HOUSING Washington's Housing Trust Fund explained
The state’s Housing Trust Fund has been around for almost 40 years, but recently it’s been top of mind for legislators.
Washington needs more than one million homes in the next two decades, according to a report last year from the state’s Department of Commerce, half of which must be affordable for those with the lowest incomes. The trust fund is the state’s primary way to funnel money toward affordable housing, and lawmakers have been pouring money into it.
Last year, they provided a record $400 million for the fund, spread across various projects and types of housing. This year, legislators followed up with another $127 million infusion.
What does it pay for?
Lawmakers approved legislation creating the trust fund in 1986, envisioning it as a “continuously renewable resource” to help low and very low-income people meet their basic housing needs. Since then, the state has invested about $2 billion from the fund into affordable housing. This money has helped build about 58,600 housing units.
https://washingtonstatestandard.com/2024/04/08/washingtons-housing-trust-fund-explained/