The Stratford Hotel, an important source of low-income housing in downtown Salt Lake City that was nearly scheduled for demolition last year, is under new ownership and will be retained as a single-room occupancy hotel.

Mountain America Credit Union, which once planned to demolish the building to make way for a new corporate headquarters, announced recently it sold the hotel, 169 E. Second South, to J.B. Wright Investments.The investment company could not be reached for comment, but Mountain America Executive Vice President Douglas Cline said the company will maintain the building, sold last month for $670,000, as a single-room occupancy hotel.

The city is pleased with the new status of the building, "especially because (J.B. Wright Investments) is committed to saving the single-room occupancy housing," said Pete Suazo, executive assistant to Mayor Palmer DePaulis.

Some 40 to 50 residents lived in the building before word of its possible closure circulated. Residents paid $45 to $50 per week for a small room in the hotel.

Twenty units are now occupied, and the investment company reportedly will have 51 rooms available for occupancy after the new owners address some housing violations cited in a city housing inspection last year.