Our Utah team recently completed a very exciting project in our hometown of Salt Lake City, Utah. The Colony B Apartments are located in the urban core of Salt Lake City at 1300 S., in the 200 West Block. It was financed as a public/private partnership with the Redevelopment Agency of Salt Lake City, providing a $1.34 million loan for the project.
The Colony B apartments are a five-story, residential multi-unit building. It’s a mix of 131 studio units and nine one-bedroom apartments. This project aims to provide more affordable housing in the city’s core area, with 100 or more of the units being rented at affordable rates for those making 25-50% of the average median income. Another 34 units are being rented at 70% of the area median income for even lower-income housing. But these units are more than just affordable, additionally, 15 units are ADA accessible for disabled renters, and another 11 are reserved for vulnerable youth transitioning out of foster care. The building opened on March 1, and a few dozen renters are already calling the Colony B apartments home!
Projects like the Colony B apartments are a great resource for the community, especially now as affordable housing is more difficult to find than before. The current housing crisis is getting worse, and 2022 estimates indicate that to meet the needs of the US, we need four to five million more homes on the market than there currently are. But that’s easier said than done. Housing costs are rising fast, and renters are increasingly vulnerable to changes in the housing market. Over 40% of US renters are cost burdened (they spend more than 30% of their income on housing costs). At the same time, wages are not rising as fast as housing costs, so renters struggle to keep up. This all snowballs into creating a giant affordability crisis for housing.
As a multi-unit plumbing and HVAC company, we see the realities of the affordable housing crisis up close, and we think there may be an answer: multi-unit homes! To combat rising housing costs, multi-unit homes, like the Colony B apartments and other projects, may be part of the answer. These projects are cost-effective, cheaper for renters, and better for our cities. Here are a few reasons multi-unit homes may be a way to address the housing affordability problem.
- Multi-unit housing consumes less energy and space. Studies show that single-family homes consume more energy and contribute to urban sprawl and climate change. More housing density, like the kind found in multi-unit projects, can reduce energy usage, increase walkability and reduce our impact on the planet.
- Multi-unit housing helps lower-income renters. Single-family homes and urban sprawl contribute to growing economic divides in cities. As higher-income families move into single-family spaces, they outprice lower-income renters and owners who cannot keep up with the rising costs. This effect pushes lower-income renters to other areas with more affordable housing. Over time, some areas may become inaccessible for some renters to live and work in because of rising property and housing costs. Multi-unit projects not only increase housing density but also boost affordable housing options, especially if built in traditionally more expensive areas.
- Multi-unit housing increases walkability! Another benefit many communities see as embracing multi-unit housing is increasing walkability. Communities with dense, mixed housing like duplexes, townhomes, and multi-unit buildings are closer together. That makes building walkability into the area more accessible than in a traditional single-family home community. This increased walkability not only makes people healthier as they walk for everything they need, but it also benefits community ties too!
The housing crisis is not an easy problem to solve. It’s a complex issue that requires out-of-the-box thinking to solve. However, we believe that projects like the Colony B apartments can help meet the needs of those seeking affordable housing. As a multi-unit plumbing and HVAC company here in West, we’re proud to be a part of projects like this and many others that help to combat housing issues in our nation!
