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April 11, 2019

MaineHousing: Federal funding has been allocated for low-income rentals

MaineHousing reports in its April newsletter that the Federal Housing Finance Agency has announced it will be releasing a new round of allocations through the National Housing Trust Fund.

In previous years, Maine has received $3 million in Housing Trust Fund allocations and MaineHousing  reported that it expects to receive that amount later this year when the U.S. Department of Housing and Urban Development releases the funds.

The purpose of the National Housing Trust Fund is to provide grants to state governments to increase and preserve the supply of rental housing for extremely low-income and very low-income families, including homeless families, and to increase homeownership for extremely low- and very low-income families.

MaineHousing said it allocates trust funds to developers through an RFP process that specifies the funding is to be used for affordable rental housing within Maine for extremely low-income (30% or more of area median income) households.

About the trust fund

The National Housing Trust Fund is the first new housing resource since 1974 targeted to building, rehabilitating, preserving, and operating rental housing for extremely low-income people. In 2016, the first $174 million in Housing Trust Fund dollars were allocated to states. In 2017, $219 million was available, and in 2018, $267 million.

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