home buyer assistance program

HB 2938 creates Arizona's Public Service Home Buyer Assistance Program, providing zero-down mortgage loans and closing cost assistance specifically for eligible law enforcement officers, firefighters, and teachers who have worked continuously in those roles for five years. The program funds loans for purchasing primary residences (new or existing, including condos), prohibits borrowers from owning other homes, and requires the home to be occupied as a principal residence. Funding comes from state appropriations and loan repayments, with annual reports to lawmakers. This policy directly affects public service workers in these professions who meet the employment and residency requirements.