16
17	17
18	18
19	19
20	20
21	21
22	22
23	23
24	24	State of Arizona
25	25
26	26	Senate
27	27
28	28	Fifty-sixth Legislature
29	29
30	30	First Regular Session
31	31
32	32	2023
33	33
34	34
35	35
36	36
37	37
38	38
39	39
40	40	SB 1347
41	41
42	42
43	43
44	44	Introduced by
45	45
46	46	Senators Mendez: Gabaldn, Hernandez, Tern; Representative Salman
47	47
48	48
49	49
50	50
51	51
52	52
53	53
54	54
55	55
56	56
57	57
58	58
59	59
60	60
61	61
62	62
63	63
64	64	An Act
65	65
66	66
67	67
68	68	amending title 41, chapter 37, article 2, Arizona Revised Statutes, by adding section 41-3956; relating to the Arizona department of housing.
69	69
70	70
71	71
72	72
73	73
74	74	(TEXT OF BILL BEGINS ON NEXT PAGE)
75	75
76	76
77	77
78	78	Be it enacted by the Legislature of the State of Arizona: Section 1. Title 41, chapter 37, article 2, Arizona Revised Statutes, is amended by adding section 41-3956, to read: START_STATUTE41-3956. Home buyer assistance program; fund; rules A. The department shall establish and administer the home buyer assistance program to: 1. Assist home buyers by providing low-interest mortgage loans, with down payment and closing cost assistance options, for the purchase of homes. 2. Coordinate with and, as appropriate, provide matching monies for similar programs that are offered by private employers and county and municipal governments so as to maximize the total amount that home buyers can receive under this program. B. The home buyer assistance program fund is established consisting of legislative appropriations, monies received from the repayment of loans provided by the program and interest earned on those monies. The department shall administer the fund. Monies in the fund are continuously appropriated. C. For loans provided under this program, the department shall: 1. Allow home buyers to use the loans for the purchase of newly constructed or existing homes, including homes that are held in cooperative or condominium forms of ownership. 2. Require that borrowers under this program not own other residential real estate at the time THAT the loan is provided. 3. Require that a home purchased under this program be occupied by the home buyer as a principal residence. D. The department shall deposit, pursuant to sections 35-146 and 35-147, Any proceeds from or repayment of loans provided under the program in the home buyer assistance program fund to be used for the purposes of the program. E. The department shall adopt rules to implement the program. END_STATUTE
79	79
80	80	Be it enacted by the Legislature of the State of Arizona:
81	81
82	82	Section 1. Title 41, chapter 37, article 2, Arizona Revised Statutes, is amended by adding section 41-3956, to read:
83	83
84	84	START_STATUTE41-3956. Home buyer assistance program; fund; rules
85	85
86	86	A. The department shall establish and administer the home buyer assistance program to:
87	87
88	88	1. Assist home buyers by providing low-interest mortgage loans, with down payment and closing cost assistance options, for the purchase of homes.
89	89
90	90	2. Coordinate with and, as appropriate, provide matching monies for similar programs that are offered by private employers and county and municipal governments so as to maximize the total amount that home buyers can receive under this program.
91	91
92	92	B. The home buyer assistance program fund is established consisting of legislative appropriations, monies received from the repayment of loans provided by the program and interest earned on those monies. The department shall administer the fund. Monies in the fund are continuously appropriated.
93	93
94	94	C. For loans provided under this program, the department shall:
95	95
96	96	1. Allow home buyers to use the loans for the purchase of newly constructed or existing homes, including homes that are held in cooperative or condominium forms of ownership.
97	97
98	98	2. Require that borrowers under this program not own other residential real estate at the time THAT the loan is provided.
99	99
100	100	3. Require that a home purchased under this program be occupied by the home buyer as a principal residence.
101	101
102	102	D. The department shall deposit, pursuant to sections 35-146 and 35-147, Any proceeds from or repayment of loans provided under the program in the home buyer assistance program fund to be used for the purposes of the program.
103	103
104	104	E. The department shall adopt rules to implement the program. END_STATUTE