February 18, 2011 – (RealEstateRama) — Utah Housing Corporation announced the closing of a $74 million bond sale completing the commitment of bond purchases to the US Department of Treasury under a special program under the 2008 Housing and Economic recovery Act (HERA). Utah Housing sold $44 million bonds to the US Department of Treasury along with $30 million to private investors seeking a return that is not subject to federal income taxes. The issuance provided 30-year fixed rate mortgage loans for over 500 low- to moderate-income families throughout the state of Utah to purchase their first homes. The average purchase price for each home was $142,800 which is about 65% of the current average Utah home sales price. Each home owner’s household income was approximately 73% of the Area Median Income (AMI) for their home’s location.
RealEstateRama Utah Housing Corporation Closes $74 Million in Bonds Assisting 515 Lower-Income Families