Key program – the Housing Trust Fund – will increase supply of rental housing and homeownership for low-income families
Washington state receives large grant to support low-income housing
Washington, D.C. – (RealEstateRama) — U.S. Senator Patty Murray, (D-WA), a senior member of the Transportation, Housing, and Urban Development (THUD) Appropriations Subcommittee, applauded the announcement that the Washington State Department of Commerce will receive $3,244,000 to increase the supply of rental housing and homeownership for low-income families. This grant was made possible through the first-ever disbursal from the Housing Trust Fund, a program that Senator Murray successfully fought to protect as a senior member of the THUD subcommittee, and part of her ongoing effort to tackle the homelessness epidemic.
“It is part of the American dream to have a safe place to call home, but too many families in our state continue to face barriers and struggle with homelessness and maintaining stable housing. I am so glad to see HUD issue the first grants from this program to help more families find rental housing or reach their dream of homeownership,” said Senator Murray. “I will keep working to expand access to affordable housing for families in Washington state and across the country.”
“We are grateful to Senator Murray for her hard work to address affordable housing needs in our state. Access to adequate affordable housing is essential for self-sufficiency and security, yet many more families today are struggling to keep up with rising costs. This infusion of federal funds will help expand our efforts to address our priorities for strengthening communities throughout Washington State,” said Brian Bonlender, Washington State Commerce Director.
Boosting support for low-income housing in Washington state was a key priority for Senator Murray in the fiscal year 2016 budget negotiations. This week, the Department of Housing and Urban Development (HUD) allocated nearly $174 million through the nation’s Housing Trust Fund nationwide. 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.
State affordable housing planners will use these funds for the following eligible activities:
· Real property acquisition
· Site improvements and development hard costs
· Related soft costs
· Financing costs
· Relocation assistance
· Operating cost assistance for rental housing (up to 30% of each grant)
· Reasonable administrative and planning costs