SALT LAKE CITY (KUTV) — Salt Lake City is getting creative with how it invests into affordable housing in the city.
$14.4 million in affordable housing funds are available for developing affordable housing in Utah’s capital. $6.4 million of that is dedicated to projects with an affordable ownership component.
What do these investments look like?
The Salt Lake City Community Reinvestment Agency is a big part of projects like the Aster Apartments, Spark Apartments, and recently opened Arbor 515. These have an element of rent control incorporated into them.
The Salt Lake City Community Reinvestment Agency is a big part of projects like the Aster Apartments, Spark Apartments, and recently opened Arbor 515. These have an element of rent control incorporated into them. (KUTV)
Tena Holbrook a new resident of Arbor 515 said it was a “Dream come true.”
The apartment building is unique. It was once an office space in downtown Salt Lake City and now it has been recently converted into affordable apartments.
The housing project is designed to return the majority of its short- and long-term economic proceeds to the residents that live within it with a model known a Tenant Wealth Initiative. The building includes 96 affordable family units that are rent controlled.
Browne Sebright, project manager of Salt Lake City Community Reinvestment Agency defines affordable housing as, “spending no more than 30% of your income on housing costs.”
Sebright works with the Salt Lake City Community Reinvestment Agency to help secure funding for affordable housing projects like Arbor 515.
“We invest in housing a bunch of different ways,” said Sebright. “For the most part, we are running financing programs, so we are lending money to developers and nonprofits for them to build their affordable housing projects.”
“We get our revenue through property taxes, we do some of our own development, for an example the Aster is a piece of property we bought a few decades ago,” he added.
Sebright says these investments impact all taxpayers. “It strengthens our community as a whole when people are able to live in places that are near their jobs, near schools for their kids. And it is an investment. We are not giving away this money; it is a loan that has to be repaid with interest,” he added.
People like Mary Finara, who just moved into Arbor 515, say she now has the weight of high rental costs off her shoulders.
“We have a housing problem across the country,” she said. “I hope Salt Lake can set an example.”
She says she is grateful for this opportunity to be able to live in a space that allows her to focus on investing in her community.
“It’s wonderful, really convenient, beautiful building, great staff, I love my apartment,” she added. “I can see myself living here a long time.”
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