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The Pima County Industrial Development Authority (Pima IDA), in collaboration with the City of Tucson IDA, is launching the third round of funding for a highly successful program aimed at assisting first-time homebuyers. did.

The Pima County Land Trust Ontario project is a series of bungalow-style homes for low-income families struggling to find affordable housing.

Pima Tucson Lighthouse 3.0 promises an additional $25 million to first-time homebuyers through a combination of below-market fixed mortgage rates and acceptable down payment financing.

On February 22, interest rates on Lighthouse 3.0 loans were pegged at 6%, about one percentage point below current 30-year mortgage rates, providing stability for homeowners in a volatile market.

First-time homebuyers can also receive an upfront payment of 4% of the total mortgage amount to help with down payment or closing costs. If the homebuyer continues to live in the home for five years, the loan for that assistance is fully forgiven.

This is a first-come, first-served program, and Pima IDA staff urges applicants to act quickly before Lighthouse 3.0 funds are depleted. Potential first-time home buyers can find a list of approved lenders at: pimatucsonlighthouse.com.

“Many homebuyers are currently having a hard time qualifying for a mortgage due to high interest rates,” said Diane Quihaus, Pima IDA Board Chair.

“This program by the Pima County Industrial Development Authority makes public investments in our communities, works with partners, and creates programs that help Pima County residents buy homes and build generational wealth. By creating one, you can help address the affordable housing crisis.”

The Pima Tucson Lighthouse was built in August 2023 with funding from the Pima County IDA and the City of Tucson IDA in response to rising home prices and mortgage rates, essentially allowing more families to purchase a median-priced single-family home. The price was set to take the house out of the market.

Lighthouse's first two rounds of financing also totaled $25 million, which went towards approximately 200 mortgages and purchases.

“Pima County is proud to help support the Pima Tucson IDAS Lighthouse Program,” said Board of Supervisors Vice Chairman Rex Scott.

“Our Pima County Industrial Development Authority has been a valued partner in developing affordable housing for Pima County residents since 1972. Now, in addition to our focus on affordable housing, Lighthouse , is providing meaningful and important assistance to homebuyers across Pima County.'' This is not only good for homeowners, it's good for Pima County's economy and workforce. ”

One of the other ways the Pima County Board of Supervisors has helped increase affordable housing is through regional affordable housing committees.

For the 2022-23 and 2023-24 fiscal years, the board approved $10 million in funding that will go towards the development or preservation of 1,038 units recommended by the commission. These units include a 30-year housing affordability period promise, with property management ensuring that every household is at or below 80% of the area median income.

The Board's actions are in line with the recently approved Prosperity Initiative, which aims to reduce intergenerational poverty and increase individual and community wealth, including housing stability for low-income renters and homeowners. It is a broad set of policies aimed at achieving this goal.

The Board of Supervisors on Dec. 19, in a 4-0 vote, approved approving up to $100 million in single-family mortgage revenue bonds to Pima IDA in 2024.

Homebuyers and lenders interested in offering the Lighthouse program can obtain more information at: pimatucsonlighthouse.com.

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