Arizona Gov. Katie Hobbs has signed a bill that aims to expand Arizona’s housing supply.
The law establishes the state affordability infrastructure district, which will be able to fund building costs through bonds and other financing measures.
The bill’s sponsor, Rep. Jeff Weninger, says instead of upfronting infrastructure costs onto new home prices, it will allow for those costs to be paid over time.
Hobbs says that will help alleviate the state’s housing crisis.
"When we make it easier to finance the infrastructure, we’re driving down the purchase price of the home and Arizonans will feel the difference," Hobbs said.
The bill received bipartisan support in the Legislature and will go into effect this fall.
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