Arizona launches program to assist rental property owners
Arizona Department of Housing
Applications for Arizona's Rental Property Owner Preservation Fund, providing assistance to rental property owners across the state who are facing a loss of rental income due to COVID-19, opened yesterday. Governor Doug Ducey announced $5 million for this Fund last month. All applications will be accepted on a rolling basis until the entire amount is awarded.
The Rental Property Owner Preservation Fund, established by the Governor’s Office, provides assistance to residential rental property owners whose tenants have not paid rent or received rental assistance. A property does not have to be at risk of foreclosure in order to be eligible for this funding. This program utilizes funds from the Emergency Crisis Contingency and Safety Net fund to provide the needed assistance to eligible landlords and property owners, who have faced hardships, directly or indirectly, due to the pandemic and are struggling to make their mortgage payments as a result of non-payment from tenants.
The eligible applicants are private businesses and citizens who are categorized as:
- Small rental property owners, owning up to five single-family properties or up to twenty total units in a multi-family property;
- Large rental property owners, owning more than five single-family properties or more than twenty total units in a multi-family property;
- AND whose tenants have not paid rent or have not received rental assistance for the months in the unit for which they are seeking funding.
On July 16, Governor Ducey signed an Executive Order extending a moratorium on residential evictions until October 31, 2020, providing continued protections for renters who are facing economic hardship as a result of COVID-19. The order ensures renters impacted by COVID-19 will be able to stay in their homes while extending the time to access rental assistance programs, requiring that by August 22 renters provide proof to their landlords that they have applied for rental assistance. Additionally, Arizona has allocated $650,000 to Community Action Agencies for additional staff to process rental assistance for those in need. To date, in total, state and local governments have made close to $90 million available to assist renters and prevent homelessness.
Find more information and apply for assistance HERE.