At least eighty-three hopeful homebuyers in Maricopa County are set to realize their dreams of homeownership thanks to an agreement recently approved by the Maricopa County Board of Supervisors to allocate $500,000 to a downpayment assistance program.
The funding provided by Maricopa County is part of its American Rescue Plan Act (ARPA) federal allocation, providing vital financial support to individuals and families facing adversity.
Partnering with the County on this initiative is the Industrial Development Authority of Maricopa County. Through its “Home in Five” homebuyers assistance program, low-to-moderate income families and individuals in Maricopa County can receive financial assistance for the costs associated with purchasing a home, including the downpayment and closing costs.
Applicants must meet credit and underwriting guidelines and have an annual income at or below eighty percent of the Area Media Income (AMI), which is no more than $74,000 per year for a family of 4. Through the program, homebuyers receive a second forgivable 7 year loan which reduces each month they stay in the home.
"By working together, the County and its partners continue to make meaningful strides towards building a stronger and more resilient community where homeownership is a possibility for all,” said Board of Supervisors Chairman Clint Hickman, District 4. “This partnership between the Industrial Development Authority exemplifies Maricopa County's dedication to fostering community development and effectively addressing housing affordability challenges.”
Maricopa County has been at the forefront of making substantial investments in housing by providing more than $500 million along the housing continuum since 2021. From offering rental assistance to constructing affordable rental housing to providing opportunities for home ownership, some of these efforts include:
For more information on Maricopa County’s housing contributions, visit Maricopa.gov/Housing. For eligibility criteria and to apply for homebuyer assistance, visit Homein5Advantage.com.
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About Maricopa County Human Services
The Maricopa County Human Services Department (HSD) builds resiliency in the community and promotes the well-being of County residents experiencing adversity through a variety of programs and services to help people and families thrive. These opportunities include early childhood education, housing, homeownership, independent living services for seniors and adults with disabilities, career development for job seekers with barriers to employment, crisis rental, and utility assistance, and support for people experiencing homelessness. HSD is committed to delivering innovative, equitable, inclusive, and comprehensive services in a collaborative approach that preserves dignity, promotes respect, and facilitates social and economic mobility. Learn more about the financial, educational, and support resources available to Maricopa County residents at Maricopa.gov/HSD.