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ARIZONA STATE SENATE
Fifty-Fifth Legislature, First Regular Session
REVISED
housing trust fund; unclaimed property
Purpose
Requires 55 percent of the proceeds from the sale of abandoned property be deposited into the Housing Trust Fund (HTF).
Background
Current statute requires the Arizona Department of Revenue (ADOR), before depositing into the state General Fund, to distribute the proceeds from the sale of unclaimed abandoned property 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 into the ADOR 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).
S.B. 1723 has anticipated fiscal impact to the state General Fund but the amount is unknown at this time.
Provisions
1. Replaces the requirement that the second $2,500,000 of the monies received from unclaimed property be deposited into the HTF with requiring that 55 percent of all monies received from unclaimed property be deposited in the HTF, prior to the statutorily required deposits.
2. Requires 40 percent of the monies deposited into the HTF from the sale of abandoned to property be used exclusively for the development of eligible and viable housing in rural areas.
3. Makes technical and conforming changes.
4. Becomes effectives of the general effective date.
Revisions
ˇ Updates the fiscal impact statement to reflect an anticipated fiscal impact to the state General Fund.
Prepared by Senate Research
February 22, 2021
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