Two Utah foundations plan 850 new inexpensive properties in seven cities

This story is a part of The Salt Lake Tribune’s ongoing dedication to establish options to Utah’s greatest challenges via the work of the Innovation Lab.

[Subscribe to our newsletter here]

In a philanthropic gesture aimed on the area’s worsening lack of inexpensive properties, two Utah-based foundations will announce plans to construct practically 850 rent-subsidized dwellings in seven cities throughout the state.

Their enterprise, to be unveiled Tuesday and known as Housing for Affect, will fund development of residences and city properties at selection locales in Salt Lake Metropolis, South Jordan, Draper, Magna, Lehi, Francis and Park Metropolis. Most of the housing tasks may also be adjoining to group sources for seniors, households and different teams in want.

And thru the largesse of charitable foundations created by Ivory Houses, Utah’s largest homebuilder, and FJ Administration, whose company holdings now embody the Maverik and Kum & Go chains of comfort shops, these dwellings are to be stored inside monetary attain of residents incomes beneath their county’s median incomes.

Officers from affordable-housing nonprofit Ivory Improvements and FJ Administration’s basis, often called Name To Motion, are to be joined Tuesday morning by Utah Gov. Spencer Cox in asserting the brand new initiative.

Their backdrop for the occasion: the previous Liberty Wells Middle, 707 S. 400 East in Salt Lake Metropolis, a former gymnasium and group gathering spot donated by The Church of Jesus Christ of Latter-day Saints. As a part of Housing for Affect, the east-side locale shall be remodeled into 30 residences and 36 city properties, with three-quarters of the items as moderate-income housing.

“That is about sharing,” Clark Ivory, CEO of Ivory Houses and founding father of Ivory Improvements, stated in an interview previous to Tuesday’s occasion. “We would like for everybody to profit from what we do.”

Average-income housing in three counties

A couple of quarter of properties at Liberty Wells and the opposite six websites shall be rented at market charges, whereas 35% shall be put aside for these making 80% of space median incomes prevalent within the county the place they dwell, and 40% shall be for these incomes 60% of AMI.

(For comparability, a person in Salt Lake Metropolis making 80% of AMI has a yearly revenue of about $59,400.)

Tuesday’s high-profile announcement additionally comes as Utah endures what economists say is its least inexpensive housing market in not less than 50 years, with rents escalating far sooner than wages and the median dwelling value now measured at a document of greater than six occasions the state’s median yearly revenue.

Along with the Liberty Wells web site — to be renamed Innovation Park — particulars on different Housing for Affect tasks embody:

• Between 200 and 326 city properties as half of a bigger growth often called Mahogany Ridge in Magna, at about 8230 W. 4100 South.

• Some 186 residences in Draper in what’s envisioned as state’s first main high-rise complicated constructed with pre-fabricated modular elements, to be positioned close to Vista Station.

• Round 138 residences for seniors in South Jordan, positioned on metropolis property adjoining a senior heart alongside West South Jordan Parkway.

• Practically 240 one-, two- and three-bedroom residential items a challenge known as Innovation Park at Holbrook Farms in Lehi, to be in-built two phases close to the soon-to-open Major Kids’s Hospital web site at roughly 2250 N. Miller Campus Drive.

• Fifteen city properties within the Park Metropolis Heights subdivision, alongside Piper Means, and one other 12 residences and 16 city properties within the west Summit County group of Francis, in a challenge known as Francis Commons.

Ivory Improvements and FJ Administration are equal companions in Housing for Affect, officers for the 2 working foundations stated. Most of the tasks additionally contain land donations, public subsidies or related collaborations with cities, nonprofits or different companies.

‘Showcase’ for different cities, homebuilders — and employees

The tasks, based on Ivory, may also spotlight improvements in finance, design or development that officers at Ivory Improvements — created in 2017 with the purpose of spurring new concepts within the affordable-housing area — hope to see adopted and unfold throughout the homebuilding trade.

“We wish to shine a lightweight on one of the best concepts,” the Ivory Houses CEO stated, “and after we’re attempting to make a dent in housing affordability, we invite folks to return in and take benefit.”

Ivory Improvements, primarily based in Salt Lake Metropolis, can be behind the yearly Ivory Prize, awarded to pick out corporations, nonprofits and governments for brand spanking new and scalable concepts affecting housing affordability for the higher. The nonprofit additionally sponsors applications to contain college students in housing innovation, together with an annual 24-hour Hack-a-Home contest.

FL Administration’s involvement in Housing for Affect is a bit more delicate, based on Crystal Maggelet, president and CEO of the family-owned enterprise, whose portfolio additionally consists of the Huge West Oil refinery in North Salt Lake and the Crystal Inn Lodge & Suites chain.

Maggelet stated with proceeds from the latest sale of a stake in Flying J chain of fueling stations to the conglomerate Berkshire Hathaway, FJ Administration’s Name to Motion now could be increasing charitable efforts as soon as centered on training to incorporate inexpensive housing — partly pushed by the issues of the corporate’s personal hourly staff.

The agency acquired Kum & Go from Iowa-based Krause Group earlier this yr, including it to the Maverik chain for a complete of 800 shops in 20 states, staffed by roughly 13,000 comfort retailer employees. A latest survey of these staff’ challenges, Maggelet stated, discovered that meals and housing topped their record.

“We raised our wages lots over the past couple of years, by 40%, 50% hourly,” the CEO stated.

However the survey findings, she stated, “actually introduced it full circle … The extra that I’ve discovered, the extra I imagine that if housing and meals wants are usually not met, that you would be able to’t make loads of progress on training and a few of these different areas.”

Below its working guidelines, Name To Motion can not put aside properties constructed underneath Housing for Affect for its personal employees, however Maggelet stated it has now folded inexpensive housing into its official mission and sees Tuesday’s announcement as the beginning of broadening that work.

“Our household enterprise is 55 years previous and we’ve carried out nicely,” the CEO stated, “We wish to give again … Our mission is constructing worth to final, and what higher solution to construct worth that lasts than to do inexpensive housing for folks.”

Editor’s observe • The Clark and Christine Ivory Basis is a donor to The Salt Lake Tribune’s Innovation Lab. Drew Maggelet, director of housing for FJ Administration’s Name To Motion basis, is a member of the Innovation Lab’s advisory committee.

Supply hyperlink

Related Articles



Please enter your comment!
Please enter your name here

Same Category