Utah is facing a housing crisis marked by a severe shortage of affordable units. This shortage places unprecedented pressure on our existing housing stock, exacerbating the struggles of our most vulnerable residents, and increasing the risk of homelessness as deed restrictions expire and housing options dwindle.
In response to this pressing issue, the state of Utah and the Utah Housing Preservation Fund have formed a pivotal partnership that stands as a beacon of progress. This collaboration showcases the proactive stance taken by our state legislators and policymakers.
At the forefront of this initiative is the Utah Housing Preservation Fund, supported by significant legislative backing and strategic initiatives. The infusion of $56.5 million in state funding, complemented by over $100 million in private investments from Community Reinvestment Act, or CRA, funds, philanthropy and other sources, highlights our state’s commitment to preserving affordable housing stock.
The Utah Housing Preservation Fund has already preserved more than 700 units across the state, making a tangible impact in communities statewide. This market-led, nonprofit-held fund ensures that all returns are reinvested back into the causes by contract and statute, making it one of the most innovative and effective approaches in the nation for tackling housing shortages. Moreover, the fund has enabled several deals where its capital fuels further affordable housing projects. This initiative is not only preserving existing units but also catalyzing the creation of new ones, addressing the housing shortage from multiple angles.
Recent legislative efforts, notably HB265, have solidified Utah’s commitment to affordable housing preservation. By enshrining 40-year deed restrictions on every acquired property and capping state contributions at 30%, legislators have established strong guardrails to ensure the long-term success and sustainability of the fund. This legislative framework provides clarity and stability for investors and underscores our state’s proactive role in addressing housing challenges.
Utah’s legislative leadership extends beyond mere rhetoric, demonstrating a commitment to tangible solutions. By codifying the Utah Housing Preservation Fund’s mandate into law, our legislators have set a precedent for other states grappling with similar challenges, showcasing Utah’s proactive stance in finding pragmatic solutions to complex social issues.
However, the success of this initiative depends on the continued support and involvement of decision-makers statewide. We call on policymakers, community leaders and private sector partners to leverage this tool to its fullest potential. By working together, we can expand the impact of the Utah Housing Preservation Fund, ensuring more affordable housing units are preserved and created for those in need.
As Utah continues to lead the nation in innovative policymaking, the collaborative efforts between the state of Utah and the Utah Housing Preservation Fund serve as a testament to the power of community leadership. By prioritizing housing preservation, we are not only addressing immediate needs but also laying the groundwork for a more equitable and prosperous future for all Utahns. Now is the time for action — let us unite to ensure every Utahn has access to safe, affordable housing. The Utah Housing Preservation Fund stands as the best anti-displacement tool we have, and it is up to us to maximize its potential.
Steve Waldrip is Utah’s senior adviser for housing strategy and innovation.
