home buyer assistance program

HB 2855 creates Arizona's "Public Service Home Buyer Assistance Program" to provide low-interest mortgage loans with zero down payment and closing cost assistance specifically for eligible public service workers. It directly affects law enforcement officers, firefighters, and certified teachers (including those in public, charter, private schools, and state schools for the deaf/blind) who have been continuously employed for five years. The program funds loans for purchasing primary residences (new or existing, including condos/co-ops) but requires applicants to own no other residential property at the time of the loan. Funds come from legislative appropriations and loan repayments, with the authority required to submit annual reports on program activity to the legislature.