The Utah Housing Preservation Fund (UHPF) announced today that it had received a $10 million contribution from American Express National Bank. This investment will allow the UHPF to find and renovate housing to protect low- to moderate-income Utah residents by preserving an estimated 100-130 affordable housing units across the state.
Investments like this one from American Express National Bank are critical in protecting the most vulnerable during the continuing affordable housing crisis. For example, UHPF most recently purchased Elk Meadows (now Victory at Summit) in Park City. This complex has 96 units and serves low-income Utahns in the area. The UHPF purchased the property right before its deed restriction was going to expire. Rent is currently about $400 less than the market average, and UHPF will continue to keep rent affordable while renovating units over time.
“Home security is a big deal. What American Express National Bank has done to help is a big deal, and their example will hopefully encourage others to get involved,” said Lukas Ridd, UHPF Director of Operations and Finance. “We are committed to helping thousands of Utahns through housing stabilization and that work would not be possible without community-minded banks like American Express.”
In an effort to ensure rental housing remains affordable for low- to moderate-income Utahns, the Utah Housing Preservation Fund relies on the generous contributions of investors and donors. Along with American Express National Bank, other investors include Miller Family Philanthropy, Clark and Christine Ivory Foundation, The State of Utah, Utah Non-Profit Housing Corp, Intermountain Healthcare, Zion’s Bank, and WCF Insurance. Businesses interested in supporting this cause can find more information at UHPF.org