first-time homebuyer assistance program

SB 1729 creates Arizona's First-Time Homebuyer Assistance Program, administered by the Arizona Finance Authority. It provides eligible first-time homebuyers with up to $20,000 in no-interest assistance for down payments, closing costs, or reducing mortgage interest rates on qualifying homes priced at or below $450,000. Recipients must repay the full amount over 30 years, with partial repayment required if the home is sold or refinanced early (based on home equity). The program defines "first-time homebuyer" as someone meeting IRS Section 143(d) requirements, excludes single parents who previously owned a home with a spouse, and allows the Authority to adjust the $450,000 price cap annually based on market conditions.