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House creates state low‑income housing tax credit to leverage private equity and build affordable units
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Summary
House Bill 205 won broad support and passed 67‑0. Sponsors said the state credit, modeled on the federal program, would attract about $4 million in equity, leverage roughly $53 million in construction, create around 1,200 affordable units and produce more than 1,000 jobs.
Representative David M. Jones introduced House Bill 205, describing a low‑income housing tax credit program modeled on the federal credit to be administered by the Utah Housing Finance Corporation. “We are facing a tremendous housing crisis in the state of Utah today,” Jones said, urging prompt action to attract private equity to affordable housing projects.
Jones and supporters outlined projected impacts: nearly $4 million in additional equity, an estimated $53 million in leveraged construction, roughly 1,200 new affordable housing units targeted at households earning up to 60% of area median income, and approximately 1,049 construction jobs. The credit would be available only to projects also qualifying for the federal credit and would be administered through the Housing Finance Corporation; sponsors said the program would run for designated application years and credits would be taken over a multi‑year carryforward.
Multiple members — including housing and banking stakeholders, Realtor and housing coalition endorsements — spoke in favor. Representative Jones noted a small correction to the fiscal note for administrative programming and said the tax commission was working with authors to refine it. The House voted to pass the bill; the reading clerk announced 67 affirmative and 0 negative votes and sent the measure to the Senate.
