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ARIZONA STATE SENATE
Fifty-Fifth Legislature, Second Regular Session
AMENDED
FACT SHEET FOR s.b. 1531
housing trust fund; unclaimed property
(NOW: housing trust fund; appropriation)
Purpose
Appropriates $100,000,000 from the monies allocated to Arizona by the American Rescue Plan Act of 2021 (ARPA) in FY 2023 to the Housing Trust Fund (HTF).
Background
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). The HTF has an estimated ending balance of $44,650,200 in FY 2022 (JLBC).
On March 11, 2021, ARPA was enacted to provide states with financial assistance. As of December 23, 2021, Arizona has received $2,100,000,000 of the total $4,200,000,000 ARPA allocation (JLBC).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Appropriates $100,000,000 from the monies allocated to Arizona by ARPA in FY 2023 to the HTF.
2. Becomes effective on the general effective date.
Amendments Adopted by Committee
ˇ Adopted the strike-everything amendment.
Senate Action
APPROP 2/22/22 DPA/SE 10-0-0
Prepared by Senate Research
March 3, 2022
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