Organizations Filed Purposes:
THE UTAH CENTER FOR NEIGHBORHOOD STABILIZATION STABILIZES NEIGHBORHOODS THROUGH ITS SUBSIDIARY ORGANIZATIONS BY PROVIDING SINGLE FMAILY AND MULTI-FAMILY AFFORDABLE HOUSING, NEIGHBORHOOD REVITALIZATION, AND SMALL BUSINESS LENDING AND INVESTING.
THE UETOD IS A STRUCTURED $35 MILLION REVOLVING LOAN FUND. THE LOAN FUND PROVIDES FLEXIBLE SHORT-TERM FINANCING FOR DEVELOPERS TO PURCHASE AND/OR DEVELOP TRANSIT ORIENTED AFFORDABLE HOUSING NEAR PUBLIC TRANSPORTATION THROUGHOUT THE WASATCH FRONT. ALL HOUSING UNITS FINANCED BY THE UETOD WILL BE DESIGNATED FOR RESIDENTS WITH HOUSEHOLD INCOME EQUAL TO OR LESS THAN 80% OF AREA MEDIAN INCOME (AMI). FOR RENTAL PROJECTS, AT LEAST 60% OF THE TOTAL UNITS WILL BE FOR RESIDENTS AT 60% AMI OR BELOW. IN ADDITION, THE FUND WILL ENSURE THAT ALL RENTAL UNITS/HOMES MEET THE ABOVE AFFORDABILITY REQUIREMENTS.BOTH NON-PROFIT AND FOR-PROFIT DEVELOPERS WILL BE ABLE TO ACCESS THE FUND'S RESOURCES. THE FUND PROVIDES AN ACQUISITION AND PREDEVELOPMENT SOURCE OF CAPITAL TO ALLOW DEVELOPERS TO SECURE KEY PROPERTIES, AND CONSTRUCTION FINANCING FOR THESE SAME PROJECTS. WHEREAS SOME GEOGRAPHIES MAY HAVE A GREATER NEED TO TARGET A LOWER AMI, OTHER AREAS HAVE ALREADY ESTABLISHED ENOUGH HOUSING TO ACCOMMODATE THE DEEPER TARGETS AND ARE LOOKING TO BRING MORE MARKET RATE UNITS TO THE AREA.AS OF DECEMBER 31, 2019, THREE TRANSIT-ORIENTED DEVELOPMENT LOANS WERE ISSUED AND OUTSTANDING FOR A TOTAL OF $7,234,739. F THAT TOTAL, $1,856,008 OF THE $7,000,000 TOP LOSS WAS COMMITTED FOR THE THREE TRANSIT-ORIENTED DEVELOPMENT PROJECTS.
UTAH SMALL BUSINESS GROWTH INITIATIVE (USBGI) IS A LIMITED LIABILITY COMPANY ORGANIZED IN THE STATE OF UTAH ON JUNE 11, 2012 FOR THE PURPOSE OF CREATING JOBS AND STABILIZING UTAH'S NEIGHBORHOODS BY PROVIDING GROWING BUSINESSES WITH ACCESS TO CAPITAL. USBGI'S PROGRAM SERVICES INCLUDE, A) PROVIDING EARLY STAGE INVESTMENT CAPITAL, B) FACILITATING LOAN GUARANTEES TO SMALL BUSINESSES BETWEEN FINANCIAL INSTITUTIONS AND THE STATE OF UTAH, AND C) PARTICIPATING IN LOANS ALONGSIDE OTHER FINANCIAL INSTITUTIONS. TO DATE, USBGI HAS BEEN ABLE TO LEVERAGE APPROXIMATELY $8 MILLION IN FUNDS TO GIVE SMALL BUSINESSES ACCESS TO APPROXIMATELY $50 MILLION IN CAPITAL TO HELP GROW THEIR BUSINESSES. THAT CAPITAL WAS REPORTED TO HAVE HELPED TO CREATE APPROXIMATELY 500 JOBS AND RETAIN APPROXIMATELY 1,600 JOBS. CAPITAL HAS BEEN MADE AVAILABLE TO WOMEN-OWNED AND MINORITY-OWNED BUSINESSES IN LOW-INCOME AND RURAL AREAS. USBGI IS A WHOLLY-OWNED SUBSIDIARY OF THE NONPROFIT.
UTAH CENTER FOR NEIGHBORHOOD STABILIZATION (UCNS). UCNS SERVES AS AN UMBRELLA ORGANIZATION FOR SEVERAL DIFFERENT ENTITIES IN ADDITION TO USBGI.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Dan Adams | EXECUTIVE DIRECTOR | 16 | $170,971 |
| Scott Simpson | DIRECTOR | 1 | $0 |
| Phillip Meeks | DIRECTOR | 1 | $0 |
| Mark Jensen | DIRECTOR | 1 | $0 |
| Mark Cornelius | DIRECTOR | 1 | $0 |
| Heidi Miller | DIRECTOR | 1 | $0 |
| Kimberly Chytraus | DIRECTOR | 1 | $0 |
| David Brown | DIRECTOR | 1 | $0 |
| Todd Boren | DIRECTOR | 1 | $0 |
| Howard Headlee | FORMER CHAIRMAN | 1 | $0 |
| Rex Rollo | TREASURER | 1 | $0 |
| Kisty Morris | VICE CHAIRMAN | 1 | $0 |
| Jonathan Hanks | CHAIRMAN | 1 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202003189349306295_public.xml