The Pima County Industrial Development Authority is extending a program aimed at assisting first-time homebuyers, citing the programβs overwhelming popularity.
The initial program, Pima Tucson Lighthouse, was launched with county and city funding in August to help homebuyers amid unprecedented home-price and mortgage-rate increases that have essentially priced many families out of the market for a median single-family home.
The initial $25 million in bond authority from the Pima IDA and the Tucson IDA that funded the launch of the initiative was quickly exhausted, and another $25 million in authority was recently approved by Pima County to extend the program.
Like the initial program, Lighthouse 2.0 participants work with approved lenders to lock in a below-market, fixed-rate mortgage and substantial down payment assistance equal to 4% of the loan amount, and the down payment becomes a grant if the buyer remains in the home for at least five years.
Given anticipated first-come, first-served demand, the Pima IDA expects funds will be fully allocated before the close of 2023.
Prospective homebuyers and lenders can get detailed information at tucne.ws/lighthouse2.
