The initiative, led by Utah Senate President J. Stuart Adams, saw the passage of Senate Bill 240, the First-time Homebuyer Assistance Program, during the 2023 General Session. The program aims to make homeownership more accessible to Utah residents and foster a sense of pride and equity among homeowners.

Adams stated, “As someone concerned about the diminishing middle class, my goal is to help Utahns achieve the American dream of homeownership and build a foundation for their future. It is crucial that we make homeownership attainable in our state. I am excited for Utahns to utilize this program to transition from apartments to homes.”

The Legislature has allocated $50 million to the program, which is expected to assist approximately 2,400 families in purchasing homes. To be eligible, applicants must not have owned a home in the past three years and must have resided in Utah for at least one year prior to closing. The application process is administered through the Utah Housing Corp.

To qualify for the loan, buyers must purchase a home valued at up to $450,000, which can be either a new construction or a previously unoccupied property. By including new construction, the program encourages the development of affordable housing options while addressing the housing shortage in the state.

The loan offered by the program has a 0% interest rate and does not require monthly payments. Once the recipient of the program sells or refinances their home, they will repay the loan or a portion of it, in accordance with program requirements, to the Utah Housing Corp. These repaid funds will then be reinvested into the program, enabling other Utah residents to benefit.

Funds will be distributed to eligible applicants on a first-come, first-served basis. For more information about the program and how to apply, please visit [link to program website].