TUCSON, Ariz. (KOLD News 13) - Today, the U.S. Department of Housing and Urban Development announced it will allocate more than $689 million for affordable housing across the country.
The state of Arizona is set to receive more than $11 million dollars through the nation’s Housing Trust Fund, which was launched in 2008 to assist low-income households and those experiencing homelessness.
This year’s funds are more than double the amount of funds allocated to states last year, which estimated to more than $322 million.
HUD says it will distribute HTF funds, which will be administered by states with a specific formula.
States will need to use at least 8o% of this annual grant for rental housing assistance; up to 10% for homeownership; and up to 10% for reasonable administrative and planning costs.
For a list of all fund distributions for each individual state, follow [this link].