By InBusiness Phoenix
The City of Phoenix solidified the framework for an innovative solution to accelerate the creation and preservation of affordable housing in Phoenix. The City Council approved a new policy that guides how the City’s Housing Trust Fund will be used now and in the future.
There is a shortage of nearly 60,000 affordable and available rental units in Phoenix, with the greatest need being for very low and extremely low-income families. While federal and state funding provides some support, it is not enough to fill the gap. To help address this urgent need, and ensure everyone can have a safe, affordable place to call home, the City Council created the Phoenix Housing Trust fund in May 2025. It currently has $3.48 million dedicated for funding affordable housing activities in Phoenix and will grow as additional funds are identified. This policy approved today guides how the money is administered, what it can be spent on, and how funding decisions are prioritized so that resources go where they’re needed most.
“Improving access to safe and affordable housing is a priority for me and my colleagues on the City Council,” Mayor Gallego said. “The rising cost of housing is a national issue, and we’re experiencing reduced federal and state support to address it. The City of Phoenix remains committed to doing our part to support families’ ability to thrive, and the Housing Trust Fund is a crucial tool that will grow over time to drive affordable housing development and create pathways to homeownership.”
