SALT LAKE CITY — Affordable housing across Utah will receive a boost thanks to a $10 million contribution to the Utah Housing Preservation Fund, whose mission is to renovate low-income housing across the state.
This contribution comes from American Express National Bank, and will allow UHPF to preserve over 100 affordable housing units across the state.
One such example is Elk Meadows in Park City (now Victory at Summit); UHPF was able to buy the property before the deed was set to expire. Units there are rented at roughly $400 below the market average.
“Home security is a big deal. What American Express National Bank has done to help is a big deal, and their example will hopefully encourage others to get involved,” said Lukas Ridd, UHPF Director of Operations and Finance.
UHPF aims to preserve Utah’s existing affordable housing by purchasing, remodeling, and rent-stabilizing housing units in partnership with municipalities, non-profits, philanthropists, and community banks.
More information can be found here.
