AZ SB1729

Establishes a first-time homebuyer assistance program administered by the Arizona Finance Authority to provide financial support for eligible first-time homebuyers purchasing qualifying residential units in Arizona.

Limits assistance to $20,000 per recipient, which must be repaid over 30 years at zero percent interest and can be used for down payments, closing costs, or permanent interest rate reductions on qualifying mortgage loans.

Defines eligible recipients as first-time homebuyers meeting federal tax code requirements and authority-prescribed criteria, including single parents who previously owned homes with former spouses during the three-year lookback period.

Requires recipients to repay a portion of assistance if they sell the property or refinance before the original mortgage term ends, with repayment equal to the lesser of funds received or 50 percent of home equity gains.

Restricts qualifying residential units to Arizona properties under $450,000 (or authority-set maximum), requires owner-occupation within 60 days of purchase, and limits program administrative costs to 5 percent of annual distributions.