property tax increment; affordable housing

SB 1555 creates a "Housing Affordability Fund" in each Arizona county, funded by property tax increments from newly built homes. The fund provides down payment assistance for public employees (state/city workers, charter school staff, healthcare/education employers) and supports developers building affordable housing types like workforce or smaller units. It requires counties to deposit the tax difference between a home's initial valuation and new valuation (after sale) into this separate fund, calculated based on days remaining in the tax year. The fund cannot replace existing housing programs or cover general government costs.