Arizona lawmakers just gave residents looking to find affordable housing in the state hope. It comes in the form of $15 million granted to the state’s housing trust fund.
According to The Arizona Department of Housing website, the State Housing Fund (SHF) provides money “... available for the development of affordable permanent and transitional rental housing units.”
That is not the only effort underway to help residents obtain affordable housing in the state. As part of the closing process, when purchasing a home, buyers can opt in to make a donation to help others secure a place to live as well.
Homebuyers will now be asked if they wish to contribute $25 to the SHF. Real estate agents and homebuilders will have the opportunity to match the homebuyer's donation as well. The fund remains open for current homeowners and businesses to make donations as well. The goal is to raise $100 million over the next 10 years.
The $15 million allocated to the housing fund is the largest amount provided by the legislature in 10 years. The fund was originally established, and maintained, by money from unclaimed properties in the state.
In 2010, when the national economy slumped, the state, looking to maintain its most necessary services, capped the fund at $2.5 million. With the economy currently in a better position, the legislature made the funding addition in June.
In the communities around Phoenix, the price of homes has jumped 45 percent in the past six years. Household income has not risen at the same rate.