Arizona Rental Property Owner Preservation Fund



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:

  • How many units they need funding for, the total months they have not received rental payments for each of those units, the total loss of income and the steps taken to secure rent payments from tenants.
  • Copy of a lease ledger or lease agreement for each claimed unit.
  • A five-day notice or any other documentation that shows the tenant was notified and given an opportunity to pay the total amount due, but has not responded or paid. 
  • Documentation of the outstanding unpaid balance per unit. If the information is located in the lease ledger, specify where. 
  • W-9 and ACH payment forms to receive direct deposit payment from the state.

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. 

Apply Here:

Rental Property Owner Preservation Fund (RPOPF)
https://gn.ecivis.com/GO/gn_redir/T/51fy0fcw0vnm

Leave a Reply

Your email address will not be published. Required fields are marked *