Serving Utah’s housing needs through finance and innovation.
Relationship to the State Government: Independent State Entity
Current Staff Size: 102Visit UHC's Website
UHC is established
First Multifamily Bonds issued for $3.3M
First LIHTC allocation for 10 projects, 564 units
“CROWN” (CRedits to OWN) very low income rent to own program launched
Issued record annual amount of fixed rate MRBs
Second mortgages available to all borrowers for down payments/closing costs
Online access to serviced loans is available to UHC borrowers
Total Financing Provided
Renters Served Since 1975
Homeowners Served Since 1975
This program is a lease-to-own affordable housing program that targets households earning no more than 60% AMI. An LLC, comprised of a local nonprofit affordable housing provider and a for profit investor, is formed to own/manage the home during a 15-year rental period. A tenant will rent the newly constructed home for below-market rent. Upon the completion of the 15-year rental period, the tenant is given the option to purchase the home for the remaining debt balance owed.
Completed Homes: 400
David C. Damschen
“Based on exceedingly strong demographic, employment, and economic factors, challenges to maintaining affordability of housing in Utah are especially pronounced and likely to be of lasting duration. Utah Housing Corporation’s near-term focus is on innovation in the areas of financing and construction methods, with an emphasis on rural communities.”
Sara, mom of two, was talking with her nephew, Evan, about how she was hopeful of owning home one day. Evan instantly started talking about a house he and fellow students were building. After driving to the home, Sara instantly fell in love with the floor plan and the fact that her nephew was so proud that he was assisting in the building process. As luck would have it, Sara qualified to purchase the home under the ECHO program (Educationally Constructed Housing Opportunity).