AZ SB1575

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 for home purchases.

Allows the program to coordinate with private employers and county and municipal governments to provide matching funds and maximize total assistance available to home buyers.

Creates a continuously appropriated home buyer assistance program fund consisting of legislative appropriations, loan repayments, and earned interest, with all loan proceeds and repayments deposited back into the fund.

Requires borrowers to be first-time home buyers (not own other residential real estate), and the purchased home must be newly constructed or existing property occupied as the buyer's principal residence.

Directs the Department of Housing to adopt rules necessary to implement and administer the program.