In 2024, the Utah State Legislature took a bold and forward-thinking step by enacting HB 465, officially placing the Utah Housing Preservation Fund (UHPF) into statute. This legislative action has been a game-changer, providing us with the flexibility to deploy state capital more effectively and accelerate our impact in preserving and expanding affordable housing across the state.
A key provision of HB 465 ensures that every unit preserved under the Fund will carry a 40-year deed restriction, safeguarding affordability for future generations. Additionally, the bill establishes crucial financial parameters: the state’s contribution will never exceed 30% of the Fund, ensuring a strong and diversified financial structure, and 30% of state contributions are dedicated to rural counties, addressing the critical housing needs outside urban centers.
Thanks to this legislative support, 2024 has been one of the most significant years in UHPF’s history. With enhanced flexibility, we have expanded our reach and preserved more housing than ever before, including three key rural acquisitions in Summit, Tooele, and Washington counties. These projects exemplify the far-reaching benefits of HB 465 and underscore the legislature’s commitment to housing stability across Utah.
The impact of this policy change is already being felt, and we are grateful for the leadership, vision, and dedication of Utah’s legislators in making this progress possible. Their commitment to smart, sustainable housing policy is helping to preserve the affordability and security that thousands of Utahns depend on.
2025 Progress
And this year, the legislative session delivered another major win for affordable housing by granting property tax exemptions to organizations like the Utah Housing Preservation Fund. This critical policy change reduces the long-term operating costs of preserved properties, making it more financially viable to maintain affordability over time. By easing the tax burden on nonprofit housing providers, the state is directly supporting the sustainability of deeply affordable units and helping ensure that vulnerable Utahns can remain housed in safe, stable communities.
Together, we are making lasting change.