FY 2010 and FY 2011 Budget Update
On March 18, Governor Brewer signed a package of bills that make up the Arizona State Budget. The budget legislation included an additional $4.8 million reduction to the Department of Housing for FY 2010 and an $8.6 million reduction for FY 2012.
Fund sweeps and spending reductions were enacted to the Housing Trust Fund in the amount of $2.5 million for FY 2010 and $6 million for FY 2011, to the Housing Program Fund in the amount of $2.1 million in FY 2010 and $2.4 million in FY 2011 and to the Arizona Housing Finance Authority in the amount of $176,900 in FY 2010 and $251,400 in FY 2011.
The budget legislation also included a permanent 2.75 percent reduction in state employee compensation and mandatory furloughs through FY 2012, which equal an additional 2.3 percent salary reduction. The Arizona Department of Administration will be selecting a schedule for the mandatory furlough days and requiring state agencies to close on those days. Once established, the schedule of agency closures due to mandatory furloughs will be made available.
Additionally, as part of the budget compromise, a contingency budget was enacted that will go into effect if the temporary sales tax increase is not approved by voters in May. Included in the contingency budget is an additional $2.1 million sweep from the Housing Trust Fund in FY 2010. 3/18/2010
2010 LIHTC Applications Received
Click here for a list of the applications received in the LIHTC Competitive Round. 3/18/10
Arizona Receives $125.1 Million for Foreclosure Efforts
On Friday, March 5 the U.S. Treasury announced that Arizona will receive $125.1 million in funding from the federal government’s Troubled Assets Relief Program (TARP) to develop new programs for addressing the housing crisis.
The Arizona Department of Housing is conducting outreach to lenders and other community stakeholders to develop a plan of action, which must be submitted to the U.S. Treasury by April 16.
Please view the Frequently Asked Questions document prepared by the U.S. Treasury for more information about the program, including how allocation amounts were determined.
ADOH will post additional details as available. 3/8/10
President Announces Funding for Foreclosure Efforts
On Friday, February 19 President Obama announced a plan to direct $1.5 billion in funding to five state housing finance agencies to help them develop new programs for addressing the housing crisis in their communities. The five states, California, Nevada, Arizona, Michigan and Florida are among the hardest hit states and have seen home values decline by more than 20 percent.
The initiative will be financed through the federal government’s Troubled Assets Relief Program (TARP) and will be allocated among eligible states based on home declines and unemployment.
The federal government expects to release additional details about the initiative in 10-14 days. In the meantime, the Arizona Department of Housing (ADOH) will be conducting outreach to lenders and other community stakeholders to begin to develop a plan of action.
Please visit this link to view the White House fact sheet about the program. ADOH will post additional details as they are released. 2/24/10
Governor signs 2010 Qualified Allocation Plan
The 2010 Qualified Allocation Plan (QAP) was signed by Governor Janice Brewer on February 9, 2010. The final text of the report is available on the Publications page. 2/11/10