City-sponsored subdivisions soon may be popping up in Provo.
By giving up its $2.1 million share of industrial revenue bond money to the Utah Housing Finance Agency, the city will get some new homes built. The Utah Industrial Development Bond Review Board determines how much money cities are entitled to each year.The housing finance agency makes money available for low- and moderate-income housing. Loans to the public are based on income, need and several other factors.
The City Council on Tuesday approved Mayor Joe Jenkins' proposal to allow the city's allotment to go to the agency. In exchange, some of that money will be coming back to Provo for single-family housing.
Jenkins is putting the finishing touches on a program to get houses in and below the $60,000 to $70,000 range built in Provo. The mayor would not reveal where the building areas might be or how the program will work. He said he will announce the particulars at a news conference in several weeks.
Ron Madsen, city redevelopment director, said giving the city's bond allotment to the housing agency will help Provo build new homes and rehabilitate existing dwellings.
Tooele County and the Utah Board of Regents were also interested in getting Provo's bond allotment. Jenkins said he chose the housing agency because it will help fill a need for housing in the city.