AZ SB1597

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.

Program shall coordinate with and provide matching funds for similar programs offered by private employers, counties, and municipalities to maximize assistance available to home buyers.

Requires borrowers to be first-time homebuyers (not own other residential real estate at time of loan) and to occupy purchased homes as principal residences; allows loans for newly constructed or existing homes including cooperative and condominium ownership.

Creates a dedicated home buyer assistance program fund consisting of legislative appropriations, loan repayments, and interest earned, with monies continuously appropriated for program use.

Requires the department to adopt rules implementing the program and to deposit all loan proceeds and repayments back into the fund for ongoing program purposes.