Report To The Utah Legislature - A Performance Audit Of The Division Of Housing And Community Development - 2012 Page 24
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33In fiscal year 2007, 69 percent of the state housing money allocated to
OWHLF was spent on purchasing the South Salt Lake property from
the former ASARCO. If the South Salt Lake City Council had
approved the plans to allow the project to be built, other funds might
have been leveraged in the development of the project. The money
would also have been spent primarily on low-income housing, thus
satisfying much of the legislative policy on how the money should be
used. But the plan was not approved, and so leveraging was not
accomplished with that $2 million that year.
Unfortunately, development did not occur. As a result, the land is
being held in reserve, or land-banked, for possible future low-income
The Legislature may
want to consider how
housing development. With over $2 million in OWHLF monies tied
they wish to treat land-
up in land-banked property, those monies are not meeting the
banking with state low-
income housing funds.
legislative goals of being “heavily leveraged” nor “invested as loans”.
Since the land-banking for the project was limited to 10 years by the
board these funds may yet fully satisfy legislative goals in the future.
The funds invested in the property so far represent 2.5 percent of the
$106 million in total assets of the OWHLF. Land-banking is a
legitimate real estate development tool that is used by other federal
housing funds, educational institutions, private developers and other
states to deal with urban blight. Other states have established land-
banking in their codes and Utah Code does not appear to forbid the
practice with regards to low-income housing money. The Legislature
may want to consider whether land-banking is consistent with
legislative intent for these state funds.
Recommendations
1. We recommend that the Division of Housing and Community
Development form guidelines on how and when the division
will seek to purchase land internally.
2. We recommend that the Utah State Legislature consider
whether land-banking is consistent with legislative intent to
leverage state monies for low-income housing.
A Performance Audit of the Division of Housing and Community Development (February 2012)
14
ADVERTISEMENT
0 votes
Related Articles
Related forms
Indian Housing Plan And Annual Performance Report Form Guidance - U.s. Department Of Housing And Urban Development
Legal
Form Hud-40201 - Youthbuild Program Reports Part 7 Performance Evaluation Report (final Report) Form - U.s. Department Of Housing And Urban Development
Legal
Form Hud-9887 And 9887-a - Document Pachagefor Applicant's/tenant's Concent To The Release Of Information - U.s. Department Of Housing And Urban Development
Legal
Form Hud-92456 - Semi-annual Performance Report Form - U.s. Department Of Housing And Urban Development
Legal
Form Hud 30015 - Community Development Work Study Program Student Budget Sheet - U.s. Department Of Housing And Urban Development
Legal
Related Categories
Parent category: Legal