Restore the Housing Trust Fund Update
Housing Trust Fund Doubled!
HB2666, which consolidates economic development activities within the Office of Economic Opportunity, was passed this year.
Included in this bill is a provision which moves the Arizona Housing Finance Authority (AZHFA) to the Economic Opportunity Office and transfers all future net earnings from their single family mortgage programs to the State Housing Trust Fund. Last year, these earnings totaled over $2 million and are expected to grow as the housing market in Arizona continues to recover.
AZHFA mortgage programs provide an attractive 30-year fixed rate mortgage with down payment assistance to moderate income homebuyers.
Prior to being capped at $2.5 million, the State Housing Trust Fund received almost $40 million from the sale of the state’s unclaimed property.
The Arizona Housing Alliance and the Arizona Coalition to End Homelessness worked tirelessly to restore this important source of flexible funding for affordable housing.
“After eight years of sweeps and cuts to the State Housing Trust Fund, we are thrilled the tides have turned and the first step towards restoring funding has been taken,” said Val Iverson, Executive Director, Arizona Housing Alliance.
“We are thankful to the Governor, and all stakeholders involved, in making this happen,” said Joan Serviss, Executive Director of the Arizona Coalition to End Homelessness. “How fitting that this funding transfer is included in legislation concerning economic development. Local job growth and a strong economy start at the cornerstone of a home, which we believe is the foundation for the health and general wellbeing of all Arizonans.”
The Arizona Housing Alliance and the Arizona Coalition to End Homelessness thank their members and partners for all their work educating policy makers about the importance of a safe and affordable home for all Arizonans. We look forward to working with you next year to restore full funding to the State Housing Trust Fund!
We also still seeking endorsements of the Housing Trust Fund!
Continue to contact your state legislators and tell them to Restore the Housing Trust Fund.
Tell them hard working families, veterans, seniors, and people with disabilities should be able to pay for their home and still have enough left over to buy basics like groceries, gas and child care.
Tell them we have a responsibility to care for the most vulnerable among us; our seniors, people who are disabled, and veterans who are homeless.
Tell them when people live in stable homes, children achieve more in school, families are stronger, and seniors and people with disabilities live with dignity.