Stimulus Update: Mortgage Assistance Now Available in Arizona

Serious African American couple discussing paper documents, sitting together on couch at home, man and woman checking bills, bank account balance, terms of contract, mortgage, loan agreement.
fizkes / Getty Images/iStockphoto

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

See: How to Make a JPMorgan Chase Bank Mortgage Payment
Find: Lumber Prices Crash 30% as Mortgage Rates Start Going Up

Through the federal American Rescue Plan, the state of Arizona was granted $197 million to create homeowner assistance funds to eligible homeowners, KVOA reports. The assistance 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. 

Applications for the Homeowner Assistance Fund are now open in Arizona. You can apply through the program’s website where you will go through a series of pre-screening questions to determine whether or not you’re eligible for relief payments. In order to qualify for these funds, one of the following conditions must be met — and must be a result of the COVID-19 pandemic as determined to have begun as of Jan. 21, 2020: job loss, increased costs due to healthcare, or the need to care for a family member. Applicants must also have an income equal to — or less — than 150% of the area median income, and be applying for their primary residence in order to qualify.

Building Wealth

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 via this program.

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

Learn: How Has COVID-19 Changed the Way People View Retirement?
Explore: Survey: Nearly Half of U.S. Adults Now Factor COVID Into Financial Strategy

Homeowners will be able to apply awarded funds to delinquencies, mortgage defaults, foreclosures, loss of services and displacements caused by financial hardship, among other things.

More From GOBankingRates

Building Wealth

About the Author

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 client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 

Best Bank Accounts of July 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.