A Message from William H. Erickson, President of Utah Housing Corporation

Utah's future appears bright as our state continues to grow. Utah continues to rank high in economic and employment growth. Five years ago, Utah hosted the world for the Winter Olympic Games. From prior to the Games until now, the Wasatch Front has been enveloped in a flurry of construction projects - new freeways, public transportation, hotels, condominiums, and sports venues.

While our state economy appears vital and robust, lower income families are finding that their wages are not keeping pace with skyrocketing housing costs. That's where the Utah Housing Corporation can help. With a mission to provide safe, secure and sanitary housing for Utah residents earning low and moderate incomes, UHC is dedicated to improving the quality of life for families, single parents, senior citizens, disabled and special needs people.

Most importantly, the Corporation meets this goal without using state revenue. Instead, UHC takes an innovative, entrepreneurial approach. Authorized by the state to sell tax-exempt bonds, UHC lends the proceeds to eligible borrowers through private lending institutions. These low-cost, low-interest mortgage loans enable more low-income people to invest in their own homes rather than incurring the expense of rent.

Finding quality, affordable housing in rural Utah is particularly difficult because of the additional cost to import labor and supplies to build homes in less populated areas. Through its nationally-recognized CROWN and ECHO programs, UHC partners with local communities to help solve this problem. The Corporation purchases land, finances construction, and works with local governments, construction trade schools, not-for-profit and for-profit entities to build affordable new homes for immediate sale or longer-term rent-to-own solutions.

Not only does UHC help more people obtain affordable housing, it increases job opportunities in the construction, mortgage and real-estate industries. This highly innovative Corporation has developed strong working relationships with banks, mortgage companies, construction firms and real estate agencies throughout the state.

I'd like to commend the Trustees and staff of Utah Housing Corporation on the fine job it has done in boosting our economy and helping more residents realize their dream of owning a home. UHC has truly helped unlock doors to affordable housing in Utah.