AZ SB1609

Establishes a home buyer assistance program administered by the Arizona Department of Housing to provide low-interest mortgage loans with down payment and closing cost assistance options.

Creates a continuously appropriated home buyer assistance program fund consisting of legislative appropriations, loan repayments, and interest earned on those monies.

Requires that borrowers not own other residential real estate at the time the loan is provided and that the purchased home be occupied as the borrower's principal residence.

Allows the use of loans for newly constructed or existing homes, including cooperative or condominium ownership forms, and authorizes coordination with private employers and local governments to provide matching funds.

Program terminates on July 1, 2031 pursuant to Arizona's automatic program termination statute.