Governor Doug Ducey announced Friday a transfer of $8 million from the Arizona Industrial Development Authority’s Fiscal Year 2021 single family mortgage balance to the Arizona Department of Housing.
The funds will go directly into the Arizona Housing Trust Fund, pursuant to state law.
“I am pleased to see that we have added more resources to the Housing Trust Fund, which provides the Arizona Department of Housing its most flexible source of funding to combat homelessness and housing instability in Arizona,” said Governor Ducey. “Since the Arizona Industrial Development Authority’s first year of operation in Fiscal Year 2017, transfers to the Housing Trust Fund total over $39 million.”
These Housing Trust Fund dollars, totaling $8,001,948.04, may be utilized for affordable housing development, as well as housing assistance programs or activities where minimal federal resources exist, such as rapid rehousing, transitional housing and funding for homeless shelters.
“We look forward to leveraging these resources with public and private dollars to maximize their impact on critical housing needs in Arizona,” said Arizona Department of Housing Director Tom Simplot.
Pursuant to A.R.S. §35-751(C), at the end of the fiscal year the Arizona Industrial Development Authority is required to transfer all unencumbered moneys in excess of its operating costs generated after August 6, 2016 from single family mortgage programs that were in existence before August 6, 2016 to the housing trust fund established by A.R.S. §41-3955.
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