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ARIZONA STATE SENATE
Fifty-Fifth Legislature, Second Regular Session
housing trust fund; shelter services
Purpose
Requires the Arizona Industrial Development Authority (AZIDA) to transfer all unencumbered monies in excess of the authority's operating costs to the Housing Trust Fund (HTF) to be used to support emergency and transitional homeless shelter services.
Background
AZIDA is a nonprofit corporation and political subdivision of Arizona. AZIDA is a conduit issuer of municipal revenue bonds with the ability to assist private and public borrowers across the country. AZIDA bonds are exempt from the competitive bidding requirements for the financing of public improvements and restrictions by municipalities, counties or political subdivisions relating to the leasing, sale or other disposition of property or funds (AZIDA).
Established in 1988, the HTF, administered by the Arizona Department of Housing, provides a flexible funding source to assist in meeting the housing needs of low-income families in Arizona (A.R.S. §§ 41-3955 and 44-313).
The HTF has a projected balance of $24,798,000 for FY 2023 (JLBC).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Requires AZIDA to transfer all unencumbered monies in excess of operating costs to the HTF, rather than excess monies generated after August 6, 2016, from single family mortgage programs in existence before August 6, 2016.
2. Removes the requirement for AZIDA to transfer all unencumbered remaining monies after the monies transferred to the HTF to the Economic Development Fund.
3. Requires monies transferred from AZIDA to be used to support emergency and transitional homeless shelter services.
4. Makes technical changes.
5. Becomes effective on the general effective date.
Prepared by Senate Research
February 11, 2022
LMM/IJ/sr