House of Representatives

HB 2672

Arizona housing department; finance authority

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

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

*****REVISED*****

HB 2672 makes changes to the legislation regulating the Governor's Office of Housing Development.

Current Status

HB 2672 passed the Commerce and Economic Development Committee unamended. HB2672 passed the Committee of the Whole unamended.

History

Laws 2001, Chapter 22 created the Arizona Department of Housing and the Arizona Housing Finance Authority (HFA). 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 [Industrial Development Authorities] 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 Housing Development fund monies to also be used for advancing down payments, paying closing costs and mortgage amount reductions in areas of the state where prison facilities are located.

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

· Transfers the Housing Review Board, its powers and duties to the new HFA.

·

·

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

· 45th Legislature

· Second Regular Session 2 April 24, 2002

·

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