A $54 million fund to help Arkansas homeowners affected by the COVID-19 pandemic opened Wednesday after receiving approval from the U.S. Department of the Treasury.
The Arkansas Homeowner Assistance Fund provides monetary relief based on need and household income. Eligible hardships include job loss, reduction in income or increased costs due to healthcare or the need to care for a family member.
Funds will be used to prevent delinquent mortgages, defaults, foreclosures and loss of utilities, according to the state Department of Commerce. The money will be provided directly to mortgage companies, insurance companies, utility providers and counties.
“The COVID-19 pandemic has affected Arkansans across the board, and many have struggled to pay their mortgage and utility bills,” Gov. Asa Hutchinson said in a news release. “This program will not only help those individuals get back on their feet but will also bring benefits to our economy here in the state.”
To be eligible, homeowners must have a total annual household income of less than 150% of the area median income of their county. The maximum total annual household income for a family of four ranges from $81,150 to $112,350, depending on the county in which they live. Applications are being accepted online.
The program will be administered through the Arkansas Development Finance Authority.
“This program will help thousands of Arkansas residents recover from economic losses they experienced due to COVID-19,” department president Mark Conine said in the release. “We are committed to guiding applicants through the process and quickly dispersing funds to those that qualify.”
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