The proposed bill would amend section 44-313 of the Arizona Revised Statutes regarding the distribution of unclaimed property funds. It introduces a new provision that mandates fifty-five percent of the unclaimed property monies to be deposited into the housing trust fund, with a specific requirement that forty percent of these funds be allocated exclusively for developing eligible and viable housing in rural areas. Additionally, the bill modifies the existing allocation for the seriously mentally ill housing trust fund, changing the amount from "two million dollars" to "$2,000,000" and maintaining the requirement for this deposit after the initial allocation.

Furthermore, the bill updates the allocation for the department of revenue administrative fund, increasing the amount from "twenty-four million five hundred thousand dollars" to "$24,500,000" each fiscal year. It also retains the requirement for the department to maintain a separate trust fund, adjusting the minimum amount from "one hundred thousand dollars" to "$100,000" for paying claims. Overall, these changes aim to enhance funding for housing initiatives while ensuring proper management of unclaimed property funds.

Statutes affected:
Introduced Version: 44-313