More than 100 affordable
housing advocates
in the private, government
and nonprofit sectors
formed Housing
Arkansas in 2008.
Housing Arkansas's
purpose is to address
the crucial need of safe
and decent affordable
housing for Arkansans
through the
funding of a state Housing
Trust Fund.
On March 30, 2009, Governor Beebe sign SB396 into law that allowed for the creation of a state housing trust fund. This law is known as Act 661. This authorizing legislation represents a key first step toward making affordable housing a reality for more Arkansans. The next significant step is to secure a source of revenue for the Arkansas State Housing Trust Fund.
The coalition will be seeking a permanent dedicated revenue source for the Trust Fund in the next legislative session. In the meantime, the coalition hopes to obtain a “start-up” source of funding for the Trust Fund for 2009-2010 in the range of $2 million to $3 million. This amount will support the process to establish the rules and regulations for the Trust Fund and will fund a few initial projects. One key benefit is that Housing Trust Funds on average leverage $7 in private and other funding for every $1 in state funding.
