Perpetual Housing Fund update: 515 Tower fully occupied; PHF outlines expansion and tenant-wealth goals

City staff and Give representatives briefed the CRA board on Feb. 10 about progress under the Perpetual Housing Fund (PHF) tenant-wealth partnership, an initiative seeded with $10 million in American Rescue Plan Act funds approved by the board in August 2023.

Chris Parker, speaking for Give, said the funded 515 Tower’s 96 units are "100% occupied" and described community-oriented ground-floor uses: a Montessori school, Green Bikes headquarters, United Way offices and plans for a mobile clinic with Intermountain Health. Parker said the building’s mix—especially larger three- and four-bedroom units—met strong family demand and that the PHF intends to prioritize more 2–4 bedroom units in future developments.

Parker outlined broader plans: PHF has committed to delivering 1,000 tenant-wealth initiative (TWI) units over 20 years and is exploring a second building and for-sale three-bedroom condos priced around $300,000 in partnership with Rocky Mountain Homes Fund. He described the PHF model as sharing a portion of long-term returns with residents: CRA’s investment is treated like an equity investor expecting an annual return of roughly 2%–6% and residents receive ongoing profit-sharing and potential refinance proceeds.

Board members praised the project as a model for affordable family housing and asked for more details on creditworthiness screening and how renter equity accrues over time. Parker said resident distributions and long-term equity behave similarly to home-equity accrual in the PHF model and that the organization plans follow-up studies with academic partners to measure outcomes.