- KeyBank is providing $43.4 million for affordable housing development in Salt Lake City.
- The project includes renovating the existing Sunrise Metro apartment building and constructing the new Atkinson Stacks, adding 100 new units.
- Units will be affordable, with amenities and services that include health services, enhancing community stability and support.
SALT LAKE CITY — With another legislative session rounding into form, a familiar topic is once again a key concern for Utahns across the state: housing.
Unsurprisingly, housing affordability was the top issue Utah voters asked the Legislature to address during the session, according to a Deseret News/Hinckley Institute of Politics poll.
But Utah's capital city is making strides to add not just housing, but affordable, accessible housing for those who need it most.
Just last week, Key Bank announced $43.4 million in financing for affordable housing development in partnership with the Housing Authority of Salt Lake City.
Specifically, the bank's Community Development Lending and Investment arm will be providing a $27.3 million construction loan for the renovation of the Sunrise Metro apartments, 580 S. 500 West.
The bank's commercial mortgage group also arranged the $16 million financing for the construction of a new, six-story, 100-unit building called Atkinson Stacks located near Sunrise Metro.
Units are set to be restricted at 25% to 35% of the area median income across all 218 units. In Salt Lake City, 30% of area median income for a single-person household is about $25,800.
Amenities include a kitchen range, refrigerator, laminate countertops and vinyl floors. Property amenities currently in Sunrise Metro include a courtyard, garden, dog run, case management offices, supportive service spaces and a food pantry. Through the expansion and renovation, the Housing Authority of Salt Lake City plans on adding a gym and outdoor spaces.
Atkinson Stacks — the new building — will also include commercial space on the bottom floor that will be occupied by Sacred Circle, a Utah and Nevada-based supportive services and case management provider to provide substance abuse counseling, employment, financial support and other services.
The company will also operate a clinic and pharmacy on site, which is projected to have 12 full-time employees.
"We sincerely thank KeyBank for supporting this transformative project," Daniel Nackerman, executive director of the Housing Authority of Salt Lake City, said in a statement. "The new and renovated housing will offer safe, affordable homes along with essential services that uplift residents. By promoting community and stability, we are making notable progress toward improving lives and strengthening neighborhoods in Salt Lake City."
KeyBank also served as the construction lender for the Alta Vue Apartments, 820 W. 200 South, which opened in November and added 218 affordable housing units to the city.
Salt Lake City has directed over $140 million in funding for affordable housing in the city for buildings that have been completed since 2015 or are anticipated to be completed by 2030, per city data.
