HUD Allocates $382M For Affordable Housing

Fla. ranks 4th in funding with nearly $19M being distributed to groups across the state. Housing Trust Fund Allocations focus on decent housing for low-income households.

million through the nation’s Housing Trust Fund (HTF) – an affordable housing production program that “complements 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.”

Florida will receive $18,860,873 of the money, allocated to various affordable housing programs across the state HUD posted a national list (Excel) of all U.S. funding.

U.S. states receiving more than $10 million in funding

  1. California: $62,249,056
  2. New York: $34,734,755
  3. Texas: $22,394,219
  4. Florida: $18,860,873
  5. Illinois: $14,528,244
  6. New Jersey: $12,237,784
  7. Pennsylvania: $12,081,840
  8. Ohio: $10,420,277


“We’re proud to invest in states to create more affordable housing,” says HUD Secretary Marcia L. Fudge. “The Housing Trust Fund provides communities resources they need to produce more safe, sustainable and affordable housing.”

HTF is a formula-based program. By law, each state is allocated a minimum of $3 million. State affordable housing planners then use the funds for the following eligible activities:

  • Real property acquisition
  • Site improvements and development hard costs
  • Related soft costs
  • Demolition
  • Financing costs
  • Relocation assistance
  • Operating cost assistance for rental housing (up to 30% of each grant)
  • Reasonable administrative and planning costs.

In December 2014, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to begin setting aside and allocating funds to the Housing Trust Fund “to strengthen and broaden the federal housing safety net for people in need by increasing production of, and access to, affordable housing for the nation’s most vulnerable populations.

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Gary
 
Gary McAdams, PA
Realtor/Notary Public
Barbara Anderson Realty You 
Key West, Florida 

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