WASHINGTON, D.C. – January 28, 2013 – (RealEstateRama) — Utah Housing Corporation and Tooele County Housing Authority are hosting an open house for four new affordable CROWN (Credits-to-OWN) homes in Grantsville and Tooele. The CROWN program seeks to bring homeownership within the reach of lowincome households while helping local governments to revitalize neighborhoods. These homes will help four lower-income households realize the dream of homeownership as they build equity with their low monthly rent payments.
The public is invited to the open house on Thursday, February 7th at 3:30 PMat 318 East Clark Street, Grantsville, Utah.
These four-bedroomCROWN homes will rent for $796 per month. Utilities are not included. To participate in the CROWN program, households may not earn more than 56 percent of the area median income for Tooele County ($39,032 for a family of four).
Without this project, these households would have little opportunity to realize the dream of home ownership. Further, the households selected for these CROWN homes will have the opportunity to live in safe, sanitary and decent housing that is far removed from the typical rental experience.
DeAnn Christiansen, Executive Director for the Tooele County Housing Authority says, “Tooele County Housing Authority is proud to provide Tooele County residents with four new homes in their area. This is the first time CROWN homes have been built in Grantsville, giving its residents the opportunity to become homeowners. The two homes are a nice completion to the Clark Cove Cottages Subdivision, providing 26 affordable housing rental units. Our 11 previous Tooele CROWN homes have been a great success and we have confidence that the two additional CROWN homes built in Tooele will also be a great success. We love the CROWN program and the opportunity it provides for low-income households in Tooele County to become homeowners.”
CROWN homes are decidedly more affordable than similar housing offered for rent.
Utah Housing crafts CROWN guidelines to target those possessing the long-term commitment to homeownership. Selected tenants begin paying affordable monthly rent payments that build equity in the home, if they buy the home at the end of the 15- year rental period. When the homes become available for purchase, tenants have the opportunity to buy the home for a price far below the market value.
GrantWhitaker, President of Utah Housing says, “This has been a wonderful experience for Utah Housing to work together with Tooele County Housing Authority to bring quality homeownership options to hard-working households in Grantsville and Tooele.
CROWN offers an affordable opportunity for modest income people to get into a new home of their own.”
The CROWN program is made possible by Federal and State Low-Income Housing Tax Credits awarded by the Utah Housing Corporation. American Express Centurion Bank is the equity investor and is anticipated to fund about $445,544 toward the project. The equity funding is used to lower the project’s debt allowing the owner to charge lower rents. Utah Housing provided the low interest financing to build these attractive, but modest, four-bedroom houses that will complement the neighborhood.
Utah Housing is a public corporation created by the state of Utah, and is the state’s leader in financing affordable housing. Working with the private sector, Utah Housing Corporation provides mortgages for first time home buyers, finances rental properties and develops special needs housing. At no cost to the state, Utah Housing Corporation has provided financing for more than 63,000 single family home purchases and 23, 600 multi-family apartments since 1977. Utahns can visit Utah Housing’s website at www.utahhousingcorp.org, call 801-902-8200, or talk to their realtor or banker about Utah Housing mortgages or homes in their communities.
Media Contact:
Susan Van Arsdell (801) 902-8233
Jonathan Hanks (801) 902-8200
