The Daily Herald, February 13, 2020: Legislature considering big price tag solution for Utah’s affordable housing shortage
The Utah Legislature is considering a bill this session that would put tens of millions toward building and preserving affordable housing, as well as offering rental assistance to low-income families at risk of eviction.
Senate Bill 39 would appropriate $20.3 million in one-time funds and $10 million in ongoing funds to the state’s Olene Walker Housing Loan Fund, which “develop(s) housing that is affordable for very low-income, low-income and moderate-income persons as defined by the Department of Housing and Urban Development (HUD),” according to the Utah Department of Workforce Services.
Of this money, $15 million would fund bonds for private investors to develop affordable rental housing, the bill’s text says. Additionally, $5 million would match private dollars for the preservation of existing affordable housing units and $300,000 would be used to assist predevelopment costs for affordable housing projects in rural Utah.
