Letter from President Grant S. Whitaker
Thank you for reviewing Utah Housing Corporation’s 2011 annual report. This past year has presented tremendous challenges as we have sought to fulfill our mission: “Serving Utah’s housing needs through finance and innovation”. The nation and the state continue to face many obstacles to assist low and moderate-income families in having safe, affordable housing. Yet, Utah Housing has gone to work using creativity and ingenuity to allow its programs to maintain their strength and momentum.
Utah Housing recognizes its obligation to take different paths to provide affordable housing opportunities to Utah's growing population when old, well worn ways are dead ended. We cannot wait for the return to normalcy before we serve Utahns in need of affordable housing or to take steps to maintain Utah Housing's financial strength. Last year, through our FirstHome and FirstHome Plus programs, over 1700 families purchased their first homes-- a typical year in terms of production, despite the tumultuous economy. Last year Utah Housing issued $181,070,015 bonds through the U. S. Treasury sponsored New Issue Bond Program (NIBP) utilizing our total single family allotment by March. To supplement NIBP, we also sold $93.7 million Ginnie Mae mortgage backed securities to continue funding loans for Utah's growing population. We continue to rely on Ginnie Mae MBS as our primary funding source, and have found it to serve our clientele very well, while maintaining profitability for Utah Housing.
UHC services every loan we purchase to assure that each home buyer has personal service and the best option for recovery if difficulties arise in their household. UHC delinquency and foreclosure levels are below comparable loan portfolios in Utah. We helped 287 families into new affordable rental units through the allocation of Low Income Housing Tax Credits (Credit) and the issuance of multifamily bonds. Utah's effort to end homelessness is bolstered through the Credit program, since virtually every transitional unit was built in apartment projects funded by Credits allocated by Utah Housing. We continued our collaboration with local communities and organizations through the CROWN, ECHO and REACH programs.
The future is uncertain, and even the most astute professionals cannot predict what tomorrow holds. However, Utah Housing has been a steady and reliable pillar for affordable housing in the community for thirty-four years, and has weathered many storms. Our commitment to bond owners is unwavering, and our adequacy of resources is unquestioned. I am grateful to our devoted Board of Trustees for their competence and tireless efforts to support our work. We are fortunate to have such an able group who constantly draw on their professional experience to offer the best possible opportunities to Utahns. Additionally, our business partners help us to succeed in countless ways as we endeavor to implement necessary changes. We appreciate their unwavering creativity and support. We affirm to them our ongoing commitment to serve affordable housing needs for Utahns in a responsible and economic manner. Finally, our employees are the foundation of our organization that allows it to run smoothly from day-to-day. I’m truly appreciative of their loyalty to our mission and diligence in each of their positions. We are confident that the outlook for Utah Housing Corporation is bright, and we look forward to walking these new paths together with you.
Grant S. Whitaker
President & CEO
