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Governor proposes $20M Affordability Fund and $2.5M housing acceleration seed; suggests $3.50 nightly fee on short-term rentals
Summary
To tackle housing and utility costs, the governor proposed a $20 million Arizona Affordability Fund, a $2.5 million housing acceleration seed, and recommended a $3.50 nightly fee on short-term rentals as a sustainable revenue source.
The governor proposed a new Arizona Affordability Fund to help working families manage housing and utility costs, saying the state will start the initiative with $20 million and will seek a recurring funding source. "I'm starting this initiative today with a $20 million investment," the governor said.
As part of a broader housing push, the administration announced a housing acceleration fund intended to leverage public and private dollars and produce affordable homes more quickly. "I'm proud to also announce that I will kickstart this initiative with a $2.5 million investment," the governor said, adding that the fund could generate up to $10 in financing for each state dollar invested.
To provide ongoing revenue, the governor proposed a modest nightly fee on short-term rentals. "By asking vacationers to kick in $3.50, less than a cup of coffee, we can deliver major change for the working people in our state who are struggling to get by," he said. The proposals were presented as part of the executive budget and policy requests to the legislature; each measure will require statutory or fee-authority changes and appropriation by lawmakers.
