The Arizona Housing Coalition is proud to continue its work to fully restore the State Housing Trust Fund. Created in 1988, the State Housing Trust Fund is the only state resource devoted to addressing Arizona’s housing needs. It is funded from the sale of unclaimed property, such as stocks, savings accounts, or real estate abandoned by the owner, often due to death without a will. The Housing Trust Fund was initially funded by 35% of unclaimed property proceeds, and then increased to 55% to better address rural housing needs. Due to the 2009 recession felt by all, state budgetary cuts forced the State Housing Trust Fund, which used to receive almost $40 million, to be capped at $2.5 million in 2010.
Through the intense advocacy efforts of the Coalition (then AZCEH and the Arizona Housing Alliance), and many others during the 2016 legislative session, we were able to advocate for the diversion of future net earnings from the Arizona Housing Finance Authority single family mortgage program to go to the state housing trust fund. In 2015, these earnings totaled over $2 million, and are expected to grow as the housing market in Arizona continues to recover, which allows for even more opportunity for housing stability for all.
Prior to budget cuts, the Housing Trust Fund acted as a magnet for private investment, leveraged over $350 million in federal dollars annually, and helped 10,000 Arizonans each year avoid homelessness, repair dilapidated homes, and become first time homebuyers. For every $10 million investment in the State Housing Trust Fund, in addition to providing homes for families in need, it could generate $23 million in economic impact and up to 200 jobs each year. It is the goal of the Arizona Housing Coalition and our allies to continue to work towards the full restoration of the State Housing Trust Fund to its pre-recession funds.
The State Housing Trust Fund has helped with:
Learn more with our Restore Arizona's State Housing Trust Fund Endorsement Packet!
- Homes for our most vulnerable populations: Created 250 apartments for those less fortunate, including seniors, people with disabilities, and people who are experiencing homelessness.
- Disaster-related housing relief: Assisted families displaced by disaster, such as the Yarnell fire victims.
- Rural homeownership: Helped 230 rural families become homeowners.
- Homeless prevention programs: Prevented 6,000 Arizonans from experiencing homelessness.
- Rural home repairs: Repaired 360 rural dilapidated homes, many occupied by the elderly.
- Emergency shelters: Helped serve 3,000 people in emergency shelters and transitional housing.
- Tribal housing: Provided assistance for housing on Arizona’s tribal lands, many with the direst housing needs including lack of water.