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Phoenix City Council approves Housing Trust Fund policy to back affordable housing programs
Summary
The Phoenix City Council unanimously approved a policy framework for the new Phoenix Housing Trust Fund, outlining eligible uses (homeownership aid, preservation, gap financing), administration by the Housing Department and initial funding sources. Staff said the fund holds about $3.5 million now and will return in spring with options for permanent revenue.
The Phoenix City Council unanimously approved a policy framework for the Phoenix Housing Trust Fund on Nov. 18, establishing how the city will administer and deploy a newly created dedicated fund to create and preserve affordable housing.
Housing Director Titus Matthew said the fund was established in May and currently holds approximately $3,500,000, including $2,000,000 in American Rescue Plan Act interest earnings, and is intended to be a flexible local tool to “accelerate the creation and preservation of affordable housing.” The policy approved by council lays out permissible funding sources, administration by the Housing Department, and priority uses tied to households at or below 80% of area median income (AMI), with additional emphasis on households at or below 50% AMI.
The approved framework lists permitted uses such as down-payment and homeownership…
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