Senate president urges $10,000 boost to first‑time homebuyer loan program
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Summary
Senate President Adams told the appropriations subcommittee the First‑Time Homebuyers Assistance Program has helped about 3,000 families and proposed a $10,000 increase to expand access; Utah Housing affirmed it can administer the program.
Senate President Adams asked the Economic and Community Development Appropriations Subcommittee to expand Utah’s First‑Time Homebuyers Assistance Program, saying the program—which grew out of 2023 legislation—has helped nearly 3,000 families buy new homes.
“This program allowed people, our young first home buyers, to get into homes,” Adams said, describing a prior appropriation of $50 million and a $20,000 loan per home that can be used for a down payment, rate buydown or closing costs. He told the committee the program has increased housing supply and helped stabilize rental rates.
Adams characterized the assistance as a loan, not a grant: “We don't give money away in Utah. It's a loan. It has to be paid back,” he said. He argued the program supports homeownership and long‑term wealth building for families.
A Utah Housing representative told the committee the Utah Housing Corporation, as the state's housing finance agency, partners with banks, credit unions and mortgage lenders to administer programs of this kind and said the agency would continue to administer the program if the legislature approves additional funding.
No formal action was taken during the presentation; the request will be part of the committee’s voting packet for the scheduled vote.
The committee set deadlines for voting packet feedback and will take votes at the next scheduled meeting.
