The Tucson IDA and Pima IDA are launching their third iteration of LIGHTHOUSE, an affordable housing program offering a lower interest rate for first-time homebuyers and downpayment assistance.
Tucson, AZ — Mayor Regina Romero and Council approved the Tucson Industrial Development Authority's (IDA) request to launch a $100M affordable housing program, LIGHTHOUSE 3.0, to come in 2024 for first-time homebuyers. This program comes at a time where climbing housing interest rates have shocked the national housing market, making it much more difficult for first-time homebuyers to purchase a home especially minority families and single-parent households. After successfully disbursing $50M in downpayment assistance programs with LIGHTHOUSE and LIGHTHOUSE 2.0, the Tucson IDA and Pima Industrial Development Authority (IDA) are planning to launch its latest LIGHTHOUSE 3.0 program.
Both the LIGHTHOUSE and LIGHTHOUSE 2.0 housing programs garnered a tremendous amount of attention from homebuyers and lenders alike, originating both $25M bonds in less than a month. With a reach so massive throughout Pima County and thanks to its approved lenders, the PimaTucson Housing Innovation Hub reinvested over $11.9M in LIGHTHOUSE alone, reinvesting $127,000 into the local economy per home sold.
Families who participate in LIGHTHOUSE 3.0 and receive downpayment assistance will be given the opportunity to have their downpayment assistance turn into a grant following the origination of their lien, further investing in the path to homeownership for first-time homebuyers. For over a decade, the Tucson and Pima IDAs have teamed up to provide affordable downpayment assistance housing programs to the residents of Tucson and Pima County through their housing brand, Housing Innovation Hub. Together, the IDAs have created housing programs for its residents, including front-line workers through our Essential Workers Housing Fund, families that haven't had resources to affordable housing through Pima Tucson Homebuyer's Solution, and as a result, helped over $7,000 families find a home.