Article from Utah Division of Housing & Community Development
Link to article:
http://housing.utah.gov/news/?p=35
More Affordable Housing for Downtown SLC
July 21st, 2009
124 Affordable Housing Units Coming to Downtown Salt Lake City
SALT LAKE CITY – The Private Activity Bond Board (PAB) authorized $9.8 million in tax exempt bond authority for the construction of 124 units of affordable housing in downtown Salt Lake City during a board meeting held on July 8.
The bonds will help Wasatch Advantage Group construct Providence Place Apartments, a single building project consisting of studio, one and two-bedroom units at 309 East 100 South.
“With the development of the City Creek project and the creation of hundreds of retail jobs in the downtown area, Providence Place Apartments will allow many workers to affordably live near their place of employment,” said Gordon Walker, PAB Chairman and Division of Housing and Community Development Director. “This is an extraordinary project in that the amenities and interior appointments of the development are those you would expect in a Class A housing project.”
Providence Place Apartments will offer an array of amenities including a club house, library and computer room with WI-FI access, secure parking, and a community room. The unit amenities include garbage disposals, air conditioning and balconies.
The Private Activity Bond Authority is Utah’s tax-exempt bonding authority creating a lower cost, long-term source of capital under the Federal Tax Act of 1986. As a result, the federal government allocates over $28 billion per year to states on a per capita basis, with Utah receiving $273,270,000 bond authority in 2009.
The program is managed by the Division of Housing and Community Development under the Utah Department of Community and Culture