Utah Housing Corporation is set to receive more affordable housing units

More affordable housing is available on the way to Utah. The Utah Housing Corporation announced Friday that its board has approved a new round of tax credits designed to boost the supply of that type of housing, though leaders acknowledge it’s not enough.

According to a news release, federal and state tax credits totaling more than $20 million will establish approximately 1,500 new affordable housing units for low- and moderate-income Utahns.

This credit will help pay for affordable housing developments in nine communities in eight counties across the state.

David Demschen, CEO of the Utah Housing Corporation, said, “These housing projects are located across the state – both rural and urban, and east and west, north and south – and are critical in terms of a balanced attack on the housing affordability crisis.”

Damschen said the significant increase in units this time is due to a massive appropriation for the state’s low-income housing tax credit by the Utah Housing Corporation Legislature and Governor Spencer Cox. He said about 300 of the new units will be permanent supportive housing for people experiencing homelessness or mental health challenges.

The tax credit goes to investors, and the money they earn allows them to charge below-market rents. Under the guidelines, new units will have to remain affordable for at least 50 years.

Still, leaders acknowledged there is still a tremendous need for Utah Housing Corporation for low-income Utahns. Just last month, KUTV 2News reported that 130 families in Millcreek were set to lose their affordable housing because the Holladay Hills Apartment Complex would no longer participate in the state’s low-income housing tax credit program.

Preeti

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