Distressed Arizona Homeowners Can Get Mortgage Help With New US Financing | Economic news
Low-to-middle-income Arizona homeowners struggling to pay their mortgage bills can now get help after $ 197 million in new federal pandemic relief funding aid to state owners.
The funding is for Arizona homeowners who have experienced financial hardship, such as lost income or increased healthcare costs, related to the COVID-19 pandemic after January 21, 2020, according to the Arizona Department of Housing.
The aid is meant to prevent foreclosure, but recipients can also use the money to help with household expenses like utility, insurance, and association bills.
Eligibility is limited to homeowners whose gross annual household income is equal to or less than 150% of the region’s median income, and is only available for the applicant’s primary residence.
Income limits for residents of Pima County range from $ 72,094 for a single owner to $ 102,938 for a four-member household.
A county income eligibility calculator and other program information is available on the Housing Department’s website at haf.azhousing.gov.
State Housing Department director Tom Simplot noted that assistance payments are sent immediately after qualification directly to a landlord’s loan department.