House of Representatives

HB 2672

Arizona housing department; finance authority

Sponsors: Representative Flake, Senator Valadez: Representatives Leff, Somers

X	Committee on Commerce and Economic Development
	Caucus and COW
	Third Read
	As Passed the House

HB 2672 makes technical and clarifying changes to the legislation pertaining to the Governor's Office of Housing Development.

History

Laws 2001, Chapter 22, created the Arizona Department of Housing (ADOH) and the Arizona Housing Finance Authority (AHFA). An interim phase transferred all existing programs and related monies to the Governor's Office of Housing Development beginning January 1, 2002 and then ultimately to ADOH on October 1, 2002.

HB 2672 makes additional changes and clarifications to that legislation.

Provisions

· Authorizes the unreserved special allocations for mortgage revenue bonds and mortgage credit certificates to be awarded jointly to the finance authority and one or more corporations that have a cooperative agreement.

· Stipulates the director may prepare guidelines for local government housing assistance programs if requested by the local government.

· Allows the Office of Housing Development fund monies [and effective October 1, 2002, the Arizona Department of Housing fund monies] to also be used for advancing down payments, paying closing costs and mortgage amount reductions.

· Deletes the definitional requirement for a housing facility to provide balanced community development, or to be necessary for sound economic or commercial community development.

· Corresponds the effective dates to the legislation passed last year.

·

·

· ---------- DOCUMENT FOOTER ---------

· 45th Legislature

· Second Regular Session 2 March 14, 2002

·

· ---------- DOCUMENT FOOTER ---------