Arizona landlords struggling because tenants have stopped paying rent during the novel coronravirus pandemic can apply for as much as $50,000 in assistance from the state, the Arizona Department of Housing announced this week.
To qualify for the Arizona Rental Property Owner Preservation Fund, rental property owners must submit:
Landlords can receive up to five months of rent subsidies per tenant for April through August. The assistance must be equal to the tenant’s actual monthly rent or $2,000 per month, whichever is less.
Landlords must return funding to the state within 10 days if they later receive a subsidy through a tenant assistance program.
The pot of money, which will be distributed on a first-come, first-served basis, will be split in half between small and large rental property owners.
Small rental property owners are defined as those who own up to five single-family properties or up to 20 multi-family units. Large property owners are defined as those owning more than five single-family properties or more than 20 multi-family units.
Rental Property Owner Preservation Fund (RPOPF)