Arizona 56th Legislature - First Regular Session Status: In Committee

HB 2329 — first-generation home buyers assistance; appropriation

Last action — DPA

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 56th Legislature - First Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

12 added · 110 removed

Plain-language change summary

The amendments to HB 2329 reduce the proposed funding for first-generation home buyer assistance from $12 million to $8 million. This change matters because it lowers the financial support available for individuals seeking help with down payments on homes, potentially making it more difficult for first-time buyers to enter the housing market. Additionally, this could impact the overall effectiveness of the program in supporting local communities and housing initiatives.

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REFERENCE TITLE:
Fifty-sixth Legislature Appropriations First Regular Session H.B.
first-generation home buyers assistance;
2329 PROPOSED HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B.
appropriation State of Arizona House of Representatives Fifty-sixth Legislature First Regular Session HB 2329 Introduced by Representative Quiñonez AN ACT AMENDING TITLE 41, CHAPTER 37, ARTICLE 2, ARIZONA REVISED STATUTES, BY ADDING SECTION 41-3956;
2329 (Reference to printed bill) Page 2, line 40, strike "$12,000,000" insert "$8,000,000" Amend title to conform DAVID LIVINGSTON 2329LIVINGSTON.docx 02/17/2023 09:19 AM H:
REPEALING SECTION 41-3956, ARIZONA REVISED STATUTES;
AF/ls
APPROPRIATING MONIES;
RELATING TO THE ARIZONA DEPARTMENT OF HOUSING.
(TEXT OF BILL BEGINS ON NEXT PAGE) - i - HB 2329 Be it enacted by the Legislature of the State of Arizona:
Section 1.
Title 41, chapter 37, article 2, Arizona Revised Statutes, is amended by adding section 41-3956, to read:
41-3956.
First-generation home buyers down payment assistance grant fund;
annual report;
definitions A.
THE FIRST-GENERATION HOME BUYERS DOWN PAYMENT ASSISTANCE GRANT FUND IS ESTABLISHED AND CONSISTS OF LEGISLATIVE APPROPRIATIONS.
THE DEPARTMENT SHALL ADMINISTER THE FUND.
MONIES IN THE FUND ARE SUBJECT TO LEGISLATIVE APPROPRIATIONS AND ARE EXEMPT FROM THE PROVISIONS OF SECTION 35-190 RELATING TO LAPSING OF APPROPRIATIONS.
THE DEPARTMENT SHALL DISTRIBUTE MONIES FROM THE FUND TO ENTITIES THAT ADMINISTER DOWN PAYMENT ASSISTANCE FOR THE PURPOSES OF PROVIDING DOWN PAYMENT ASSISTANCE TO ELIGIBLE FIRST-GENERATION HOME BUYERS.
AN ENTITY'S ADMINISTRATIVE COSTS MAY NOT EXCEED $3,000 PER LOAN.
A FIRST-GENERATION HOME BUYER WHO RECEIVES ASSISTANCE AND WHO SELLS THE FIRST-GENERATION HOME BUYER'S HOME BEFORE THE TERMINATION OF THE LOAN AGREEMENT MUST RETURN ANY UNUSED MONIES TO THE DEPARTMENT FOR REDISTRIBUTION TO OTHER ELIGIBLE FIRST-GENERATION HOME BUYERS.
B.
AN ELIGIBLE FIRST-GENERATION HOME BUYER SHALL COMPLETE AN APPROVED HOME BUYER EDUCATION COURSE BEFORE SIGNING A PURCHASE AGREEMENT AND SHALL OCCUPY THE HOME AS THE FIRST-GENERATION HOME BUYER'S PRIMARY RESIDENCE.
THE ELIGIBLE FIRST-GENERATION HOME BUYER SHALL PURCHASE THE HOME WITHIN THE MAXIMUM LOAN AMOUNT ESTABLISHED BY THE FEDERAL HOUSING FINANCE AGENCY AND SHALL CONTRIBUTE AT LEAST $1,000 TO THE DOWN PAYMENT OR CLOSING COSTS OF THE HOME.
C.
AN ENTITY MAY PROVIDE DOWN PAYMENT ASSISTANCE TO ELIGIBLE FIRST-GENERATION HOME BUYERS IN THE FORM OF A LOAN THAT PROVIDES UP TO TEN PERCENT OF THE PURCHASE PRICE OF THE HOME AND $25,000 PER ELIGIBLE FIRST-GENERATION HOME BUYER.
THE TERM OF THE LOAN IS FIVE YEARS, AND THE LOAN IS FORGIVABLE AT A RATE OF FIFTEEN PERCENT PER YEAR ON THE DAY AFTER THE ANNIVERSARY DATE OF THE NOTE.
THE PRORATED BALANCE DUE IS REPAYABLE IF ANY OF THE FOLLOWING OCCURS:
1.
THE OWNER NO LONGER OCCUPIES THE PROPERTY.
2.
THE PROPERTY IS SOLD.
3.
THE PROPERTY IS SUBJECTED TO AN INELIGIBLE REFINANCE.
4.
