The Utah Legislature has passed a bill intended to address Utah’s lack of affordable housing, though with a substantial trim in the spending originally sought by its chief sponsor.
Early in the 45-day legislative session, SB39 called for $35.3 million in new cash for low-interest loans to housing developers and for rental assistance for struggling families. That spending got slashed Tuesday to $10 million.
The bill now puts $5 million instead of $15 million toward the so-called gap financing loans to developers from the Olene Walker Housing Loan Fund and another $5 million toward preserving existing affordable housing slated for demolition or remodeling for rental at higher rates.
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