We invest in essential housing throughout the West and Midwest. A prominent social determinant of health, affordable housing provides many community benefits including increased consumer spending, job and economic growth, reduced evictions, and decreased homelessness. In addition, it provides stability for children who need safe, stable places to learn and grow.
Nation-wide, there is a shortage of 7 million homes for our country’s 11 million plus low-income families (National Low-Income Housing Coalition). According to the Salt Lake Chamber of Commerce, for the first time in 40 years, more Utahns are in need of a home than there are homes available. Since 1991, Utah’s housing prices have increased more than San Francisco, San Jose and Seattle. It is an issue that we all care about. Working with key partners, we are securing and preserving affordable units for seniors and working families so they have a safe, affordable, and peaceful place to live and work.
Since 2022, we have invested more than $39 million dollars in essential housing for working families and vulnerable seniors.
Senior Housing
Seniors have spent their entire lives living and working as members of the communities they reside in. Unfortunately, it can be difficult and costly to maintain a family residence that is far larger than most seniors need. Market-rate rental units can often be too expensive on a fixed income as well. Affordable senior living ensures that seniors can enjoy their retirement in the communities where they can live and thrive for a long time to come.
Workforce Housing
We believe that accessible and affordable workforce housing is crucial to the prosperity and growth of communities. The rapid rise in home prices, combined with increasing interest rates, means that many housing options available to working families are no longer attainable at reasonable prices. More essential workers, such as teachers, police, and firefighters, are forced to move out of the communities they call home. Workforce housing ensures that workers can live and thrive in the communities where they work and play.
Bridge Loan Program
Affordable housing communities and projects across the country are struggling to meet the demands of high interest rates and debt service payments. Many existing affordable housing projects with floating loan terms have created interest payments well above existing budgets, leading to smaller cash flows and difficult operating situations.
To address this need, the Call to Action Foundation launched a program that offers short-term bridge loans at below-market rates to help ensure projects can continue to operate and succeed even as interest rates plateau or increase.
Applicants must have at least 40% of units restricted to 60% or below AMI and an additional 35% of units at or below 80% AMI. Please note that these loans are extended only to eligible affordable housing projects located in the Wasatch Front, Utah; Carson City, Nevada; and Boise, Idaho. Loans do not apply to individuals.
To learn more about our Bridge Loan Program and eligibility, please click here.