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Housing finance agency warns cutting attainable housing grants would breach investor agreements
Summary
Utah Housing Corporation told the appropriations subcommittee that rescinding attainable housing grants would jeopardize eight LIHTC projects, risking breaches with investors and lenders and imperiling more than $160 million in committed private financing.
SALT LAKE CITY — Utah Housing Corporation told the Senate subcommittee that pulling state attainable housing grants from eight federal low-income housing tax credit (LIHTC) developments would create investor covenant breaches and threaten ongoing construction.
“We have private funding sources committed to these developments including over $117,000,000 invested in federal low income housing tax credits and $45,500,000 in bank debt,” David Damson, president and CEO of Utah…
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