AZ HB2329

Establishes the first-generation home buyers down payment assistance grant fund administered by the Arizona Department of Housing to provide down payment assistance to eligible first-generation home buyers.

Provides down payment assistance loans up to 10% of home purchase price or $25,000 per borrower, with a 5-year term that forgives 15% annually and becomes fully forgivable after 5 years if borrower remains in home.

Defines eligible first-generation home buyers as individuals with income at or below 100% of area median income, first-time homebuyers, preapproved for a mortgage, and whose parent or legal guardian never owned a home.

Requires eligible buyers to complete a home buyer education course, contribute at least $1,000 to down payment or closing costs, and occupy the home as primary residence.

Appropriates $12,000,000 from the state general fund in fiscal year 2023-2024 to the grant fund and repeals the statute effective June 30, 2027.