Utah Center for Neighborhood Stabilization
Utah Center for Neighborhood Stabilization
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About this organization
Mission
THE UTAH CENTER FOR NEIGHBORHOOD STABILIZATION STABILIZES NEIGHBORHOODS THROUGH ITS SUBSIDIARY ORGANIZATIONS BY PROVIDING SINGLE FMAILY AND MULTI-FAMILY AFFORDABLE HOUSING, NEIGHBORHOOD REVITALIZATION, AND SMALL BUSINESS LENDING AND INVESTING. UCNS SERVES AS AN UMBRELLA OR PARENT ORGANIZATION FOR SEVERAL ENTITIES WITH THE SAME BOARD OF DIRECTORS AND MANAGEMENT TEAM.
About
THE UETOD IS A STRUCTURED $35 MILLION REVOLVING LOAN FUND. THE LOAN FUND PROVIDES FLEXIBLE SHORT-TERM FINANCING FOR DEVELOPERS TO PURCHASE AND/OR DEVELOP TRANSIT ORIENTED AFFORDABLE HOUSING NEAR PUBLIC TRANSPORTATION THROUGHOUT THE WASATCH FRONT. ALL HOUSING UNITS FINANCED BY THE UETOD WILL BE DESIGNATED FOR RESIDENTS WITH HOUSEHOLD INCOME EQUAL TO OR LESS THAN 80% OF AREA MEDIAN INCOME (AMI). FOR RENTAL PROJECTS, AT LEAST 60% OF THE TOTAL UNITS WILL BE FOR RESIDENTS AT 60% AMI OR BELOW. IN ADDITION, THE FUND WILL ENSURE THAT ALL RENTAL UNITS/HOMES MEET THE ABOVE AFFORDABILITY REQUIREMENTS.BOTH NON-PROFIT AND FOR-PROFIT DEVELOPERS WILL BE ABLE TO ACCESS THE FUND'S RESOURCES. THE FUND PROVIDES AN ACQUISITION AND PREDEVELOPMENT SOURCE OF CAPITAL TO ALLOW DEVELOPERS TO SECURE KEY PROPERTIES, AND CONSTRUCTION FINANCING FOR THESE SAME PROJECTS. WHEREAS SOME GEOGRAPHIES MAY HAVE A GREATER NEED TO TARGET A LOWER AMI, OTHER AREAS HAVE ALREADY ESTABLISHED ENOUGH HOUSING TO ACCOMMODATE THE DEEPER TARGETS, AND ARE LOOKING TO BRING MORE MARKET RATE UNITS TO THE AREA.AS OF DECEMBER 31, 2017, THREE TRANSIT ORIENTED DEVELOPMENT LOANS WERE ISSUED AND OUTSTANDING FOR A TOTAL OF $3,546,359. OF THAT TOTAL, $1,181,482 OF THE $7,000,000 TOP LOSS WAS COMMITTED FOR THE THREE TRANSIT ORIENTED DEVELOPMENT PROJECTS.
Interesting data from their 2019 990 filing
From their filing, the objective of the non-profit is stated as “The utah center for neighborhood stabilization stabilizes neighborhoods through its subsidiary organizations by providing single fmaily and multi-family affordable housing, neighborhood revitalization, and small business lending and investing. ucns serves as an umbrella or parent organization for several entities with the same board of directors and management team.”.
When talking about its functions, they were outlined as: “The utah center for neighborhood stabilization stabilizes neighborhoods through its subsidiary organizations by providing single fmaily and multi-family affordable housing, neighborhood revitalization, and small business lending and investing. ucns serves as an umbrella or parent organization for several entities with the same board of directors and management team.”.
- The legally reported state of operation for the non-profit is UT.
- According to the filing, the non-profit's address in 2019 is 6880 S 700 W OFFICE 102, MIDVALE, UT, 84047.
- The non-profit organization as of 2019 has a total of 5 employees reported on their form.
- Is not a private foundation.
- Expenses are between $500,000 and $1,000,000+.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $1,948,478.
- The organization has 9 independent voting members.
- The organization was formed in 2012.
- The organization pays $389,370 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
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