A rendering of the Residences at Fireclay housing venture. TWG actual property firm is creating a property in Murray to grow to be reasonably priced senior housing with a choice for navy veterans. (TWG)
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MURRAY — A brand new $13 million housing venture is coming to Murray to supply reasonably priced senior housing with a choice for navy veterans.
“We’re honored to be working with First Step Home and the Utah Housing Company to deliver this venture to life and supply reasonably priced housing to seniors who want it most,” stated Ryan Kelly, vp of tax credit score growth at TWG, the true property firm in control of this venture. “The venture can even assist veterans locally, with precedence given to those that have served in our navy.”
Actual property growth firm TWG makes a speciality of business, market price, reasonably priced and senior housing. The brand new developments in Murray might be referred to as Residences at Fireclay and might be positioned at 152 W. 4250 South.
The four-story constructing will home 40 one-bedroom flats for seniors aged 62 and up. The items are reserved for these incomes as much as 50% of the realm median earnings and they’re going to prioritize navy veterans, TWG stated in a press release.
TWG partnered with Salt Lake Metropolis-based nonprofit First Step Home to supply providers and referrals for disabled and homeless seniors in want of assist. First Step Home helps individuals locally by addressing challenges of habit, psychological well being, homelessness and legal justice involvement.
“This partnership ensures that residents with disabilities obtain the supportive providers they should construct productive, significant and wholesome lives,” TWG stated.
4 items of the Residences at Fireclay might be reserved particularly for disabled seniors and 5 items might be for seniors who’ve skilled homelessness. TWG stated this can assist fight the nationwide homelessness disaster that disproportionately impacts U.S. veterans by offering a secure and reasonably priced surroundings for homeless and at-risk veterans.
Utah Housing Company, the Olene Walker Housing Mortgage Fund, Raymond James Monetary, and Horizon Financial institution are all additionally companions on this venture.
“TWG was awarded low earnings housing tax credit in consecutive rounds of competitors, and these tax credit present the foundational capital for growth. UHC is happy to companion with TWG on Residences at Fireclay, which when full, will present low-income Utahns entry to an reasonably priced place to name dwelling,” stated David Damschen, president and CEO of Utah Housing Company.
“Utah’s want for reasonably priced housing is at an all-time excessive, and partnerships resembling this are crucial to assembly that want.”
This housing venture will be part of TWG’s different reasonably priced housing venture in West Haven referred to as the Residences at West Haven which opened this fall.
The primary items of Residences at Fireclay will grow to be obtainable in 2025, and development is predicted to start by the top of this 12 months. The brand new property will embrace a health room, a community-raised backyard, a neighborhood room with a kitchen and a pc room.
