First Allocations Expected Summer of 2016
$3.73 Million for NJ
At the Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (THUD) hearing on March 10, 2016, HUD Secretary Julián Castro discussed the schedule for distribution of the NHTF.
The National Low Income Housing Coalition is working with the Housing and Community Development Network of NJ, of which Monarch is a member, who will participate in the development of their state’s NHTF allocation plans.
In New Jersey, the Department of Community Affairs will administer the NHTF.
“We expect the first allocations of the Housing Trust Fund will be made this summer. There’s a timeline here that will kick off basically in April where states will have to submit to us a state allocation plan and then we’ll have 45 days to respond to that. So we are confident that the timeline now for the states that are the most timely to submit their plan will be in the summer.”
Tentative Timeline for 2016
- February 18: Fannie and Freddie filed annual reports with SEC that cite $186.6 million for NHTF for 2016.
- Mid-March: HUD publishes state Allocation Plan guidance.
- Mid-April: HUD publishes NHTF allocations to states in Federal Register.
- March-April: States develop Allocation Plans following Consolidated Plan (ConPlan) public participation procedures, including at least a 30- day comment period.
- May-June: States submit Allocation Plans. HUD has 45 days to review; plans are approved after 45 days if HUD does not comment.
- Summer: When Secretary Castro wants to distribute NHTF funds