housing trust fund; rural areas

This bill establishes a housing trust fund in Arizona to support affordable housing for low- and moderate-income households, with a specific requirement that a portion of the money be used exclusively for rural areas. The fund is financed through unclaimed property, transfers from other state accounts, and investment earnings, which the state treasurer will manage. Money from the fund can be used to build or renovate housing facilities and provide assistance for individuals with serious mental illness, while the director must prioritize projects that help families with children. The bill also mandates annual reports to the legislature detailing how the funds were spent and requires the department to consult with local governments before starting construction projects. Finally, the legislation exempts these funds from certain state appropriation rules and allows up to 10% of the fund to be used for administrative costs.