Tucson Standard

The city of Tucson is launching a program through the Tucson Industrial Development Authority to cover closing costs for 250 essential workers as they buy a house.

“Essential workers sustained our economy during the pandemic, and now is our turn to support them during the home buying process,” Tucson Mayor Regina Romero told KJZZ.

The Essential Workers Housing Fund was initiated on June 1. It provides up to 1% of the first mortgage loan amount or up to $2,500 of a down payment on a home, KJZZ reported.

“It includes police officers and firefighters, as well as health care workers, teachers, grocery store workers,” Romero said. “It’s a broad definition that will serve the people that kept us safe during the pandemic and kept our economy moving.”

Dre Thompson, CEO of the Tucson Industrial Development Authority, said the fund should be able to provide payments within its first week.

“We’ve already had 1.6 million people get eyeballs on the program,” she said. “We’ve had thousands of folks come to the website, submit, and get information.”

That timing is crucial because the housing market can change at a moment’s notice, Romero said.

“Every minute and every day counts because now, it’s not only that housing prices are skyrocketing, but also interest rates,” she said. “And so, every day counts from now on for these essential workers.”

The median home price in Tucson was $365,000 as of April – 21% higher than last year, according to KJZZ.

Candidates for the program must already be approved for a mortgage, and those who are interested should apply through a mortgage lender, Thompson said.

“We expect, at the beginning, people learning about the program; that's going to help them weigh and make decisions, whether they are ready to purchase a home,” she said.