$1.4 million in grants to help fund new affordable housing projects

A collaborative effort between Zions Bank and community housing providers will create affordable housing opportunities for more than 100 low-income families and individuals from Brigham City to Green River.

The Federal Home Loan Bank of Des Moines announced that $1.4 million in Competitive Affordable Housing Program grants have been awarded to four Utah affordable housing projects:

  • The Magnolia, a permanent supportive housing facility in Salt Lake City — $750,000
  • Central Village Condominiums, affordable housing in Park City — $149,000
  • Neighborhood Improvement Project Phase 4, program helping low-income homeowners in designated areas of Brigham City make improvements to their homes — $345,400
  • Canal Commons, affordable apartments in Green River — $150,000

From construction of new affordable housing to the rehabilitation of existing homes and rental properties, the projects will benefit low-income families, seniors, persons with disabilities, and individuals experiencing homelessness.

“As public and private entities work together to address affordable housing challenges in Utah, we’re excited that these grants will help provide much-needed affordable housing options, which are critical to the social, economic and environmental well-being of our communities,” said Scott Anderson, Zions Bank president and CEO.

In 2020, FHLB Des Moines approved 42% of affordable housing applications it received, awarding nearly $41.3 million in aid for projects. As a member of FHLB Des Moines, Zions Bank was the sponsoring financial institution for each of the four Utah grant recipients.

Since becoming a member of FHLB Des Moines in 2017, Zions Bank has helped secure more than $5.7 million in affordable housing awards to build or rehabilitate 440 housing units in Utah. Projects are awarded funds based on a ranking, eligibility and feasibility criteria determined by an internal review team at FHLB Des Moines.

To apply for a Competitive Affordable Housing Program grant, nonprofits, government agencies, housing authorities and other qualifying organizations partner with a member financial institution. Housing projects must meet the minimum eligibility standards outlined in Section II.A of the Affordable Housing Program Implementation Plan. Organizations interested in applying for a 2021 grant may contact Zions Bank AHP grant coordinator, Stephanie Tobey, at [email protected], by Jan. 17, 2021.