Boston Capital is investing in the construction of a 168-unit mixed-use, multifamily development for families in Salt Lake City.
The company said it investing $11.5 million in low-income housing tax credit (LIHTC) equity to help finance the development of North Temple Flats. The general partner is Summit Housing Group, based in Missoula, Mont.
North Temple Flats will include 107 one-bedroom/one-bath units and 61 two-bedroom/two-bath units in three four-story buildings. Unit amenities will include central air conditioning, washers and dryers, dishwashers, and patios or balconies. The apartment community will offer a community room with a kitchen, a computer room, a BBQ area with seating, storage lockers, and 76 covered parking spaces.
The development is located within one block of the TRAX line, the area's light-rail system, providing convenient access to schools, community facilities, retail services, and recreational opportunities.
"North Temple Flats represents our 12th investment with our partner and good friend Scott Long and the Summit Housing Group," said Jack Manning, president and CEO of Boston Capital. "We are excited to be part of the team bringing high-quality affordable housing with great amenities to families and individuals in Salt Lake City, an area with a strong job market and growing economy."
The apartments will be available to families earning 50% or less of the area median income (AMI), including five homes for families at or below 25% of the AMI, 15 homes for families at 35%, 58 homes at 45%, and 19 homes at 50%. Seventy units will be available at market rates, and 10 units will be available to residents with special needs. Additionally, five units will be available to homeless families, and 14 units will be wheelchair accessible. Supportive services will be provided by local nonprofits for the developmentally disabled and homeless residents.
Boston Capital, a LIHTC syndicator and real estate investment and advisory firm, has invested in more than 1,200 apartments in Utah.
Summit Housing Group has over 10 years of experience developing multifamily properties. It has completed construction of multifamily housing with total development costs of over $145 million and provided 978 units in Montana, South Dakota, Utah, and Wyoming.