Three Utah banks have joined the Utah Association of Realtors Housing Opportunity Fund (UARHOF), which supports affordable housing. The banks that joined are the Logan-based Cache Valley Bank, the Bountiful-based First National Bank and First Security Bank.
The banks will maintain accounts held by real estate brokers who have established UARHOF trust accounts for interest earned on earnest money deposits from homebuyers. Interest proceeds are paid by the financial institution to UARHOF and used for affordable housing programs, education, research and technical assistance. Direct contributions and money raised through Realtor-organized fund-raising activities will supplement the interest dollars.Since it began last year, the UARHOF has been recognized by U.S. Housing and Urban Development (HUD) Secretary Andrew Cuomo as one of Utah's most innovative housing programs and has received a nomination for HUD's Best Practices Award.