AZ HB2938

Establishes a home buyer assistance program administered by the Arizona Finance Authority to provide low-interest mortgage loans with zero down payment and closing cost assistance options to eligible home buyers.

Eligible home buyers are limited to municipal, county, or state law enforcement officers or firefighters, or certificated teachers and other school instructors who have been continuously employed for the preceding five years.

Creates the home buyer assistance program fund consisting of legislative appropriations, loan repayments, and interest earned, with monies continuously appropriated and administered by the authority.

Requires eligible home buyers to not own other residential real estate at the time of the loan and to occupy the purchased home as their principal residence.

Mandates the authority submit an annual report by October 1 to legislative leadership and the governor's office detailing program revenues, expenditures, activities, and recommendations for improvement.