TUCSON, Ariz. (KGUN) — Pima County essential workers looking to purchase a first home in the competitive local market will soon be eligible for home buying assistance.
Starting in June, the Essential Workers Housing Fund will provide $625,000 to help cover closing costs for those participating in the Pima Tucson Homebuyer’s Solution (PTHS) down payment assistance program.
The fund is the result of a partnership between the City of Tucson and Tucson Industrial Development Authority (IDA) and will cover a percentage of the down payment up to $2,500 or up to one percent first mortgage loan amount.
"The City of Tucson is making a transformative investment of half-a-million dollars to ensure our essential workers have an equal chance at homeownership," said Tucson Mayor Regina Romero.
Designed to serve roughly 250 families in the area, $100,000 of the fund comes as a donation from the Tucson Realtors Charitable Foundation.
“Our affordability crisis is impacting the professions most needed to make our community work," said Tucson IDA CEO, Dre Thompson. "This fund, paired with our existing down payment assistance, is making home ownership a possibility for essential workers. Through this collaboration, the Tucson IDA is making an immediate impact by filling gaps in access to capital."
Mayor Romero added, "essential workers sustained our economy during the pandemic and now it is our turn to support them during the home buying process through this investment in the Tucson IDA."
Essential workers are defined by the Centers for Disease Control as "those who conduct a range of operations and services in industries that are essential to ensure the continuity of critical functions in the United States."
The program works in conjunction with the Pima Tucson Homebuyer’s Solution program which has served over 6,000 homeowners since 2012.
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