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ARIZONA STATE SENATE
Fifty-Fourth Legislature, Second Regular Session
unclaimed property; housing trust fund
Purpose
Requires 55 percent of the proceeds from the sale of abandoned property to be deposited into the Housing Trust Fund (HTF) before statutory allocations to other funds are made.
Background
Proceeds from the sale of abandoned property are deposited into the state General Fund after all other statutory required deposits are made each fiscal year. The statutory required deposits are as follows: 1) the first $2,000,000 into the Seriously Mentally Ill HTF; 2) the second $2,500,000 into the HTF; and 3) the next $24,500,000 in the Department of Revenue Administrative Fund (A.R.S. § 44-313).
The HTF is administered by the Director of the Arizona Department of Housing and consists of monies from the sale of unclaimed property, monies transferred from the Arizona Industrial Development Authority and investment earnings. Monies in the HTF may be spent on constructing or renovating facilities and on housing assistance, including support services for persons who have been determined to be seriously mentally ill and to be chronically resistant to treatment (A.R.S. § 41-3955).
There may be an impact to the state General Fund by changing the deposit into the HTF from $2,000,000 each fiscal year to a set percentage of the proceeds from the sale of abandoned property.
Provisions
1. Deposits 55 percent of the proceeds from the sale of abandoned property into the HTF before allocations are made to other statutory funds.
2. Removes the requirement that $2,000,000 from the proceeds of the sale of abandoned property be deposited into the HTF.
3. Makes conforming changes.
4. Becomes effective on the general effective date.
Prepared by Senate Research
February 14, 2020
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