HUD Donates $382 Million for Affordable Housing Development
Each state will be provided with Housing Trust Fund allocations to increase the supply of affordable housing for extremely low- and very low-income households
May 5, 2023
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The U.S. Department of Housing and Urban Development (HUD) recently allocated $382 million through the nation's Housing Trust Fund, an affordable housing production program that aims 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, the department said in a recent press release.
The Housing Trust Fund is being capitalized through contributions made by Fannie Mae and Freddie Mac, and each state will be allocated a minimum of $3 million.
The Housing Trust Fund helps 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. One hundred percent of funds must be used for extremely low-income families. This targeting ensures the priority of this program is helping those with the greatest needs.
