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Mountainland Continuum of Care February Newsletter Ending Homelessness in Utah, Summit, and Wasatch Counties |
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| Agency Spotlight - Utah Regional Housing |
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One year ago, the Utah Regional Housing (formerly Provo Nonprofit Housing Development) Board approved the formation of the Utah Community Land Trust, UCLT, with a vision of providing a substantial increase in housing that is available to working families that earn 80% of area median income (AMI) or below. One of the problems identified by URH is the lack of lower priced “starter” homes. If renters making 70 - 80%of AMI can’t move up to home ownership and out of rental units, then the whole rental market is stuck. UCLT will be concentrating on providing new or existing/rehabilitated homes, townhomes, and condos in the $170,000 to $235,000 range.
Here’s how the UCLT homeownership program typically works: - In order to qualify to purchase a UCLT home, households must have incomes at 80% (100% in some high cost areas) of AMI or below as determined by local needs and available funding sources. Deeper subsidies require more equity from UCLT. Additionally, eligible homebuyer households must be able to qualify for mortgage financing from a local bank to be able to purchase the home at the affordable price offered by UCLT.
- A UCLT homebuyer purchases the home at this affordable price and leases, from UCLT, the land on which the home sits. This lease agreement – which allows the homeowner an exclusive, recorded right to use the land – has an initial term of 99 years, can be passed along to the homeowner’s heirs, and can be renewed for one additional 99-year term.
- By signing the lease agreement, UCLT homebuyers agree to occupy (not rent or sublease) the home, take care of their home, to act responsibly as neighborhood residents, and to abide by all laws, city codes and ordinances, as well as the terms and conditions of the ground lease.
- UCLT makes ongoing support and assistance available to its homeowners to help ensure they remain successful as homeowners.
- In exchange for the opportunity to own a home they would not have been able to afford, at resale the UCLT homeowner is allowed to keep all of the equity they have earned plus 25% of the increase in value of the home while they owned their home. The remainder of the home’s appreciation in value remains in the home, so the home is affordable for purchase by another limited-income household. UCLT manages the resale process, ensuring that the home is sold to the incoming homebuyer household from the UCLT waiting list at this affordable price.
With the addition of UCLT, our organizations serve the entire affordable and low income housing needs of Utah County. Provo City Housing Authority provides assistance to those at 30% AMI or below, URH serves the homeless population and those at 30 – 60% AMI, and UCLT will serve those at 60 – 100% of AMI. The challenges of the next 40 years are enormous but not insurmountable if we work together and we start attacking the housing issues today.
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Homeless to Homeownership and Beyond Brochure
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The Homeless to Homeownership and Beyond Brochure has been updated. Please review the attached document (if you haven’t already) and let Kena know of any changes or additions at kjmathews@orem.org. We are hoping to go to print after the Continuum meeting in February.
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The City of Orem’s Planning and Community Services Departments recently partnered with the Please join the Utah Housing Coalition for the 2020 Housing Day on the Hill on Wednesday February 19, 2020 at 7:15 am. The event will take place in the Auditorium, State Office Building.
We have invited all 104 state elected officials to the event. Representing both parties, 32 of them accepted the invitation and 15 might or might not make it.
7:15 - 8:00 am Breakfast
8:00 - 8:10 am Welcome
8:10 - 10:00 am Speakers - Jonathan Hardy, Olene Walker Housing Loan Fund
- Representative Marsha Judkins
- Representative Joel Briscoe
- Senator Jake Anderegg
- Panel discussion: Behavioral Health & Housing
10:00 - 11:00 am Individuals are invited to reach out to their legislators during floor time
Registration $15 REGISTER HERE
We have scholarships available for low-income individuals. Please, email Francisca Blanc for a scholarship request. Fblanc@utahhousing.org
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| Please let the Community Relations Committee know of any bills that we should be watching this legislative session. The Community Relations Committee would like to help track them and will include information in our legislative newsletter. Please send information to Kena at kjmathews@orem.org. |
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Call for Articles and Updates! Please send articles, updates, events, etc. for the Continuum’s social media pages and the website to Heather at heatherh@unitedwayuc.org. Next month Newsletter Items The March Newsletter items are due February 24, 2020. Please send any updates to Kena at kjmathews@orem.org. We need an agency spotlight – who would like to write one? |
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