FOR IMMEDIATE RELEASE
FOR MORE INFORMATION, CONTACT:
WILLIAM ERICKSON AT 801.902.8289 or
SUSAN VAN ARSDELL AT 801.902.8233
Utah Housing Corporation's Affordable CROWN Lease-to-Own Homes Make
an Appearance in Beaver City.
Utah Housing Corporation (UHC) is an independent public corporation of the State of Utah, providing affordable
housing opportunities without government appropriations.
SALT LAKE CITY, UT – Utah Housing Corporation (UHC) and Beaver City Housing
Authority are hosting an open house for five new affordable CROWN (CRedit to OWN)
homes in Beaver City. These homes are helping lower income households realize the
dream of owning a new home while building equity with their monthly rent payments.
The public is invited to the open house on Tuesday, January 30th at 1:30 p.m.
at 963 N 100 E, Beaver City, UT.
The CROWN “lease-to-own” program was developed in 1993 by UHC to increase the
availability of affordable housing for lower income Utahns. Using the CROWN program, a
portion of the tenants’ monthly rent payments are put towards the purchase price of the
home, which can be purchased after the fifteen-year rental period expires.
The financing that makes these homes affordable is a combination of Low-Income
Housing Tax Credits, allocated by UHC, which have been purchased by a tax credit
investor. UHC also provides the construction and permanent loans. To date, 238 CROWN
homes have been completed.
“Working with Beaver City Housing Authority to bring five hard working families the
chance to live in a quality, new, affordable home is a wonderful experience for Utah
Housing. CROWN homes offer an affordable opportunity for modest income households to
realize the dream of homeownership,” said William Erickson, UHC President.
“CROWN homes are a great tool for providing affordable home ownership to residents
of Beaver,“ said Max Anderson, Executive Director of Beaver City Housing Authority. “For
families that are not ready for immediate home ownership, CROWN offers time and
opportunity to prepare, while at the same time providing a clean, safe and comfortable
These new CROWN homes consist of three-bedroom and four-bedroom houses. The
three-bedroom homes will rent for $487 a month and the four-bedroom homes will rent for
$503 a month. Utilities are not included.
To participate in the CROWN program, households may not earn more than 55 percent
of the area median income for Beaver County. For a family of four, this equals a yearly
income of $27,115.
The Utah Housing Corporation is a self-supporting public corporation that offers
multiple resources to develop and finance quality, affordable housing for low and moderate
income people across the state.
Utah Housing finances low-interest home loans for thousands of lower-income home
buyers. Since founded by the Utah State Legislature in 1975 as an independent public
corporation, Utah Housing Corporation has provided financing for over 67,000 single and
multi-family affordable housing units.