At least 83 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 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, according to a press release.

Applicants must meet credit and underwriting guidelines and have an annual income at or below 80% of the Area Median Income (AMI), which is no more than $74,000 per year for a family of four. Through the program, homebuyers receive a second forgivable seven-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, the press release continues.

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.