Affordable Rentals

The affordable rental housing problem continues to grow each year in our state. Utah Housing Corporation manages the allocation of state and federal Low Income Housing Tax Credits, and issues tax exempt bonds to provide a variety of affordable rental housing units across the state.

UHC finances rental housing for lower income households in part by allocating Low Income Housing Tax Credits, the nation's most effective program for financing affordable rental housing. The housing credits provide incentives for private sector capital to invest in the development of affordable rental housing. The program increases the availability of rental housing to households earning 60 percent or less of the area median income. Housing credits also enable investors to finance the construction or rehabilitation of affordable rental housing units for disabled, elderly, homeless, and other special needs households.

UHC allocated $8.7 million in annual 9% federal tax credits and $1.3 million in annual 4% federal tax credits. During this past year the housing credits that were allocated will generate over $184.1 million in affordable housing construction activity, providing 986 additional housing units across Utah for lower income households.

In addition, UHC administers state of Utah housing credits to further target difficult-to-house populations. State credits are allocated to projects to provide benefits that include additional affordable units, lower rents, and special needs.

Low Income Housing Tax Credits allocated by Utah Housing Corporation have financed 27,772 new affordable units since 1978.