AZ SB1347

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 to home buyers.

Allows coordination between the program and similar programs offered by private employers, counties, and municipalities to maximize total assistance available to home buyers.

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 of loan issuance and that purchased homes be owner-occupied as principal residences; permits financing for newly constructed or existing homes including cooperatives and condominiums.

Directs the department to deposit all loan proceeds and repayments into the home buyer assistance program fund and to adopt rules implementing the program.