THE PROPERTY IS SUBJECTED TO AN UNAUTHORIZED TRANSFER OF TITLE.
5.
THE PROPERTY IS SUBJECTED TO A COMPLETE FORECLOSURE ACTION WITHIN THE FIVE-YEAR LOAN TERM.
D.
RECAPTURE MAY BE WAIVED DUE TO A FIRST-GENERATION HOME BUYER'S FINANCIAL OR PERSONAL HARDSHIP.
MONIES MAY BE RESERVED AND USED FOR CLOSING COSTS, DOWN PAYMENTS OR PRINCIPAL REDUCTION AND MUST BE USED IN CONJUNCTION WITH A CONFORMING MORTGAGE LOAN THAT IS FULLY AMORTIZING AND MEETS THE STANDARDS OF A QUALIFIED MORTGAGE OR MEETS THE MINIMUM STANDARDS FOR EXEMPTION UNDER 12 CODE OF FEDERAL REGULATIONS SECTION 1026.43.
MONIES MAY BE USED IN CONJUNCTION WITH OTHER PROGRAMS THE ELIGIBLE - 1 - HB 2329 FIRST-GENERATION HOME BUYER QUALIFIES FOR AND WITH A LOAN PLACED IN ANY PRIORITY POSITION.
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E.
THE AUDITOR GENERAL SHALL AUDIT THE FIRST-GENERATION HOME BUYERS DOWN PAYMENT ASSISTANCE GRANT FUND.
THE DEPARTMENT AND PARTICIPATING ENTITIES SHALL COOPERATE WITH THE AUDITOR GENERAL AND PROVIDE ALL NECESSARY INFORMATION ON REQUEST.
F.
A CREDITOR IS NOT SUBJECT TO LIABILITY, INCLUDING MONETARY PENALTIES OR REQUIREMENTS TO INDEMNIFY A FEDERAL OR STATE AGENCY OR REPURCHASE A LOAN THAT HAS BEEN SOLD OR SECURITIZED UNDER THIS SECTION, FOR PROVIDING DOWN PAYMENT ASSISTANCE TO A BORROWER WHO DOES NOT MEET THE ELIGIBILITY REQUIREMENTS IF THE CREDITOR PROVIDES THE ASSISTANCE IN GOOD FAITH RELIANCE ON THE BORROWER'S ATTESTATIONS OF ELIGIBILITY.
G.
ON OR BEFORE JANUARY 15 OF EACH YEAR, THE DEPARTMENT SHALL SUBMIT A REPORT TO THE CHAIRPERSONS AND RANKING MINORITY MEMBERS OF THE LEGISLATIVE COMMITTEES WITH JURISDICTION OVER HOUSING.
THE REPORT SHALL CONTAIN ALL OF THE FOLLOWING:
1.
THE NUMBER AND AMOUNT OF LOANS CLOSED.
2.
THE MEDIAN LOAN AMOUNT.
3.
THE NUMBER AND AMOUNT OF LOANS ISSUED BY RACE OR ETHNICITY.
4.
THE MEDIAN PURCHASE PRICE OF A HOME.
5.
THE TYPE OF MORTGAGE.
6.
THE NUMBER AND AMOUNT OF LOANS ISSUED BY THE COUNTY.
7.
THE TOTAL AMOUNT RETURNED TO THE FUND.
H.
FOR THE PURPOSES OF THIS SECTION:
1.
"ELIGIBLE FIRST-GENERATION HOME BUYER" MEANS AN INDIVIDUAL:
(a) WHOSE INCOME IS AT OR BELOW ONE HUNDRED PERCENT OF THE AREA MEDIAN INCOME AT THE TIME OF PURCHASE.
(b) WHO IS A FIRST-TIME HOME BUYER AS DEFINED IN 24 CODE OF FEDERAL REGULATIONS SECTION 92.2.
(c) WHO IS PREAPPROVED FOR A FIRST-TIME MORTGAGE LOAN.
(d) WHOSE PARENT OR PRIOR LEGAL GUARDIAN DOES NOT, OR IF DECEASED AT THE TIME OF THE PARENT'S OR GUARDIAN'S DEATH DID NOT, OWN A HOME.
2.
"ENTITY" MEANS A COMMUNITY DEVELOPMENT INSTITUTION, TRIBAL ENTITY OR NONPROFIT ORGANIZATION THAT ADMINISTERS DOWN PAYMENT ASSISTANCE.
Sec.
2.
Delayed repeal Section 41-3956, Arizona Revised Statutes, as added by this act, is repealed from and after June 30, 2027.
Sec.
3.
Appropriation;
first-generation home buyers down payment assistance grant fund The sum of $12,000,000 is appropriated from the state general fund in fiscal year 2023-2024 to the first-generation home buyers down payment assistance grant fund established by section 41-3956, Arizona Revised Statutes, as added by this act, and is appropriated from the first-generation home buyers down payment assistance grant fund to the Arizona department of housing.
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Action History

  1. DPA

  2. W/D

  3. House Second Reading

  4. House First Reading.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 92 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (92)

92 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

housing
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Frequently asked questions

Who sponsors HB 2329?
HB 2329 is sponsored by Marcelino Quiñonez.
What is the current status of HB 2329?
This bill died with 56th Legislature - First Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 2329?
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