Bank of Utah Invests in More Affordable Housing for Utah Families

To expand local access to affordable housing, Bank of Utah served as a key financial investor for Parkview Place, a new rent-to-own development in Heber City created through Utah Housing Corporation's CROWN program. Since 2021, the Bank has partnered with Utah Housing on 19 CROWN projects across the state, committing in excess of $36 million.

The CROWN (Credits-to-Own) program provides qualifying families with affordable rental housing and a meaningful path toward homeownership. The four-bedroom, two-bathroom townhomes at Parkview Place are designed for households earning approximately 55 percent of the area's median income, with rental rates set below the local market average.

Through this lease-to-own model, families rent homes owned by Utah Housing Corporation and gain the opportunity to purchase them below market value after a 15-year rental period. This model bridges the gap between renting and buying by offering affordable monthly payments now while giving families time to strengthen their finances and transition into homeownership.

"Moving from renting to owning is one of the hardest financial hurdles for families today. The CROWN model solves a real problem by giving residents a steady foundation to build toward buying. Partnering with Utah Housing Corporation on this project was a natural fit for us." - Colby Dustin, EVP, Chief Financial Officer

Deeply rooted in the communities it serves, Bank of Utah recognizes that access to safe, stable and affordable housing is essential to the financial health of local residents. Deploying capital into targeted development projects allows the Bank to address pressing local needs, support economic stability and create lasting opportunities for Utah families.

Building on past work with Utah Housing Corporation to address down payments and closing costs, Bank of Utah is expanding its support through the CROWN program. Through Parkview Place and upcoming projects, the Bank will continue partnering with state organizations to drive responsible growth and housing stability.