Worried about foreclosure? This $197 million can help
Homeownership can be expensive with mortgage payments, utility bills, home insurance, property taxes and even homeowner’s association fees quickly adding up.
Many homeowners are living paycheck to paycheck, so something as simple as a broken air conditioner or water pipe can strain even a well-balanced budget, causing a domino effect of late payments, unsafe living conditions and even potential foreclosure.
Adding in a pandemic with unexpected health care bills, decreased work hours, job losses and parents leaving the workforce in unprecedented numbers to take care of family members, has caused a housing pandemic of its own and, for many, no viable way to stay in their home.
Until now. As part of the federal American Rescue Plan Act, Arizona’s eligible homeowners who have been impacted by COVID-19 can now gain access to $197 million in relief through the state’s Homeowner Assistance Fund.
To qualify, homeowners must have an income equal to or less than 150% of their area’s median income, experienced a financial hardship after Jan. 21, 2020, and be applying for assistance for their primary Arizona residence.
The online application can be accessed from any device with internet connection. Housing counselors contracted by the state Department of Housing are available to provide hands on assistance to homeowners who have challenges with technology or require special assistance.
Once approved, the financial assistance will go directly to the entity that is owed money – not the homeowner.
The money can help homeowners catch up on mortgage delinquencies and prevent defaults and foreclosures.
The funds also pay for delinquent utility bills, internet services and other property fees that could lead to the homeowner losing their home. Working directly with the entities owed money increases efficiency of the housing assistance efforts.
We at the Arizona Department of Housing know ensuring that the state can match the demand for housing is a critical issue.
We are dedicated to not only helping people experiencing homelessness find housing, but also helping people before it gets that far.
With the holidays upon us, we want to alleviate a huge layer of stress for many homeowners across Arizona and give them a hopeful new year.
With this financial assistance, we are keeping people in their homes, reducing the potential future strain on our homelessness support services, and saving taxpayers money in the long run.
Learn more, or apply, at haf.azhousing.gov.