AZ SB1278

Amends Arizona Revised Statutes section 41-3955 regarding the Housing Trust Fund administered by the Department of Housing.

Requires a portion of housing trust fund monies to be used exclusively for housing in rural areas.

Modifies the annual report requirement to include a summary of projects and programs funded exclusively for rural housing.

Fund consists of unclaimed property deposits, transferred monies pursuant to section 35-751, and investment earnings used for housing opportunities for low and moderate-income households.

Clarifies that the department must notify and seek comments from local jurisdictions before proceeding with construction projects, without interfering with local planning, zoning, or land use regulations.