(KFVS) - Heartland states will receive millions from the U.S. Department of Housing and Urban Development for affordable housing.
HUD will allocated the following amounts:
- Missouri - $10,536,095
- Illinois - $30,702,615
- Kentucky - $6,716,410
- Tennessee - $9,736,855
In total, HDU awarded nearly $700 million nationwide. You can click here to see the full list.
The Housing Trust Fund was launched in 2008 as an affordable housing production program.
It’s capitalized through the contributions made by Fannie Mae and Freddie Mac.
This program focuses specifically on housing for some of the most vulnerable populations.
A state must use at least 80 percent of each annual grant for rental housing; up to 10 percent for homeownership; and up to 10 percent for the grantee’s reasonable administrative and planning costs.
The money may be used for the production or preservation of affordable housing through the acquisition, new construction, reconstruction and/or rehabilitation of non-luxury housing with suitable amenities.
All HTF-assisted units will be required to have a minimum affordability period of 30 years.