CROWN PROGRAM PROVIDES A SOUTH SALT LAKE RESIDENTWITH A PLACE TO CALL HOME
About fifteen years ago, single-mom, Flowy Su’a and her young family were looking for a place to live.
October 31, 2012 – (RealEstateRama) — Flowy saw a news broadcast for a groundbreaking for Utah Housing Corporation’s CROWN (CRedits to OWN) project in South Salt Lake. Today, Flowy is all smiles and with very good reason. Flowy has lived in multiple countries including Samoa and New Zealand, but these exotic locations pale in comparison to the 3 bedroom, 2 bath, 1,200 square foot house that Flowy now lovingly calls “her own home.”
Utah Housing’s CROWN program is designed to provide below-market rents for homes such as Flowy’s by using tax credit financing to reduce the mortgage debt when the home is originally constructed. To further improve the affordability of the home, the City of South Salt Lake also provided deferred financing that removed the cost of the land from the mortgage. As Flowy made her rental payments over the past fifteen years, the mortgage debt on the home was paid down. This creative financing allowed her to purchase the home at a below-market price.
“Utah Housing is privileged to have developed the CROWN program. It has proven to be a once in a lifetime rent-to-own opportunity for Utah’s lower income households. Partnering with the City of South Salt Lake to finance these homes helps make this is a dream come true for qualifying families,” said Grant Whitaker, President and CEO of Utah Housing Corporation.
Flowy raised her five children in the CROWN home, including one child with special needs. The rambler layout accommodated the need for wheelchairs and medical equipment that need to be moved in and out of the home with ease. “This home is like my baby to me, I love it so much! I’ve been so blessed. Being able to buy this home has been a miracle for me. I had to quit my job 4 years ago to take care of my son full time. It’s hard to pay the bills by yourself when living on a fixed, retirement income. I’m glad the home was affordable,” said Flowy.
Flowy and her family would like to thank the individuals at Utah Housing Corporation, the City of South Salt Lake, Community Development Corporation of Utah, and her local community that all helped her find a place not only to call home, but “her home”.
About Utah Housing Corporation
Established by legislation in 1975 as an independent public corporation, Utah Housing Corporation is the leader in serving Utah’s affordable housing needs. Utah Housing is totally self-supporting and primarily provides mortgage money and down payment assistance to qualifying homebuyers as well as resources to developers building or renovating affordable apartment projects. Some 65,000 low and moderate income Utahns have purchased their homes through Utah Housing’s mortgage programs and more than 22,500 affordable rental units have been financed in communities around the state. Utah Housing assumes several roles ranging from lender to developer in creating financing solutions for difficult housing problems.
Media Contact:
SUSAN VAN ARSDELL, 801.902.8233
JONATHAN HANKS, 801.902.8200
