SALT LAKE CITY — Another measure to make it easier for first-time homebuyers in Utah to break into the market passed unanimously out of the Utah House Revenue and Taxation Committee on Friday.
HB572 would establish the Utah Homes Investment Program, which would use State funds to lessen the cost of what the bill calls “attainable homes.” The bill would set aside 300 million dollars that local banks could lend to Utah builders who qualify for the program.
“That $300,000,000 goes to infrastructure and construction," said Senior Advisor on Housing Strategy and Innovation Steve Waldrip.
He said developers and builders who want to access the lower interest rate financing must commit to making 60% of the homes built with that money “attainable,” so ordinary Utahns could buy them. Waldrip said “attainable” would be defined as houses with a purchase price of about $350,000.00.
HB572 is waiting for a 3rd reading on the House floor. If it passes in the House, it will then be sent to the Utah Senate for consideration. If it passes there it will be sent to Governor Spencer Cox, who is expected to sign it.
HB13 also aims to help first-time homebuyers by creating Infrastructure Financing Districts, where developers could have access to the bond market where borrowing money is less expensive than the commercial market.
HB13 passed the Utah House unanimously and is scheduled for a third reading in the Utah Senate, where it is expected to pass. Bill sponsor Rep. Jim Dunnigan, (R) District 36, Taylorsville, is optimistic Governor Cox will sign it.
