Provo takes bold steps to tackle housing crisis

Provo City officials are addressing a pressing housing crisis, emphasizing the urgent need for more attainable owner-occupied homes. During a recent government meeting, city leaders highlighted the challenges faced by families and individuals struggling to find affordable housing, leading many to relocate. Currently, 61% of housing units in Provo are rented, significantly higher than the statewide average of 30%, which is raising concerns about community stability.

To combat this issue, Provo City is implementing several strategies aimed at increasing the availability of owner-occupied homes. Key initiatives include development agreements that ensure new housing projects prioritize owner occupancy and collaborations with private developers to utilize city-owned land for affordable housing construction. Notable projects in the pipeline include the Buckley Draw development, which will feature 110 single-family homes designated for sale at price points between $575,000 and $750,000.

Additionally, the city is exploring a new housing development near Provo High School, which could include a mix of affordable and market-rate homes. The Provo Housing Authority is also working on establishing a land trust to reduce the cost of homeownership by separating land ownership from housing, thereby making homes more affordable for essential workers and moderate-income families.

City officials are also focused on addressing financial barriers that renters face when transitioning to homeownership. Programs like Home Purchase Plus provide financial assistance for down payments and closing costs, with up to $40,000 available for qualifying first-time homebuyers.

To further support these efforts, Provo is rewriting its zoning code to facilitate the development of diverse housing types, including smaller units like townhomes and duplexes, which are crucial for first-time buyers. This modernization aims to create a more flexible housing system that meets the needs of current residents while planning for future growth.

Overall, Provo City is committed to fostering a sustainable housing market that enables families to establish roots in the community, ensuring that homeownership remains an attainable goal for its residents.