Officials in Pima County are releasing a new round of funding for a program that aims to give first time homebuyers a boost with down payment assistance and other efforts.
The Pima County Industrial Authority launched its Lighthouse program about a year ago in response to dramatic price and mortgage rate increases over the last several years.
Officials estimate less than 40% of homes are now affordable to a family with median household income — compared to roughly 70% before the pandemic.
This is the Lighthouse program’s latest round of funding and it includes some $25 million. First-time homeowners are accepted to the program on a first-come, first-serve basis and get access to down-payment assistance, along with fixed-rate, below market mortgages.
