HUD Allocates $174 Million Through New Housing Trust Fund

Filed in Housing Finance by on May 4, 2016 0 Comments

family with coinsFor the first time ever, HUD announced today that it has allocated nearly $174 million through the nation’s Housing Trust Fund (see list of state allocations below).

The Housing Trust Fund is a new affordable housing production program that will complement existing federal, state and local efforts to increase and preserve the supply of decent, safe, and sanitary affordable housing for extremely low- and very low-income households, including families experiencing homelessness.

“Today, we offer another tool to help states confront a growing affordable rental housing crisis in this country,” HUD Secretary Julián Castro said in a press release.  “The Housing Trust Fund will be an enduring resource designed to producing more housing that is affordable to our most vulnerable neighbors.”

Eight years after it was authorized by the Housing and Economic Recovery Act of 2008, the fund is only now being capitalized through contributions made by Fannie Mae and Freddie Mac.

In December 2014, the Federal Housing Finance Agency directed these Government Sponsored Enterprises to begin setting aside and allocating funds to the Housing Trust.  In January 2015, HUD issued interim rules to guide states on how to implement their funds. By law, each state is allocated a minimum of $3 million.

For more information, contact Michelle Kitchen at 800-368-5242 x8352.

 

FY 2016 Housing Trust Fund Allocation Amounts
STATE FY 2016 Allocation
Alabama $            3,000,000
Alaska $            3,000,000
Arizona $            3,000,000
Arkansas $            3,000,000
California $          10,128,143
Colorado $            3,000,000
Connecticut $            3,000,000
Delaware $            3,000,000
District of Columbia $            3,000,000
Florida $            4,598,821
Georgia $            3,314,612
Hawaii $            3,000,000
Idaho $            3,000,000
Illinois $            4,302,012
Indiana $            3,000,000
Iowa $            3,000,000
Kansas $            3,000,000
Kentucky $            3,000,000
Louisiana $            3,000,000
Maine $            3,000,000
Maryland $            3,000,000
Massachusetts $            3,419,569
Michigan $            3,522,622
Minnesota $            3,000,000
Mississippi $            3,000,000
Missouri $            3,000,000
Montana $            3,000,000
Nebraska $            3,000,000
Nevada $            3,000,000
New Hampshire $            3,000,000
New Jersey $            3,733,566
New Mexico $            3,000,000
New York $            7,013,963
North Carolina $            3,280,235
North Dakota $            3,000,000
Ohio $            3,740,578
Oklahoma $            3,000,000
Oregon $            3,000,000
Pennsylvania $            3,862,285
Rhode Island $            3,000,000
South Carolina $            3,000,000
South Dakota $            3,000,000
Tennessee $            3,000,000
Texas $            4,778,364
Utah $            3,000,000
Vermont $            3,000,000
Virginia $            3,139,830
Washington $            3,243,721
West Virginia $            3,000,000
Wisconsin $            3,004,558
Wyoming $            3,000,000
American Samoa $                 12,321
Guam $                 77,609
N. Mariana Islands $                 35,735
Puerto Rico $               326,054
Virgin Islands $                 56,562
TOTAL  $        173,591,160
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