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ARIZONA STATE SENATE
Fifty-Sixth Legislature, Second Regular Session
housing trust fund; rural areas
Purpose
Requires the Arizona Department of Housing's (ADOH's) annual report on the status of the Housing Trust Fund (Fund) to include a summary of the projects and programs for which funding was provided exclusively for housing in rural areas.
Background
ADOH establishes policies, procedures, and programs to address affordable housing issues, including housing issues of low-income families, moderate income families, special needs populations and decaying housing stock. ADOH does not directly own, construct or rehabilitate any housing units but provides state assistance to qualified housing participants and political subdivisions for the development of safe, decent and affordable housing (A.R.S. § 41-3953).
The Fund is administered by ADOH and consists of: 1) an annual $2.5 million allocation from unclaimed property sales; 2) the Arizona Industrial Development Authority single-family mortgage program year-end balance; and 3) interest earnings generated by the Fund. The Fund provides grants to develop projects and programs connected with providing housing opportunities for low- and moderate-income households and for housing affordability programs. A portion of Fund monies must be used exclusively for housing in rural areas. Fund monies may be spent on constructing or renovating facilities and on housing assistance (A.R.S. §§ 41-3955 and 44-313).
ADOH must annually report to the Legislature on the status of the Fund. The report must include a summary of the facilities for which funding was provided during the preceding fiscal year, the cost and geographic location of each facility and the number of individuals who benefit from the operation, construction or renovation of the facility. By September, the report must be submitted to the Legislature and Secretary of State (A.R.S. § 41-3955).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Requires ADOH, in its annual report to the Legislature on the status of the Fund, to provide a summary of the projects and programs for which funding was provided exclusively for housing in rural areas.
2. Makes technical changes.
3. Becomes effective on the general effective date.
Prepared by Senate Research
February 7, 2024
MG/JC/cs