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Utah Housing Corporation Announces Additional $5.3 Million Housing Credits to Advance Affordable Rental Housing Across the State

Published on January 26, 2021 by Utah Housing Corporation
Utah Housing Corporation Announces Additional $5.3 Million Housing Credits to Advance Affordable Rental Housing Across the State

On March 18, 2020, a 5.7 magnitude earthquake hit the Salt Lake Valley, with an epicenter 6 km north-northeast of Magna, Utah. Because of this earthquake, the State of Utah was approved for a federal disaster declaration. The Consolidated Appropriations Act of 2020, H.R. 144, signed into law by President Trump on December 27, 2020 allocated additional 9% Housing Credits, to several states affected by natural disasters in 2020. Utah received an additional $5,300,000 of Housing Credits. The federal tax laws empower the Housing Credit allocation to be multiplied nearly 10 times and will result in several hundred new units or preservation of existing units of affordable rental housing.

Because of Utah’s urgent need for affordable housing and to get these Housing Credits into the hands of developers as soon as possible, Utah Housing Corporation, the state’s Housing Credit allocating agency, will hold an interim competitive round with applications due April 26, 2021.

Grant S. Whitaker, President and CEO of Utah Housing, remarked “Utah is so fortunate to have received these additional Housing Credits. Our team is braced and looking forward to a robust round with projects that will increase the stock of affordable rental housing throughout our great state. It will be a busy few months as we gear up for 2022 and hold the requisite professional input meeting and public hearing and make adjustments to the 2022 Qualified Allocation Plan (QAP) while at the same time accept and score interim round applications and then make these Housing Credit awards based on the 2021 QAP.” The Application portal is now open and Applications will be due no later than 5:00 p.m., Monday, April 26, 2021.  Awards will be made not later than July 29, 2021.

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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 over 102,000 mortgages representing a nearly $13 billion investment and financed 31,000 affordable apartments since 1978.  Please visit Utah Housing’s website at www.utahhousingcorp.org for additional information.