SALT LAKE CITY (ABC4) – Housing prices are sky high, making it more and more difficult for first-time buyers to get into a home.
The Utah Housing Corporation works to help those buyers, and others, take that step.
“Our mission is to help low and moderate-income families obtain safe, clean, stable, affordable housing. Whether they be buying their first home, or seeking affordable rental housing,” said CEO David Damschen.
The organization works with builders and lenders, providing down payment assistance to help people buy their first home.
A bill passed during this year’s legislative session is adding to the portfolio.
“SB240, the bill sponsored by President Adams, cosponsored by Representative Stephen Whyte, is pretty straight forward. It provides up to $20,000 in assistance in the form of a so-called soft second. So, it’s no payment, no interest. It does have to back when the home is refinanced or sold. And, that $20,000 can be used in conjunction with the normal down payment assistance that we provide at the Utah Housing Corporation. So, those resources combined can make it happen for a lot of families. That $20,000 can be used for interest rate buydown, closing costs or down payment assistance,” said Damschen.
That money from SB240 must be used on a new construction home and the sales price cannot exceed $450,000.
“It serves as an incentive to builders to produce more supply. So it’s seen as a balanced approach that we hope will not further exacerbate this dislocation between supply and demand, and we’re excited to roll it out and see what it will do,” he said.
Find out more about available resources by watching the full interview above from Inside Utah Politics.