Affordable housing options are available in Salt Lake City
Real estate in Salt Lake City, UT, was hit hard by the national housing market crash, but a strong surge in employment and affordable housing options have both encouraged many people to purchase or rent property in the metro area.
The business climate across Utah was recently proposed to be the second best in the nation by one real estate firm's annual Top 10 Pro-Business States study for 2011. The finding may encourage new organizations to move into the region, opening up additional employment opportunities for job seekers. The key to a stabilized housing market and economy is the regular creation of new jobs, and businesses in and around Salt Lake City have greatly influenced recovery in the region.
Recently, new affordable housing options have begun to take shape in the city, offering homebuyers new housing options that may fit their budgets. Providence Place Apartments provides housing for the city's workforce. The 125-unit complex is reserved for households earning no more than 60 percent of the area median income (AMI), Affordable Housing Finance reports.
The demand for affordable housing in Salt Lake City was high, and with the national economy slow to recover, more homebuyers may look for options that will be easy to manage. The allowable income for a family of two in the Providence Place Apartments is approximately $33,060, and a family of three can make no more than $37,200 annually.
The financing for this new complex in the area came from a combination of local lenders who doled out nearly $18.7 million for the project. Olene Walker Housing Loan Fund submitted an $800,000 loan, and an additional $200,000 loan came from the Salt Lake City Housing Trust Fund, the news source reports.
Homebuyers looking to invest in property, but don't have the means to purchase some of the stand-alone properties available in Salt Lake City, may want to consider a place like the Providence Place Apartments complex. This establishment is a great place for families to find safe housing while they work toward purchasing property of their own in the city or surrounding suburbs. These units are built with six uniquely styled floor plans, and the complex provides outdoor courtyard amenities, an outdoor fireplace, professional media center and an expansive fitness center. Prospective homeowners may be able to find the condo of their dreams here or in one of the many other condos available in downtown Salt Lake City.