Report To The Utah Legislature - A Performance Audit Of The Division Of Housing And Community Development - 2012 Page 19
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33Figure 2.2 Salt Lake County Valued the Land and Buildings
Purchased by HCD at $2,994,000. If the property sells near the
appraised value, HCD should not lose any money on the property.
South Salt Lake Property Expenses
Total Purchase (2007)
$
2,286,733
Remodel/Maintenance
37,421
Demolition
69,000
Architectural/Engineering
266,400
Total Expenses
2,659,554
Assessed Value (2011)*
2,994,000
Increased Value
$
334,446
*Assessed by the Salt Lake County Appraiser, 12/15/2011
If the property sells at the assessed value, the division should show a
profit of just over $334,000. For a five-year period, that represents an
The South Salt Lake
property may not
interest rate of over two percent; the actual sale price would be
result in a loss for
affected by future market conditions.
HCD.
Purchase of the South Salt Lake Land
Has Not Limited Other OWHLF Projects
Use of the OWHLF for the purchase of land in South Salt Lake
does not appear to have negatively impacted HCD’s ability to provide
funds for other projects. At the time the purchase was made, the fund
had over $5 million in reserve money that was available to lend for
eligible projects. Reserve funds have remained fairly constant in the
years since the land purchase. In addition, the amount of money the
fund has contributed to housing projects has remained fairly steady
over the same time period. Figure 2.3 shows the total funding
available, the amount of money contributed to housing projects from
the OWHLF, and the amount of reserve funds available for each year.
Office of the Utah Legislative Auditor General
9
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