Nearly $174 million will soon be made available through the first allocations of the National Housing Trust Fund, announced the Department of Housing and Urban Development (HUD).

HUD Secretary Julián Castro made the announcement at the National Low Income Housing Coalition’s 2016 Policy Forum in Washington, D.C. The Coalition was a key advocate for the Trust Fund, a new affordable housing production program that is capitalized through contributions by government-sponsored enterprises Fannie Mae and Freddie Mac and is administered by HUD.

HUD expects to make individual allocations to states later this spring and anticipates these funds can be drawn upon as early as this summer.

“This is an exciting new tool to help states across the country to produce more critically needed affordable housing,” said Castro. “The National Housing Trust Fund will play an important role in creating new opportunities for those who are most in need to secure a safe, decent, and affordable home they can call their own.”

Read more about the Trust Fund.

And, here's a video about the Trust Fund: