Affordable Rentals

The lack of affordable rental housing is a problem that continues to grow each year. Utah Housing Corporation manages the allocation of resources including tax credits and tax-exempt bonds to provide a variety of affordable rental housing across the state.

UHC finances rental housing for lower income households by allocating Low Income Housing Tax Credits, the nation's most effective programs for financing affordable rental housing. The Housing Credits provide incentives for private sector capital to invest in the development of affordable rental housing. The program increases the availability of rental housing to households earning 60 percent or less of the area median income. Housing credits also enable investors to finance the construction or rehabilitation of affordable rental housing units for disabled, elderly, homeless and other special needs households.

This year's available Federal Housing Tax Credits were all allocated, generating over $44 million in affordable housing construction activity providing 689 additional units across Utah for lower income households.

In addition, UHC administers state of Utah credits to further target difficult-to-house populations. State credits are allocated to projects to provide benefits that include additional affordable units, lower rents, and special needs units, among others. State credits in the amount of $293,199 raised an additional $1,436,444 in equity to fund the construction of 123 new affordable units.