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ST. George — The Utah Housing Preservation Fund recently announced an important milestone in its mission to provide safe and affordable housing to Utahns. UHPF worked with the City of St. George to successfully acquire Sunset Springs Apartments. This is a move that highlights her UHPF's commitment to preserving affordable housing in the region.
Sunset Springs Apartments is a family-owned and operated 124-unit apartment community that was purchased by UHPF to keep rents low and prevent significant rent increases that could drive out tenants. Built in 1987, this well-maintained property aligns with the foundation's commitment to ensuring permanent affordable housing in Utah.
“We are excited to hear that the Utah Housing Preservation Fund has acquired Sunset Springs. Apartments and save much-needed affordable housing in our city,” St. George said. Mayor Michelle Randall said in a UHPF press release. “It is critical that St. George’s workers have access to services such as: Because safe and affordable housing is a critical component to a thriving local economy, Such investments are always welcomed and appreciated. This extremely important move This is the power of public-private cooperation. ”
Sunset Springs Apartments marks a significant milestone for the UHPF organization as it will be our first venture into southern Utah. In a press release, UHPF said it is excited to make an impactful investment in this vibrant region, meeting the growing need for affordable housing options not only along the Wasatch Front but across the state. announced their efforts.
“We have been diligently searching for a property to bring more affordability to southern Utah. Sunset Springs is a perfect fit for our mission and desire to support families in every region of Utah.” ,” said UHPF Director Lucas Rid.
The UHPF is positioned as a stabilizing force as we head towards 2023, which will be characterized by turmoil in real estate. Recognizing the challenges that individuals and communities face in response to market fluctuations, the Fund is actively working to cushion the impact of these changes.
By strategically preserving and enhancing affordable housing options, UHPF aims to bring stability to neighborhoods and support families as they navigate the evolving real estate landscape. In the face of uncertainty, their commitment to housing preservation remains steadfast, providing a ray of hope and resilience to individuals and families in need.
About Utah Housing Preservation Fund
UHPF is dedicated to ensuring safe and affordable housing for Utah residents, with a strategic focus on affordable housing preservation. By purchasing, deeding, and managing real estate, UHPF ensures that Utah's existing affordable housing remains available to those who need it, now and for generations to come. I am. With the threat of the Low Income Housing Tax Credit expiring and increased out-of-state investment, preserving existing affordable housing is a critical step in protecting Utah's housing ecosystem.
evergreen affordable housing
UHPF employs the concept of “evergreen affordable housing” to describe its approach. This means the fund never sells the homes it acquires in order to maintain long-term affordability. The fund actively protects and preserves existing housing, preventing evictions and stabilizing rents at relatively low cost. This method ensures that new developments add to housing supply rather than simply replacing lost housing. For more information, visit uhpf.org.
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