Utah Housing Corporation Announces $10.7 Million to Advance Affordable Rental Housing Across the State
The Board of Trustees for Utah Housing Corporation approved staff recommendations to award Low-Income Housing Tax Credits (LIHTC) to 15 developments that achieved the highest scores in the recent application process. The credits will be leveraged with other financing, ultimately providing the resources for $137 million in total development costs and supporting 3,276 jobs.
According to a recent study, the shortage of affordable units for low-income renters in Utah continues to grow and currently stands at 49,500. Developments recently awarded LIHTC will create or preserve 754 units of affordable rental housing. Some of the units will be set-aside for special populations such as victims of domestic violence, mobility impaired individuals, and veterans. One project will provide 66 units of fully dedicated, permanent supportive housing for individuals and families experiencing chronic homelessness. The developments range in size from 4 to 140 units, and will be built in Beaver, Cedar City, Eagle Mountain, Gunnison, Panguitch, Park City, Salt Lake City, Tooele, and West Haven.
According to Grant S. Whitaker, President and CEO of Utah Housing, “Every year the LIHTC program leverages millions of private dollars in exchange for short-term tax advantages for the development of long-term affordable rental housing. The program not only creates affordable housing for lower-income Utahns, it creates construction and long-term property management jobs, and paychecks that are spent locally. In addition, the local and state tax base is enhanced. This program is a powerful economic engine.”
For more information about these awards or Utah Housing’s LIHTC program, please contact Claudia O’Grady, VP of Multifamily Finance, at email@example.com.
A self-supporting, nonprofit, public corporation of the state of Utah, Utah Housing is the state’s leader in financing affordable housing. Partnering with the private sector, Utah Housing provides mortgages and down payment assistance, finances rental properties and develops additional housing opportunities. Utah Housing has funded 101,700 mortgages representing a nearly $13 billion investment and financed nearly 31,087affordable apartments since 1978. Please visit Utah Housing’s website at www.utahhousingcorp.org for additional information.