ST. GEORGE — The Utah Housing Preservation Fund recently announced a significant milestone in its mission to provide safe and affordable housing for Utah residents. In collaboration with the City of St. George, UHPF has successfully acquired Sunset Springs Apartments, a move that underscores its commitment to preserving affordable housing in the region.
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Sunset Springs Apartments, a 124-unit apartment community that was family-owned and operated, was purchased by the UHPF in order to keep rents low and prevent dramatic rent increases that could displace tenants. This well-maintained property, constructed in 1987, aligns with the fund’s commitment to ensure lasting affordability in housing in Utah.
“We are excited to hear that the Utah Housing Preservation Fund has acquired Sunset Springs Apartments, preserving much-needed affordable housing in our city,” St. George Mayor Michele Randall said in a press release from the UHPF. “It is vitally important that the workforce in St. George has access to safe, affordable housing – a crucial component to a thriving local economy – which is why these investments are always welcomed and appreciated. This pivotal move exemplifies the power of collaboration between public and private sectors.”
Sunset Springs Apartments marks a significant milestone for the UHPF organization, as it represents an inaugural venture into Southern Utah. In the press release, the UHPF stated that they’re thrilled to be making an impactful investment in this vibrant region, signaling a commitment to addressing the growing need for affordable housing options not only along the Wasatch Front, but all across the state.
“We’ve been diligently searching for a property to introduce greater affordability into Southern Utah, and Sunset Springs aligns perfectly with our mission and desire to help families in every area of Utah,” UHPF director Lukas Ridd said.
Coming out of 2023, a year marked by real estate tumult, the UHPF is positioned as a stabilizing force. Recognizing the challenges faced by individuals and communities in the wake of market fluctuations, the fund is actively working to soften the impact of these changes.
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By strategically preserving and enhancing affordable housing options, the UHPF aims to provide neighborhood stability and support families navigating the evolving real estate landscape. In the face of uncertainty, their commitment to housing preservation remains unwavering, offering a beacon of hope and resilience for individuals and families in need.
About the Utah Housing Preservation Fund
The UHPF is dedicated to securing safe and affordable housing for Utah residents through a strategic focus on affordable housing preservation. By engaging in the purchase, deed restriction and management of properties, UHPF ensures that Utah’s existing affordable housing remains accessible to those in need, not just for today but for generations to come. With the threat of expiring Low-Income Housing Tax Credit restrictions and increased out-of-state investment, preserving existing affordable housing is a crucial step in safeguarding Utah’s housing ecosystem.
Evergreen affordable housing
The UHPF employs the concept of “evergreen affordable housing” to describe its approach. This means that the fund looks to never sell the housing it acquires in order to keep it affordable in the long term. By actively protecting and preserving existing housing, the fund prevents displacement and stabilizes rents at a comparatively low cost. This method ensures that new developments add to the housing supply rather than merely replacing what has been lost. For more information, please visit uhpf.org.
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