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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 issues; the fund aims to rehabilitate the property and preserve it as affordable housing. "It was just a matter of making sure that we could pry the property loose," Bridal said, adding the loss of the project would reduce the county’s affordable housing stock.
County staff outlined grant mechanics: a reimbursable grant requiring the preservation fund to complete improvements, obtain inspection sign‑offs and submit reimbursement requests; unused funds would revert to the county if not expended by 12/31/2024. Staff also proposed deed‑restriction language to hold affordability at 60% area median income (AMI), with annual income recertification, a waterfall marketing provision and limited over‑income protections including a proposed safe‑harbor that would allow households to remain up to 100% AMI for a one‑year transition period to avoid abrupt displacement.
Council members questioned the length and enforceability of deed restrictions, especially mortgage subordination and a right of first refusal in foreclosure scenarios; staff said the county could seek lender engagement (KeyBank was named as the current mortgagee) and would refine language. Staff recommended council authorize the county manager to clear $500,000 for the grant and execute deed restrictions at the May meeting if the council is comfortable with revised terms. No final funding appropriation was taken at this work session; staff were directed to prepare final documents and return at the May meeting for action.
