Skip to main content

Utah Lawmaker Links Affordable Housing to State Funds

Phil Hall
Feb 04, 2019
Jessica Bostic is a Utah-based Senior Account Executive for Franklin American Mortgage Company and President of the Utah Association of Mortgage Professionals (UAMP)

A Utah legislator has put forth a bill that would require cities to zone for affordable housing if they want to receive state funding.
According to a report, Sen. Jake Anderegg’s bill mandates that Utah cities pick at least two state-recommended strategies from a list of 25 options designed to increase moderate-income housing within Utah’s localities. The cities that fail to pick from the list would be considered ineligible from receiving any of the $700 million in annual state transportation investment funds.
Anderegg describes himself as a "conservative, borderline Libertarian Republican from Utah County," and he called his bill a "gentle nudge" to include affordable housing in their city plans.
"It's a big enough carrot that not doing it feels a little bit like a stick," he said, adding that the slow evaporation of affordable housing options in Utah needs to be addressed. "We can ignore the problem and say it 'doesn't exist' and 'fair markets are free markets.' We've already artificially inflated the market through our incentives for economic development. To say, 'Well that would be government interference' and over here we don't, that's disingenuous. It doesn't make sense."
The bill was unanimously approved in a committee vote and will go to the full Senate for consideration.
Feb 04, 2019
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022
CFPB Seeks Input On Creating New Mortgage Products

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability.

Regulation and Compliance
Sep 22, 2022
The Fed Raises Interest Rate 0.75% For The 3rd Time

Chairman said housing market may have to go through "a correction" to return to balance.

Regulation and Compliance
Sep 21, 2022
Fed Committee Gathers To Renew Inflation Fight

FOMC expected to announced 0.75% rate hike after 2-day meeting ends Wednesday.

Regulation and Compliance
Sep 20, 2022
MISMO Releases New Reference Model For Public Comment 

Version 3.6 of the MISMO Reference Model includes new data points and structures.

Regulation and Compliance
Sep 19, 2022
MBA, Other Organizations Want FHA's MIP Reduced

Submit letter to the White House & National Economic Council urging reduction in mortgage insurance premium.

Regulation and Compliance
Sep 14, 2022