SALT LAKE CITY, Utah. – September 24, 2026 – The Utah Housing Preservation Fund (UHPF) today announced a $5.2 million investment from WEX Bank, a wholly owned subsidiary of WEX Inc., a global leader in intelligent payment solutions (NYSE: WEX). The capital investment from WEX Bank will expand the Fund’s ability to acquire existing apartment communities across Utah to help keep rents accessible for local families long term.
WEX Bank’s investment directly expands the Fund’s reach, which has already supported the preservation of 1,156 apartment homes across 13 communities to date. The Fund has protected properties in Davis, Salt Lake, Summit, Tooele, and Washington counties, with a continued goal to expand its footprint into every county across Utah.
“WEX Bank is proud to call Utah home, and we’re proud to invest in the communities where our employees and customers live and work. The Utah Housing Preservation Fund brings our core value of being a positive force to life by protecting the affordable housing Utah families depend on, at a fraction of the cost of new construction, “ said Jason Price, President and CEO of WEX
Bank. “By supporting this work, we are helping preserve affordable homes for Utah families today and for generations to come.”
For banks, the Fund offers one of the most direct community development opportunities available in Utah. Capital placed in the Fund supports affordable rental housing for low and moderate income households, an activity eligible for consideration under the federal Community Reinvestment Act. Because the Fund holds properties permanently, that capital continues working for Utah communities long after the initial investment.
The Fund is backed by the State of Utah and operated under Utah Non Profit Housing Corporation. It focuses on housing that is affordable today but at risk of moving out of reach, including naturally occurring affordable housing, properties with expiring Low Income Housing Tax Credit restrictions, and properties supported by Section 8 Housing Assistance Payment contracts. Acquiring and preserving these homes costs substantially less than building new ones, and it protects the residents already living in them.
“Preserving the housing Utah already has is the fastest and most cost effective way to keep families in their homes. WEX Bank’s investment gives us capital to move quickly when these properties come to market, and every dollar of it goes to work right here in Utah,” said Lukas Ridd, Fund Manager of the Utah Housing Preservation Fund.