Arizona launches financial assistance program for 1st-time homebuyers
Arizona launches financial assistance program for 1st-time homebuyers KJZZ
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Gov. Katie Hobbs Launches Arizona is Home Program to Support First-Time Homebuyers
The state of Arizona has introduced a new program called Arizona is Home, aimed at providing financial assistance to first-time homebuyers. The program will utilize $10 million from the state’s Housing Trust Fund and $3 million in federal COVID-19 relief funds to offer down payment assistance and mortgage interest rate relief. This initiative is expected to benefit up to 500 families.
Addressing Housing Affordability Challenges
Governor Katie Hobbs emphasized the significance of addressing housing affordability, stating that it has been a pressing concern for Arizonans for several years. She expressed her concern for individuals who have struggled to save money for their dream of homeownership, only to find it out of reach. The Arizona is Home program aims to alleviate this issue and make homeownership more accessible.
Partnerships with Nonprofits
The state will collaborate with two nonprofit organizations, Chicanos Por La Causa and Trellis, to administer the program. These organizations will not only provide financial assistance at closing but also offer housing counseling and homebuyer education to ensure that individuals and families are well-prepared to handle any unforeseen challenges that may arise during the homeownership process.
Eligibility Criteria
To qualify for the program, first-time homebuyers across the state must have a household income that does not exceed 120% of the area median income. Additionally, first-time homebuyers outside of Maricopa and Pima counties can also be eligible for assistance through the Arizona Industrial Development Authority if their household income does not exceed 80% of the area median income. These buyers may have access to below-market, 30-year fixed mortgages and down payment assistance.
Buyers must also meet other traditional lender qualifications, including credit score requirements.
Application Process
Interested residents can apply for the Arizona is Home program through the websites of Chicanos Por La Causa and Trellis, or by contacting the Arizona Industrial Development Authority’s Home Plus program.
For more information on Arizona politics, visit https://kjzz.org/politics.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 1: No Poverty – The issue of housing affordability and providing financial assistance to first-time homebuyers relates to the goal of eradicating poverty.
- SDG 11: Sustainable Cities and Communities – The program aims to address the issue of housing affordability and promote access to safe, affordable, and sustainable housing.
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property.
- Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 1.4.2: Proportion of total adult population with secure tenure rights to land, with legally recognized documentation and who perceive their rights to land as secure, by sex and by type of tenure.
- Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | Target 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property. | Indicator 1.4.2: Proportion of total adult population with secure tenure rights to land, with legally recognized documentation and who perceive their rights to land as secure, by sex and by type of tenure. |
| SDG 11: Sustainable Cities and Communities | Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums. | Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing. |
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Source: kjzz.org
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