Legislators endorse housing finance firm
The Workforce Services and Community and Economic Development Interim Committee on Wednesday voted to recommend reauthorization of UHC for another 10 years.
UHC provides affordable hous- ing financing for the state's lower-income households. Its president and chief executive officer, William H. Erickson, told the committee that UHC is the largest financer of affordable housing in the state, through partnerships with banks, Realtors, homebuilders, governments, nonprofits and others. It raises private-sector capital from mortgage revenue bonds and federal and state tax credits.
The organization, created in 1975 as part of the state Department of Community and Economic Development, was designated in 2001 as an independent public corporation.
"We have not cost the state of Utah a single penny to run these programs over the past 30 years," Erickson said.
Housing costs are rising faster than income, he said, with many people paying more than 30 percent of their monthly wages for housing expenses — the threshold for the definition of "affordable." And that group of people is expected to grow in the near future as the state sees a huge increase in the number of young people buying their first homes, he said.
Many people, such as teachers and firefighters, are facing the housing-expense crunch, he said.
"A lot of these very important jobs that are performed in every community, these people are struggling to find affordable housing, and that is what Utah Housing is all about," he said.
Several legislators praised the organization and debated whether any reauthorization legislation should even have another "sunset" provision.
"This has been an incredible organization that has helped the state in so many ways," said Rep. Steve Mascaro, R-West Jordan.
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