An impact study conducted by Economic & Planning Systems Inc., which was commissioned by CHIFC, outlined the impact of creating a trust.
At least 34 states have housing trust funds.
According to the study, an average of 3,400 rental and for-sale housing opportunities for low- and moderate-income families would be created.
Also, each dollar of equity investment in a trust fund would leverage an additional $10 of public and private investment in affordable housing.
In addition, the construction and real estate industries would experience direct effects of $160 million of economic activity and 1,158 jobs each year, generating total direct, indirect and induced impacts of $290 million and 2,804 jobs annually in construction and real estate alone.
The fund also would help financially strapped rents, freeing up an average of $2,460 per household to spend on goods and services that otherwise would have been spent on housing.
The new economic activity would generate more than $26 million of annual tax revenues, more than $13 million of which would accrue to state and local governments, according to the report.
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