SALT LAKE CITY — Affordable housing remains a critical issue for many Utah families. A new report from the Kem C. Gardner Policy Institute shows that nearly 30 programs across the state provided a combined $1.4 billion in funds for housing assistance to Utah homeowners and renters in Fiscal Year 2022 (FY 2022). This includes funds from across the federal, state, and nonprofit sectors.
“This analysis provides a vital snapshot of the affordable housing ecosystem in Utah, and underscores the diverse efforts across federal, state, and nonprofit sectors to address the state’s housing needs,” said Jim Wood, Ivory-Boyer senior fellow at the Gardner Institute and lead author of the report. “Understanding the landscape of these programs and their impact is essential for policymakers, while also helping individuals and families secure stable housing.”
Key findings from the report include the following:
Total Investment – Twenty-five programs collectively channeled a combined $1.4 billion in affordable housing funding from federal and state programs in FY 2022, supplemented by $245.2 million in revenue from nonprofit organizations.
Federal Funds - Federal programs contributed $482.6 million in affordable housing support in FY2022, including $286.7 million via Low-Income Housing Tax Credits (LIHTC) for 1,977 units and $160.5 million from HUD and USDA for rental assistance to 22,766 renter households. An additional $35.4 million supported various other programs, benefiting 609 rehabbed units and 351 emergency grant recipients.
State Support - State programs, primarily through the Utah Housing Corporation (UHC), facilitated $785.1 million in mortgage financing for 2,124 Utah homeowners and $43.4 million in downpayment assistance for 2,090 homebuyers. Other state initiatives added $102.9 million, contributing to gap financing and the preservation of 2,515 affordable units.
Nonprofit Sector - Twenty-one major housing-related nonprofit organizations generated $245.2 million in revenue, engaging in diverse activities from housing development and shelters to behavioral management and substance use disorder services for vulnerable populations.
Municipal Contributions - Utah municipalities directly funded less than $20 million in housing assistance, primarily by passing through federal dollars to finance programs.
Rising Rents - Higher rental rates significantly impacted the availability of affordable units for voucher holders. Housing Connect, the state’s largest public housing authority, estimated a reduction of 298 renter households served in FY 2022 due to rising rents. Additionally, some Public Housing Authorities reported that over half of approved voucher holders could not find an affordable unit within the 120-day timeframe.
The full report is now available online.
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