The state's Private Activity Bond Board recently approved nearly $31.2 million in volume cap allocation to help four multifamily housing projects and three Utah-based manufacturing companies.
Multifamily housing projects receiving funding were County Crossing Apartments, which received nearly $3 million to rehabilitate a 20-year-old, 60-unit affordable apartment complex in Clinton; Providence Place, $8.1 million to construct a 125-unit, five-story, affordable apartment complex in Salt Lake City; Mulberry Park Apartments, $4.8 million to rehabilitate a 14-building, 80-unit affordable apartment complex in Taylorsville; and Twin Tree Apartments, $2.3 million to renovate an eight-building, 43-unit apartment complex in Layton.
Manufacturing companies were East Carbonics LLC, $4 million for the construction of a processing plant and equipment to extract and process carbon dioxide in Carbon County; Intermountain Farmers Association, $4 million for new equipment and facility expansion on 11 acres in Nephi; and Lower Foods Inc., $3 million for construction of a new prepared-meats food processing facility in Richmond, Cache County.
Volume cap allocations require qualified bond counsel and an underwriter that result in tax-exempt bonds. Volume cap is allocated by the board in 90-day certificates at the regularly scheduled meetings in January, April, July and October. Applications must be submitted at least one month prior to the board meeting.
The Private Activity Bond Board, administered under the Division of Housing and Community Development, is Utah's tax-exempt bonding authority.