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Council reviews $500,000 grant proposal to preserve 96 Elk Meadows affordable units; staff outline deed‑restriction terms
Summary
Utah Housing Preservation Fund and county staff sought council direction on a proposed $500,000 reimbursable grant to rehabilitate 96 units at Elk Meadows (rebranded Victory at Summit), and discussed deed‑restriction terms including a proposed 60‑year term, annual income recertification and a 100% AMI one‑year safe‑harbor.
Presenters from the Utah Housing Preservation Fund told the Summit County Council they had negotiated to acquire Elk Meadows, a 96‑unit property (presenters said it accounts for about 14% of the county’s affordable housing), and requested county consideration of a $500,000 grant to support a roughly $2.0 million improvement budget focused on health and safety repairs.
Lucas Bridal of the preservation fund said the property’s condition included deferred maintenance and several health‑and‑safety…
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