WASHINGTON, D.C. — The U.S. Department of Housing and Urban Development (HUD) announced $174 million in allocations for the National Housing Trust Fund.
The fund is to provide permanent affordable housing for those falling into the lowest income brackets.
Each state has at least $3 million to allocate. The funds must used for the production, preservation, rehabilitation or operation of rental housing, although 10 percent of each state’s or territory’s allocation may be used for first-time home buyer assistance. States and territories have two years to spend their allocations.
HUD has put together a five-part series of videos that explain the National Housing Trust Fund featuring Ed Gramlich, senior advisor with the National Low Income Housing Coalition. The series explains the program and why it’s focused on low-income renters and describes how the funds can be used.
The funding program is already being criticized. Julián Castro, HUD secretary, and other officials discussed the program at an event hosted by the National Low Income Housing Coalition.
Read the CityLab breakdown on its website.
Get National Housing Trust Fund program information on the HUD website.
Review the list of allocations on the HUD website.
