PRESS RELEASE FOR IMMEDIATE RELEASE: FOR INFORMATION: Alan Seko, XO Marketing, (801)272-8686, e-mail [email protected] GROUNDBREAKING TO BE HELD FOR 125-UNIT AFFORDABLE HOUSING COMPLEX IN DOWNTOWN SALT LAKE CITY JAN. 18 Salt Lake City—The groundbreaking for a seven-story, 125-unit residential community that will be known as Providence Place Apartments at 309 E. 100 S. will be held Jan. 18 at 3 p.m. The public is invited to attend. Dignitaries scheduled to participate in the groundbreaking include Utah Lieutenant Governor Greg Bell, Grant Whitaker of Utah Housing Corporation, Gordon Walker of the Olene Walker Housing Loan Fund, LuAnn Clark of the Salt Lake City Housing Trust Fund, senior executives of Goldman Sachs and Kipling S. Sheppard of Wasatch Advantage Group. Providence Place Apartments will occupy the site that formerly housed an abandoned community center. The community center was completely demolished to make room for the 114,763-square-foot affordable housing development. There will be 125 units in Providence Place Apartments, including 27 studios (each measuring 499 square feet), 68 one bedroom/one bathroom units (705 square feet) and 30 two bedroom/two bathroom units (945 square feet). In addition, the building will offer a clubhouse/meeting area, media/business center, fitness center and open-air atrium. Two of the structure’s seven stories will be dedicated to a direct access parking space. The developer for the project is Wasatch Advantage Group, LLC, based in Orange County, Calif. and the builder is Wasatch Regional Builders, LLC of Salt Lake City. Architects Orange, which has offices in Orange County, Calif., served as the architectural firm for the project. According to Wasatch Advantage Group’s Sheppard, “One-hundred percent of the units at Providence Place Apartments will be for families earning 60 percent or less of the area median income. This means that for one resident, the maximum allowable income will be $28,920 per year, and for two people that amount is $33,060. For a family of three, the maximum allowable income is $37,200. I believe this project will play a key role in helping the ongoing renaissance of Salt Lake City. The community is located within walking distance of Salt Lake City’s historic Temple District. The Church of Jesus Christ of Latter-day Saints’ $1.5 billion City Creek Center, with premier retail, office and residential development, is located one block from the community.” “Goldman Sachs is delighted to partner with Wasatch on this catalytic project,” said Alicia Glen, managing director and head of the Urban Investment Group at Goldman Sachs. “Located in downtown Salt Lake City, the project will help preserve an economically integrated community by providing critical workforce housing to families that would otherwise be priced out of this neighborhood.” Sheppard added that the total development cost of approximately $18,719,000 was financed with $9,790,000 in tax-exempt bond credit enhanced by the U.S. Department of Housing and Urban Development, $5,008,000 of equity from the sale of federal tax credits to Goldman Sachs, a $921,000 developer equity, $2,000,000 in Tax Credit Assistance Program Funds from the Utah Housing Corporation, $800,000 in Olene Walker Housing Trust Funds and $200,000 in Salt Lake City Housing Trust Funds. .