Utah Housing Preservation Fund Announces Acquisition of Sunset Springs Apartments in St. George

Safeguarding Affordable Housing for Utah Residents through Strategic Collaboration

Salt Lake City, January 19, 2024  — The Utah Housing Preservation Fund (UHPF) is proud to announce a significant milestone in its mission to provide safe and affordable housing for Utah residents. In collaboration with the City of St. George, UHPF has successfully acquired Sunset Springs Apartments, a move that underscores its commitment to preserving affordable housing in the region.

Sunset Springs Apartments, a 124-unit apartment community that was family owned and operated, was purchased by the UHPF in order to keep rents low and prevent dramatic rent increases that could displace tenants. This well-maintained property, constructed in 1987, aligns with the Utah Housing Preservation Fund's commitment to ensure lasting affordability in housing in Utah.

“We are excited to hear that the Utah Housing Preservation Fund has acquired Sunset Springs Apartments, preserving much-needed affordable housing in our city.” commented St. George Mayor, Michele Randall. “It is vitally important that the workforce in St. George has access to safe, affordable housing — a crucial component to a thriving local economy — which is why these investments are always welcomed and appreciated. This pivotal move exemplifies the power of collaboration between public and private sectors.”

Sunset Springs Apartments marks a significant milestone for the UHPF organization as it represents an inaugural venture into southern Utah. The Fund is thrilled to be making an impactful investment in this vibrant region, signaling a commitment to addressing the growing need for affordable housing options not only along the Wasatch Front, but all across the state. 

"We've been diligently searching for a property to introduce greater affordability into southern Utah,” said Lukas Ridd, director of the Preservation Fund, “and Sunset Springs aligns perfectly with our mission and desire to help families in every area of Utah.”

Coming out of 2023, a year marked by real estate tumult, the Utah Housing Preservation Fund is positioned as a stabilizing force. Recognizing the challenges faced by individuals and communities in the wake of market fluctuations, the fund is actively working to soften the impact of these changes. 

By strategically preserving and enhancing affordable housing options, UHPF aims to provide neighborhood stability and support families navigating the evolving real estate landscape. In the face of uncertainty, the commitment to housing preservation remains unwavering, offering a beacon of hope and resilience for individuals and families in need.

About Utah Housing Preservation Fund

UHPF is dedicated to securing safe and affordable housing for Utah residents through a strategic focus on affordable housing preservation. By engaging in the purchase, deed restriction, and management of properties, UHPF ensures that Utah's existing affordable housing remains accessible to those in need, not just for today but for generations to come. With the threat of expiring Low-Income Housing Tax Credit (LIHTC) restrictions and increased out-of-state investment, preserving existing affordable housing is a crucial step in safeguarding our housing ecosystem.

Evergreen Affordable Housing

UHPF employs the concept of "evergreen affordable housing" to describe its approach. This means that the Fund looks to never sell the housing it acquires in order to keep it affordable in the long term. By actively protecting and preserving existing housing, the Fund prevents displacement and stabilizes rents at a comparatively low cost. This method ensures that new developments add to the housing supply rather than merely replacing what has been lost.