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Utah Housing Preservation Fund gets $10M boost

Affordable housing development
Posted at 11:26 AM, Dec 13, 2022

SALT LAKE CITY — Affordable housing in Utah received a boost from a $10 million investment by Comenity Capital Bank to the Utah Housing Preservation Fund, which will be used to purchase and preserve rental properties and offer them at affordable rates over the next ten years.

This announcement comes just days after Governor Cox announced his $28 billion proposed budget that includes a large percentage dedicated to affordable housing.

Already this year, UHPF has purchased 276 affordable housing units with rents averaging over $300 less per month than the market rate.

This effort was made in partnership with Veterans Affairs, Catholic Community Services, and the Road Home.

“The Utah Housing Preservation Fund is 'evergreen,' meaning the Fund’s impact on affordable housing will last for generations,” said Lukas Ridd, UHPF Fund Manager.

Comenity Capital Bank is a subsidiary of Bread Financial.

UHPF relies on investors and donors to keep rental housing units affordable; go here to learn more.