Bonding for downtown housing approved

(Deseret News) The planned development of more affordable housing in downtown Salt Lake City got a strong push this week as a state funding agency announced the approval of nearly $10 million in bonding for a proposed complex.

The Private Activity Bond Authority announced Wednesday the authorization of $9.8 million in tax-exempt bonding for a $13 million multi-family apartment development in downtown Salt Lake City. If completed as proposed, the project would provide 124 units of affordable rental housing to residents making 60 percent of the Salt Lake County household median income — which would be about $40,680, according to the Utah Housing Coalition.

According to a news release, the approval for the construction of the project came at the PAB board meeting on July 8.

The bonds will help Wasatch Advantage Group build Providence Place Apartments, a proposed five-story project consisting of studio, one- and two-bedroom units to be located at 309 E. 100 South, the release stated.

Upon completion, Providence Place is expected to offer amenities including secured covered parking, a clubhouse, community room, library and computer room with Wi-Fi access, the release said.

The Private Activity Bond Authority is Utah's tax-exempt bonding authority charged with creating a lower-cost, long-term source of capital under the Federal Tax Act of 1986.

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