SALT LAKE CITY (July 5, 2005) - U.S. Bank is providing a $5.4 million loan for phase two construction of the Jefferson School Apartments, a mixed-income multifamily development in Salt Lake City. U.S. Bank is working with Housing Management Enterprise (HAME), which is a non-profit subsidiary of the Housing Authority of Salt Lake City.
The new construction and 15-year term loan gives the Housing Authority a tax-exempt rate of interest during the life of the loan.
The 84-unit affordable housing development is located at 1031 SW Temple, near the central business district of Salt Lake City. It will consist of 48 units that will be rent-restricted to households earning 60 percent or less of the Area Median Income. The remaining 36 units will be at market rate rents.
"We're proud of our Jefferson School Apartments complex which is a creative, beautiful community located at the south edge of downtown Salt Lake City," said Rosemary Kappes, president of HAME. "We're now completing construction of the second phase. This project was the first to be built in a distressed area of Salt Lake City. Jefferson School Apartments have changed the texture of the neighborhood and enticed the development of a private condominium project across the street. Thanks to the faith of Mayor Rocky Anderson and the City Council, the dream for upgrading the neighborhood along the light rail line is being realized. We have enjoyed working with the U.S. Bank team, and were very pleased with the ease of negotiating with Sue Groebe, its community development lender, and her staff. We reached acceptable terms of the loan in a very short period of time."
"Quality affordable housing is needed in the Salt Lake City community, and U.S. Bank is glad to do its part to help make it happen," said Damon Miller, president of U.S. Bank in Utah.
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