SALT LAKE CITY — An office building in Salt Lake City will be bought and developed into affordable housing capable of providing shelter to dozens of Utahns in need.
At a meeting Tuesday night, the board voted to release $10 million to invest in the project, the first of its kind for the Perpetual Housing Fund of Utah.
The money will go toward acquiring and developing the former office building, located at 515 East 100 South.
In total, 60 affordable housing units will be put into the office building and renting tenants would build equity on an annual and longer-term basis.
The money that was dedicated to the project was received from the American Rescue Plan in June.
Salt Lake City officials believe the project is coming at a perfect time as homeless resource centers within the city had a 98.5 percent occupancy rate.
The project is just one of Salt Lake City's latest efforts to bring more affordable housing to the city. To learn more about other initiatives, click here.
