• HUD announced the launch of the National Housing Trust Fund. The fund, which is capitalized through Freddie Mac and Fannie Mac, will provide $174 million to federal, state and local efforts.
  • The funds must be used to create affordable and healthy living environments for low and very low-income families, including families who are homeless. The financing will be available summer 2016.

On April 4, the U.S. Department of Housing and Urban Development announced that $174 million will be made available through the National Housing Trust Fund.

The fund will complement existing federal, state and local programs to provide low and very low-income households, including families who are homeless, with safe, affordable and sanitary housing.

[Tweet “.@HUDgov has launched the National Housing Trust Fund, infusing $174M into the problem. “]

The fund is capitalized through funds from Freddie Mac and Fannie Mae, and it will be administered through HUD.

“This is an exciting new tool to help states across the country to produce more critically needed affordable housing,” said HUD Secretary Julián Castro in a press release. “The National Housing Trust Fund will play an important role in creating new opportunities for those who are most in need to secure a safe, decent and affordable home they can call their own.”

Grantees of the fund must use 80 percent of each annual grant for rentals, 10 percent for homeownership housing and 10 percent for reasonable administration and planning costs.

Furthermore, the fund may also be used for “the production and preservation of affordable housing through acquisition, new construction, reconstruction and/or rehabilitation of non-luxury housing with suitable amenities.”

Eligible activities and expenses include:

  • 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 percent of each grant)
  • Reasonable administrative and planning costs

The grants will become available summer 2016.

Email Marian McPherson

Connect with me on Facebook!

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×