How can states and localities address housing needs in rural areas?
One strategy is to create housing enterprise zones that encourage the development of affordable housing in targeted areas by offering tax breaks to new owners. In addition, many states and localities are using housing trust funds that are usually established through legislation or ordinance. These funds have many revenue sources; among the most common are set-asides from local real estate transfer taxes, penalties for late payment of real estate taxes, and fees on other real estate-related transactions. Trust fund governing bodies decide how the funds are used. Some are used to subsidize the purchase of affordable housing by providing zero-interest loans or gap financing. Some are used to provide rental assistance, while others are used to serve homeless populations. States can also target HUD’s Community Development Block Grant (CDBG) and HOME funds, as well as their own resources and bond funding, to address rural housing needs. The CDBG program provides annual grants on a formula ba
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