US Treasury Announces $125.1 million in assistance for Arizona foreclosures
In March 2010, President Obama and the U.S. Treasury announced that Arizona would receive $125.1 million in funding from the federal government’s Troubled Assets Relief Program (TARP). The Treasury program has also been referred to as the Hardest Hit Fund, and is designed to address the housing foreclosure crisis. Arizona, which has the second highest rate of foreclosures in the nation, was one of five states to receive this award. Since the initial announcement in March, five additional states have been slated to receive similar assistance.

Arizona Department of Housing (ADOH) officials have been working closely with the U.S. Treasury, mortgage service lenders, and others to develop a plan for utilizing this assistance. In June the U.S. Treasury plans to announce the approval of Arizona’s program plan. To view basic information on that plan click here.

While the Arizona program expects a green light from Treasury officials in June, much work still lies ahead in order to launch the new program called Save My Home AZ. The Arizona program is expected to become available for homeowners to access in early September. ADOH will be working with 22 HUD-approved counseling agencies to work with homeowners facing foreclosure, and homeowners will be able to apply for the assistance on-line, through a link that will be available through the agency’s website, www.azhousing.gov, or by calling toll-free at 1-877-448-1211, to be connected with one of the counseling agencies.

Until the program becomes available, homeowners facing foreclosure may wish to access free counseling services by calling 1-877-448-1211.   06/21/10