Utah Gov. Spencer Cox has announced a plan to build 35,000 starter homes by 2028.
According to a report in the Deseret News, Cox dubbed his plan the Utah First Homes program and framed the proposal as a strategy to address the state’s housing shortage. Cox unveiled his proposal as part of his budget recommendation for fiscal year 2025, which is titled “Utah Home.”
“The fact is, the single greatest threat to our future prosperity, the American dream and our strong communities is the price of housing,” Cox said during a meeting with community leaders and homebuilders. “Our kids will never be able to call Utah home if we don’t start building starter homes again.”
Cox’s proposed operating capital budget encompasses $29.5 billion and the Utah First Homes element would cover $150 million, including an additional $50 million for the First-time Homebuyer Assistance Program launched last year to subsidize the purchase of newly constructed starter homes. Also being proposed is $75 million for a state infrastructure bank that would originate low-interest loans for the construction of public water, sewer and roadway infrastructure to support the new housing and $5 million for a rural “sweat equity” program and $10 million for an urban version that would enable new homeowners to volunteer their labor in building their residences in exchange for lower monthly payments. Cox proposes an additional $5 million for the rural sweat equity programs and $10 million to expand it to urban areas as well.
Also being put forth by Cox is a $5 million implementation of community land trusts and $5 million for a starter home innovation fund to incentivize the development of design and permitting solutions of affordable homeownership opportunities. The governor stressed that the Utah First Homes initiative would “correct a market failure in the housing space and create new opportunities leading to home ownership for our kids and grandkids.”
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No one helps me. I work my way in college. Saved money and bought my first house. Roommates got cheap rent and I got the house. Some people chose to spend money on junk and you want me to pay for there house so they can spend more money on tattoos drinks and big tvs
I agree with you Bill. If government would stay out of the real estate market, it will correct itself. When prices are too high, people stop buying. Every time government claims to fix something, they make it worse. And, it he’s raising taxes to do this, that isn’t right. People should look at their budgets, get rid of the high car payment, drive a much cheaper, reliable car, reduce your phone bill program, same for the cable, and don’t go to Starbucks. Make your own coffee at home, and take your lunch to work. How hard are those things, if you truly want a home and have your priorities in line. Those that are willing to sacrifice to have that home (just like their parents and grandparents did when they were young), the will be less likely to face foreclosure down the road.
Go Governor Cox. The 21st Century is a transformational era of new ideas, new possibilities, fracturing the frame, and exploring/activating greater brain capacity, and collaborative visioning, planning, and implementing. We are all her together, so the old “pull yourself up by the bootstraps” yada, yada, ya, and “I did it, so can the Other do it” yada, yada, ya — is no longer valid. Looking into, listening to hear, recognizing the Other within the Self is the frontier of today. No more me against you philosophy of the “greed” era, striving to be like the past 30-50 years of growing wealth for the few, and “kicking others downstream” is blase. GO GOVERNOR COX – EXPLORE AND MAGNIFY!!!
What price is considered “affordable” especially with all the inflation over the last 2.10 years?
The Millennial Generation have been enabled by a society that prefer conveniences with handouts rather than working to save in order to earn like their Baby Boomer parents & grandparents. Even if they inherited all the hard worked for assets, they just sell it off for expensive cars. giant size TV’s, newest IPhone and exotic vacations.
I started with purchasing Grandma’s house, then building up from there with buying & selling over the last 34 years to finally be in a position to have enough cash to build a brand new home modest home on a quaint lot.
My children will have to figure out how they will be able to own a home debt free by their 6th decade of life. Hopefully they were paying attention and taking note as I did with my Dad’s wise words.. “Kid. Save your money” (whom was born during the Great Depression in 1930).
I know he’s smiling from the heaven above.
Government overreach is just a path towards Socialism. Not wanted or needed in this land of the Free.
There has been a trend of building high end luxury housing now for years. It’s easier to build one large home rather than 5 small ones. Government programs helped fill the housing void after WW2. As long as it’s done intelligently and cost effectively it can fill gaps a free market that’s being misses. Government will always have a critical place to address necessary needs.
Love this idea. thanks Governor Cox.
Those who think the real estate market will correct itself and the price of new houses will come down because people do not have enough money to buy an expensive home have a problem with reality. We produced a government “for the people” not for just the rich people. Our government is there to do for the people what they cannot (not “will not)” do for themselves. Housing is a fundamental factor in life and the pricing of new housing has created the need for the government to step up to the plate. I worked hard in order to afford buying my first house, but I had an advantage in life – being smart and capable of doing most of my own remodeling. Back then, 1970, the median income was about $10,000 and in 2022 it is around $65,000 (650% increase). The cost of housing, however, has gone up over 1,600% during that time period! I am licensed in three states and am a broker with both residential and commercial experience of over 28 years. We have reached a time similar to the post WWII where government needs to step in order to provide a balance.