Stimulus Update: Mortgage Assistance Now Available in Arizona

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Through the state’s Homeowner Assistance Fund (HAF), the Arizona Department of Housing (ADOH) announced a program to help homeowners impacted by COVID-19 with their expenses.

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Thanks to the US federal bailout, the state of Arizona received $197 million to create relief funds for eligible homeowners, KVOA reports. The aid will come in the form of relief payments – up to $25,000 – which can be used to help cover utilities, mortgage payments and insurance costs.

Homeowner Assistance Fund applications are now open in Arizona. You can apply through the program website where you will go through a series of screening questions to determine whether or not you qualify for the relief payments. To be eligible for these funds, one of the following conditions must be met – and must be the result of the COVID-19 pandemic as it began on January 21, 2020: job loss, increased costs due to health care, or the need to care for a family member. Applicants must also have an income at or below 150% of the area median income and apply for their primary residence in order to qualify.

The household income limit will then be calculated by county. For example, a family of four living in Maricopa County (where Phoenix is ​​located) has an income limit of $118,500 in terms of qualifying for assistance through this program.

“The HAF is open to eligible homeowners statewide and word has spread in many urban areas about the program,” ADOH Director Tom Simplot said per KVOA. “This advertising campaign aims to reach rural communities where there may be low-income homeowners in need and other resources available to keep them in their homes are limited.”

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Landlords will be able to apply the awarded funds to payment defaults, mortgage defaults, foreclosures, loss of services, and relocations caused by financial hardship, among other things.

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Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private banking and investment research. Georgina has written for Investopedia and WallStreetMojo.