| Often the first thing one does when searching for a | | | | income' or 'affordable' housing was once met with |
| home to rent is assess their income. For many | | | | opposition from developers and communities alike, |
| Utahans with large families, liabilities or low wages, | | | | affordable apartments both in urban and rural areas |
| this can seemingly be a discouraging task. Utah's | | | | are showing up all over the state. |
| economy is increasing and therefore the population is | | | | The stereotype of the low income family as only one |
| swelling right along with it. This progress is in turn | | | | that is destitute with scores of children also no longer |
| nudging, or rather, shoving the cost of renting an | | | | stands, since the program supports single adults as |
| apartment in Utah to levels that are surpassing | | | | well as single parents (and countless other living |
| previous years. Over the past four years, [Utah] has | | | | arrangements); and although the Low Income |
| seen the cost of housing, both rental and | | | | Housing Tax Credit program does not provide its |
| owner-occupied, rise more that 50 percent and rental | | | | credits for student, transient or life-care housing, |
| vacancy rates drop to 4 percent or less ( | | | | there are exceptions to many of the strict policies. |
| As daunting as this may seem, there are countless | | | | Students (whether primary, secondary or collegiate) |
| options for those who simply cannot afford these | | | | are permitted to reside at affordable housing |
| high rental rates. Realizing that this high cost of living | | | | communities so long as they meet the income |
| drives away many important, but sadly underpaid | | | | requirements and there is at least one member of |
| community members such as school teachers, | | | | the household that is not a full time student. The tax |
| factory workers, small business owners and police | | | | credit program is also available for designated senior |
| officers, Utah's legislature has passed the Utah's | | | | housing, active senior communities or 55+ apartment |
| Moderate Income Housing Law. This law requires | | | | communities though care beyond social activities, |
| communities to design individual strategies so that | | | | amenities or basic housing is prohibited. |
| their low and moderate income inhabitants are | | | | Check out a beautiful tax credit senior apartment |
| encouraged to remain in the area. One of the | | | | community in Utah |
| programs that evolved with this process is the Low | | | | The tax credit program is also specifically designed to |
| Income Housing Tax Credit (LIHTC) program, also | | | | promote the growth, welfare, and continued success |
| known as Section 42 of the Internal Revenue Code. | | | | of the families it assists. For example, as of February |
| The tax credit program is quite literally the shining | | | | 1st, 2006 a one-person household in Salt Lake |
| star of the Moderate Income Housing Law. This is | | | | County, Salt Lake City or Davis County applying for |
| because the LIHTC program was created as an | | | | an affordable apartment to rent can make as much |
| incentive for investors and builders to construct or | | | | as $25,740 per year and still be considered for the |
| remodel buildings specifically for the low to moderate | | | | tax credit program. Upon re-certification (the following |
| income population. Because the program provides | | | | year), that same person can actually make up to |
| credits to be used against sizeable tax liabilities, many | | | | $36,036 (140% of the original limit) as the program |
| large and successful corporations are taking part in | | | | was intended to encourage families to increase their |
| the tax credit program, building beautiful, and often | | | | earnings and advance in their careers with the hope |
| luxury apartment communities that are desirable to | | | | that eventually they will not need |
| many and affordable for even more. While 'low | | | | government-funded housing assistance. |