More than just housing, Arbor 515 gives Salt Lake City residents the opportunity to build a future. The new development, a conversion of a former office building financed by Low Income Housing Tax Credits (LIHTC), provides housing for residents earning between 25% and 55% of the area median income while also offering a unique opportunity to build equity.
According to developer Chris Parker, director of the Perpetual Housing Fund (PHF), most of the building's annual cash flow will be returned to residents. If Arbor 515 is refinanced or sold, residents will also receive direct payments based on the length of time they have lived in their apartments. PHF, a lean non-profit with community-first capital sources, is able to share the majority of all annual cashflow, long-term equity generation, and future refinance/sale proceeds with the residents living in a PHF project.
To learn more how this innovative approach is helping low income renters build financial security and explore whether similar ideas could help address Hawaiʻi's housing challenges, please listen Senator Chang and Chris Parker's intriguing conversation!!
You can also watch this webinar on Senator Chang's YouTube page: HERE.
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