home buyer assistance program

HB2855 - home buyer assistance program

Education

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Walt Blackman
Last action: 2026-01-29
Official status: House second read
Effective date: Not listed

Plain English Breakdown

The bill establishes the program but does not specify when it will start or how much money is initially available.

HB2855: Public Service Home Buyer Assistance Program

This law creates a program that provides low-interest loans with zero down payment and closing cost assistance to eligible teachers, firefighters, and law enforcement officers in Arizona.

What This Bill Does

Creates the home buyer assistance program under the Arizona Finance Authority.
Provides low-interest mortgage loans with options for zero down payments and help with closing costs.
Allows funds from loan repayments and interest to stay in a dedicated fund for future use.
Requires eligible buyers to live in the purchased home as their main residence.
Mandates an annual report on program spending, income, and activities by October 1.

Who It Names or Affects

Teachers who work in public schools, charter schools, accommodation schools, state special education schools, or private schools in Arizona.
Law enforcement officers working for cities, counties, or the state of Arizona.
Firefighters employed by municipal, county, or state agencies.
The Arizona Finance Authority, which manages the program and fund.

Terms To Know

Eligible home buyer: A person who has worked continuously for five years as a teacher, firefighter, or law enforcement officer in Arizona.
Zero down payment option: The program offers loans where the borrower does not need to pay any money upfront before getting the loan.

Limits and Unknowns

Eligible buyers cannot own other residential real estate when they receive the loan.
Specific interest rates and fee amounts are not listed in this summary; rules must be adopted later by the authority.
The bill text does not state a specific date for when the program will begin operations.

Bill History

2026-01-29 House
House second read
2026-01-28 House
House Rules: None
2026-01-28 House
House Government: None
2026-01-28 House
House first read

Official Summary Text

HB2855 - home buyer assistance program

Current Bill Text

Read the full stored bill text

HB2855 - 572R - I Ver

REFERENCE TITLE:
home buyer assistance program

State of Arizona

House of Representatives

Fifty-seventh Legislature

Second Regular Session

2026

HB 2855

Introduced by

Representative
Blackman

AN
ACT

amending title 35, chapter 7, Arizona
Revised Statutes, by adding article 2; relating to the Arizona finance
AUTHORITY.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Title 35, chapter 7, Arizona Revised
Statutes, is amended by adding article 2, to read:

ARTICLE 2. HOME
BUYER ASSISTANCE PROGRAM

START_STATUTE
35-921.

Home buyer assistance program; fund; rules; report; definition

A. The authority shall establish and
administer the home buyer assistance program to:

1. Assist eligible home buyers by
providing low-interest mortgage loans, with zero down payment and closing
cost assistance options, for the purchase of homes.

2. Coordinate with and, as
appropriate, provide matching monies for similar programs that are offered by
private employers and county and municipal governments in order to maximize the
total amount that eligible home buyers may receive under the program.

B. The home buyer assistance program
fund is established consisting of legislative appropriations, monies received
from the repayment of loans provided by the program and interest earned on
those monies. The authority shall administer the fund.� Monies in
the fund are continuously appropriated.

C. For loans provided under the
program, the authority shall:

1. Allow eligible home buyers to use
the loans for the purchase of newly constructed or existing homes, including
homes that are held in cooperative or condominium forms of ownership.

2. Require that ELIGIBLE home buyers
under the program not own other residential real estate at the time that the
loan is provided.�

3. Require that a home purchased
under the program be occupied by the eligible home buyer as a principal
residence.

D. The authority shall deposit,
pursuant to sections 35-146 and 35-147, Any proceeds from or
repayment of loans provided under the program in the home buyer assistance
program fund to be used for the purposes of the program.

E. The authority shall adopt rules to
implement the program, including a fee schedule for loans disbursed pursuant to
the program.

F. On or before October 1 of each
year, the authority shall submit a report to the president of the senate, the
speaker of the house of representatives and the directors of the joint
legislative budget committee and the governor's office of strategic planning
and budgeting detailing the revenues, expenditures and activities of the home
buyer assistance program for the previous fiscal year and any recommendations
for improving the program. the authority shall provide a copy of
this report to the secretary of state.

G. For
the purposes of this section, "eligible home buyer" means a person
who has been CONTINUOUSLY employed for the immediately PRECEDING five years as
either of the following:

1. A municipal, county or state law
enforcement officer as defined in section 38-1101 or firefighter.

2. A certificated teacher as defined
in section 15-501 or any other person who provides instruction to pupils in any
school district, charter school or accommodation school or the Arizona state
schools for the deaf and the blind or a private school in this state.
END_STATUTE

Sec. 2.
Short title

This act may be cited as the
"Public Service Home Buyer Assistance Program".