Fourteen developments have received approximately $6.1 million in low-income housing tax credit (LIHTC) reservations from the Utah Housing Corp.
The winning projects were selected from 24 applicants requesting $11.6 million in annual housing credits.
They include developments in Beaver, Draper, Moab, Murray, Ogden, Pleasant View, Provo, Roosevelt, Salt Lake City, and Sandy. They range in size from four to 119 rental units, representing both new
construction and rehabilitation deals.
The developments will provide affordable housing for seniors, veterans, refugees, and working families and individuals unable to pay market-rate rents.
Authorities say the economic benefits of the LIHTCs go beyond funding the individual housing developments.
"Typically a million dollars in new residential construction activity generates approximately 24 total jobs in Utah," said Jim Wood, director of the Bureau of Economic and Business Research at the University of
Utah, in a statement. "The projects receiving 2013 LIHTCs will create about $70 million in construction activity, producing well over 1,600 jobs during the construction period. And what's exciting is that as
long as the LIHTC program continues, a similar level of new construction and job impacts will be generated each year. It is also very important to note that without the LIHTC program these job impacts
and the construction activity would not otherwise occur."
Grant S. Whitaker, president and CEO of Utah Housing, agreed. "Every year the LIHTC program leverages millions of dollars of private resources for the development of affordable rental housing," he said. "The program not only creates affordable housing for lower-income Utahns, it creates construction and real estate 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 Utah."
Officials expect the projects to begin construction, with some being completed by the end of the year.
Applications for 2014 LITHCs will be due to Utah Housing