Provo outlines steps to raise homeownership toward 50% goal

Summary

An unidentified Provo City staff member described a three-part strategy—land trusts, owner-occupancy requirements in new developments and stronger enforcement of occupancy rules—to boost homeownership from about 40% toward a stated 50% goal, and highlighted program and financing supports for first-time buyers.

An unidentified Provo City staff member outlined measures the city is taking to increase homeownership, saying about 60% of housing in Provo is rentals and roughly 40% is owner-occupied and that the city set a goal in February 2024 to move toward a 50/50 balance.

The speaker described three primary approaches: creating a community land trust, requiring owner-occupied units in some new developments, and enforcing occupancy limits to discourage investor conversions of single-family homes into dense rentals.

"Increasing homeownership is a priority for the city because of our stats right now," the staff member said. "About 60% of the city is rentals, while 40% is homeownership. That is very, very low compared to national, county, and state statistics." The speaker added that the city has been approving rental construction at a rate they described as "about 12 to 1."

On land trusts, the speaker said the city-sponsored nonprofit would hold land while buyers purchase…

Provo outlines steps to raise homeownership toward 50% goal

Summary

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