Home Run Housing Grants Shown to Stimulate Utah's Economy - South Jordan City Has Highest Grant Utilization in the State
(South Jordan, UT) – In just three months, some 1,652 Home Run Grants have been distributed to Utah homebuyers leading to $376.7 million in home sales. The largest number of grants was used in South Jordan City with142 grants; 71 of which were in the Daybreak community. The $10 million grant program, which was initiated through federal stimulus funds appropriated by Gov. Jon Huntsman, Lt. Gov. Gary Herbert and the Utah Legislature, is generating extended economic benefits.
At today’s press event, Lt. Gov. Gary Herbert said housing stimulus has been a first bold step in Utah’s economic recovery. According to research conducted by Jim Wood at the Utah Bureau of Economic and Business Research at the University of Utah, housing related to Home Run Grants is:
- Protecting and creating 7,205 Utah jobs
- Producing $239.9 million in Utah wages
- Producing $20 million in taxes
Jobs are created as homes are sold and construction workers get back to work building new homes. Utah’s housing sector lost 17,000 jobs through the economic downturn, more than any other industry.
“The average price of a grant-related home sale was $228,000, leading to total investment of $376.7 million dollars invested into real estate,” said Grant Whitaker, CEO, Utah Housing Corporation. “The Governor’s Office and Legislature have helped Utahns take the steps to achieve home ownership in 19 of 29 Utah counties.”
“Housing led us into the recession and housing will lead us out,” said Lt. Gov. Herbert. “My years as a realtor taught me how many jobs and industries are tied to housing. When a home sells, there are numerous people in the chain who have been paid for their work and supplies – like the painter, carpet installer, furniture sales people and the list goes on. It’s wonderful to hear stories about the program’s positive impact.”
Other community leaders have also praised the Home Run Grants. Lane Beattie, President of the Salt Lake Chamber, said the timely and targeted housing initiative is a vital part of Utah’s economic turnaround. “We are pleased to celebrate an early milestone in our economic recovery. Utah has more than 1,600 Home Run related new homeowners, thousands of jobs are being protected or created.”
“You hear about the stimulus money and wonder where it is going and how it is working – I’m the face of how it’s working,” said Brandon Taggart, a 22-year-old, first-time home owner (townhome) and the 2009th buyer in Daybreak. “I was living in an apartment and paying rent, so I decided to apply. I’m one of hundreds of other people who are now living the dream of homeownership.”
Twenty-two percent of the buyers were single and 44% showed incomes for two buyers. Nearly 80% of those who qualified made less than $80,000 a year – whether married or single. Nearly 50% of the sales were single-family detached homes. Those purchasing condos and town homes accounted for nearly 14%. “Home buyers need a range of price and size options,” said Don Whyte, President, Kennecott Land, whose Daybreak homes start around $140,000. “Our 11 Daybreak builders have seen traffic and interest in the homes here at Daybreak increase substantially during the grant period.” Daybreak offers energy-efficient traditional and modern housing designs for people in every stage of live. The community offers recreational options as well as pending transit and health care options. Lt. Gov. Herbert said he is considering additional housing stimulus. He has convened a working group led by Whitaker at Utah Housing Corporation. Their charge is to define ways to continue to stimulate the housing sector, creating and preserving jobs, and infusing the overall economy.
About Utah Housing Corporation
Utah Housing is the state’s leader in creating affordable housing solutions. As a public, not-for profit corporation, Utah Housing provides mortgages for first-time home buyers, finances rental properties and develops special needs housing. Some 60,000 Utahns have purchased their first home through Utah Housing’s mortgage program since Utah Housing was established in 1975. More than 19,000 affordable rental units have also been financed in communities around the state. Dozens of local special needs projects such as women’s shelters are also financed through Utah Housing every year.
www.utahhousingcorp.org
About Kennecott Land
KLC was established by Rio Tinto in April 2001 to develop surplus mining land. Daybreak is the first testament to that vision. Daybreak is situated on 4,126 acres in South Jordan City where 20,000 homes and up to 13 million square feet of commercial space are planned. At KLC, sustainable development is at the heart of every business decision by balancing the complex interaction of environmental, economic and social factors. Kennecott Land does this in a way that protects and strengthens what matters most to our community: strong and safe neighborhoods, quality education, a healthy and renewable environment, and a vibrant local economy.
www.kennecottland.com and www.daybreakutah.com
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