Utah Corporation Serving ’s Housing Needs Through Finance & Innovation

Utah Commission on Housing Affordability July 13, 2021 David Damschen, President and CEO | Jonathan Hanks, Chief Operating Officer Utah Housing Corporation… Finances: ◦ Multi-family housing developments which provide below-market rate rents for low- and moderate-income Utah families ◦ Permanent supportive housing for the chronically homeless Acquires and services: ◦ Single family home mortgages for low- and moderate-income Utah families ◦ Provides down payment assistance to homeowners by funding second mortgages Develops and finances an array of SF & MF projects prioritizing rural areas

Provides essential support to Utah families and the Utah economy Utah Housing Corporation’s Focus $82,800 2020 Utah Area Median Income (Four Person Household) 80% 120% AMI AMI

75% AMI

Single Family Average

Multifamily Average

50% AMI

$34,776 42% AMI

Very Low Low Income Moderate Income Limit Limit Income Limit Multi-Family Development Finance

Allocator of tax credits ◦ Federal 9% Low Income Housing Tax Credit (LIHTC) (competitive) ◦ Federal 4% LIHTC (non-competitive) ◦ Utah state tax credits

30% of 9% tax credits are set-aside for permanent supportive housing

Audits completed projects for compliance with statute & covenants

Conduit issuer of T/E private activity bonds on behalf of developers & investor 9% TC Example: 56 Units, 100% Affordable

Conventional Affordable

$15,899,609 Total Development Cost $15,899,609

$3,179,922 $10,498,000 Equity (20%) (66%)

$12,719,687 Debt $5,340,659

$64,449 Monthly Debt Service $21,615 30 yr., 4.50% Blend, 35 yr., 4.50% and 1% Per Unit Share of Monthly Debt $1,151 $386 Service Average of 2020 Tax Credit Awards Annual Growth of 9% Tax Credits

$5,305,713

$9,016,757 $9,140,285 $8,712,796 $8,374,949 $7,040,410 $7,170,360 $6,672,005 $6,768,675

2014 2015 2016 2017 2018 2019 2020 2021 Annual Ceiling Disaster Relief Utah LIHTC Production To-Date

Total number of housing credit projects completed: 576

Total investment in affordable rental housing developments (1987-2020): Over $3.6 billion Total number of LIHTC units created in Utah: 33,047 Single Family Finance

Acquires qualifying first mortgages originated by Utah mortgage banks ◦ FirstHome ◦ Home Again ◦ SCORE

Provides down payment assistance in the form of second mortgage funded by UHC

Loans are serviced in- Single Family Finance By The Numbers

2020 Since Inception (1977) Loans purchased (#) 4,642 101,840 Loans purchased ($) $1,260,422,254 $12,965,462,962

☼ 2020 average new loan balance $277,000, up from $246,254 in 2019 (+12.5%) Single Family Loans Serviced

FirstHome 9,334

HomeAgain 4,043

NoMI 1,578

Score 1,247

Total 16,202 Housing Development

Housing Development Lending Facility ◦ Finance and administer land acquisition (raw & build-ready), pre-development, and infrastructure improvements ◦ Construction loan originations (underwriting) ◦ Project management ◦ Municipal and utility bonding administration ◦ Construction management ◦ Technical assistance ◦ Developer type: co-development and turn-key models ◦ Lending and program administration Housing Development

CROWN ◦ 23 Housing Partners, largely rural ◦ 73 Completed projects ◦ 415 Completed homes ◦ 210 Homes Sold ◦ $6.2MM in Community Funds (CF) generated ◦ 41 CF grants of over $5MM facilitated additional 229 units ◦ Additional $4.2 MM in Community Funds projected in 5 years Questions? Utah Housing Corporation Serving Utah’s Housing Needs Through Finance & Innovation

Utah Commission on Housing Affordability July 13, 2021 David Damschen, President and CEO | Jonathan Hanks, Chief Operating Officer