Report To The Utah Legislature - A Performance Audit Of The Division Of Housing And Community Development - 2012 Page 18
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33have been fulfilling the need for housing for the chronically homeless
and is holding onto the land in case circumstances change. The
division can override the city’s objections and construct the housing
with the approval of the Division of Facilities Construction and
Although the division
can build without city
Management (DFCM), but HCD officials are reluctant to alienate the
approval, HCD chose
city. The OWHLF board has given the agency 10 years to either
not to with regards to
the South Salt Lake
develop the property or sell it. The Legislature should decide whether
property.
this is in line with legislative intent to fully leverage state funds.
Other States Have Purchased Land
But Only One Other Has Land-Banked
Of 22 surveyed states’ housing and community development
agencies, 4 (Arizona, Connecticut, Delaware, and Wyoming) reported
purchasing land with matching state HOME funds for immediate use.
Agency representatives in three of these states said they would only
purchase land under specific conditions. For example, land purchasing
might occur if the applicant has all funding in place, or if the purchase
Connecticut land-
banks with matching
is connected to a project or the land had existing housing. Only
state HOME funds.
Connecticut has conducted any land-banking with matching state
HOME funds. Utah’s land-banking of the South Salt Lake property
appears to have been a fall-back position adopted when the initial plan
fell through.
Current Property Appraisal Suggests HCD Is Unlikely to
Lose Money on South Salt Lake Property Purchase. A recent
visual evaluation of the South Salt Lake property by the Salt Lake
County Appraiser’s Office valued the property and buildings at nearly
$3 million. As the calculations in Figure 2.2 show, HCD should be
able to cover expenses if the property sells near the assessed value.
A Performance Audit of the Division of Housing and Community Development (February 2012)
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