WASHINGTON MILL APARTMENTS
LOCATION
OVERVIEW
PROJECT DESCRIPTION
FINANCIAL SUPPORT
RESIDENT PROFILE
DEVELOPMENT COSTS AND FUNDING
> DOWNLOAD THE WASHINGTON MILL APARTMENTS PRELIMINARY HOUSING APPLICATION (PDF)
Location
240-270 Daly Avenue, Park City, Utah
Overview
Washington Mill is comprised of eight two-bedroom units located in Daly Canyon. Rents range from $650 to $935 dependent upon the qualifying tenant's annual income, which averages $18,000. The average tenancy in Washington Mill is two years. Washington Mill has provided affordable rental housing to the Park City community since 1996. There has not been a vacancy in Washington Mill since its initial occupancy.
Project Description
- Victorian style duplexes built in 1996
- 8 units of 4 two-story buildings, 2 units per building
- Each unit is 800 square feet with 2 bedrooms/1 bath and washer/dryer hookups
- Located walking distance form bus line and Old Town
Financial Support
- Low-Income Housing Tax Credits
- Rents based on 56% of Summit County area median income
- All households must meet eligibility requirements of very low income
- Olene Walker Housing Loan Fund
- DCED-HOME Funds
Resident Profile
- Stable rental community mix of family type
- Average tenure is 2 years
Development Costs and Funding
Washington Mill is a LIHTC project within the National Register Historic District in Park City. Total development costs were $1,156,405. Equity sources include $468,016 in federal and state tax credit equity, and a $66,894 equity contribution from Deer Valley Resort. MCHT also received grants from the State for $38,000. Project debt includes a $230,000 HOME loan, $135,000 State Housing Trust Fund Loan, and a $65,000 developer fee note. Park City Municipal contributed $23,495 in fee waivers.
