Arizona Department of Housing Director Michael Trainor said his department’s Housing Trust Fund is almost depleted. Trainor said the recession is the primary reason the fund has dropped from $30 million in 2008 to $2.5 million, where it remains today.
Trainor wants to see the fund replenished, but he said that won’t happen until the state gets the budget in shape.
"What I hope is that as the budget turns around and we have opportunity to potentially expand the housing trust fund, that we are able to do that because there is a lot of opportunity in our state—and in this country—especially with moderate to very low income people, to help them with housing," he said.
The fund helps homeless, disaster-stricken, tribal and low-income residents by financing shelters and affordable housing projects. Those projects stimulate the housing market. As a result of the funding drop, the department has drastically reduced the number of people it helps.