The U.S. Department of Housing and Urban Development (HUD) last week announced nearly $700 million in nationwide funding to support affordable housing for extremely low- and very low-income households.
Kansas expects to receive $4,207.374, of which $3,786,636 will be available for rental housing development through the Housing Trust Fund (HTF), a federal initiative designed to provide affordable rental housing to low-income households. This represents an increase of just under $1 million in available HTF funds compared to previous years.
Kansas Housing Resources Corporation (KHRC) allocates HTF money through the annual competitive rental development application process, which also includes Low Income Housing Tax Credits (LIHTC) and HOME funds. Applications for the current round closed in late January, with those proposals currently being evaluated by KHRC staff.
KHRC often does not know the exact amount of funding that will be available prior to the closing of applications. Because the HTF pool is based on annual activity by Fannie Mae and Freddy Mac, it is unknown whether future allocations will also increase, or will be at the $3 million minimum.
This year’s increase will allow greater flexibility in how available resources can be directed to successful rental development proposals. Remaining HTF funds, if any, will be held for future needs subject to the statutory commitment deadlines.
Kansas Housing Resources Corporation (KHRC) is a self-supporting, nonprofit, public corporation committed to helping Kansans access the safe, affordable housing they need and the dignity they deserve. KHRC serves as the state’s housing finance agency (HFA), administering essential housing and community programs to serve Kansans.