Here’s Everything Housing-Related in Gov. Katie Hobbs’ Budget
Republicans at the Arizona Legislature have yet to release their budget proposal and begin the late-night negotiations to reach a funding agreement by early summer.
But the starting point for talks on the coming year’s housing spending can be found in Gov. Katie Hobbs’ budget outline.
“Today, the high cost of housing is forcing that promise out of reach,” Hobbs told lawmakers on the opening day of the session in January.
“From Flagstaff to Sierra Vista, housing shortages and out-of-state speculators are driving up the price of housing,” she added. “To combat this, we are taking action.”
Hobbs says her priorities are to create more affordable housing units; help first-time homebuyers with counseling, down-payment and interest-rate assistance; support low-income homeowners with emergency repairs and renovations; and reduce homelessness.
Her budget outline calls for:
- $15 million for the Housing Trust Fund, which supports homeless shelters, transitional housing, eviction prevention, rapid rehousing and more.
- $10 million annual tax credit to extend the state Low Income Housing Tax Credit through 2031. LIHTC subsidizes affordable housing development, including close to 600 units in progress last year.
