Establishes a housing affordability fund for newly constructed residential property tax revenues in Arizona.

Arizona SB1555 amends state law to create a housing affordability fund for property tax revenues from newly constructed residential properties. The fund will receive the difference between the property's new valuation and its initial valuation. Funds can be used for down payment or closing costs assistance for public sector employees, grants or loans for affordable housing construction, and infrastructure offsets for affordable housing development. Counties can establish the fund and may enter into agreements with cities, towns, or housing authorities for administration.

Establishes a housing affordability fund for newly constructed residential property tax revenues in Arizona.

Arizona SB1555 amends state law to create a housing affordability fund for property tax revenues from newly constructed residential properties. The fund will receive the difference between the property's new valuation and its initial valuation. Funds can be used for down payment or closing costs assistance for public sector employees, grants or loans for affordable housing construction, and infrastructure offsets for affordable housing development. Counties can establish the fund and may enter into agreements with cities, towns, or housing authorities for administration.