Salt Lake City, America, is one of the fastest growing cities in the nation and employment supports a vibrant community in which many want to live and work, but it is increasingly becoming a city out of reach for many of our residents and workers.
The developers are faced with limitations to building or rehabilitating more units in the City due to increased costs for land, site preparation, materials, and labor. This lack of units and rising demand increases both home prices and the cost of rent. They produced affordable housing is not a casual undertaking. There is a significant commitment of resources to effectively develop a project, whether developers build or renovate, sell or lease, self-finance or gather investors.
Housing affordability- Housing is considered affordable when a household is paying no more than 30% of their total gross income towards housing expenses (rent or mortgage and utilities). The 30% standard is a widely used and accepted measure of “housing affordability” across the country, and applies to households of any income level.