Bank of Utah acted as a financial investor for Parkview Place, a new rent-to-own development in Heber City. The project was created through the Utah Housing Corporation’s CROWN program to expand local access to affordable housing.
The Parkview Place development features four-bedroom, two-bathroom townhomes intended for households earning approximately 55 percent of the area's median income. Rental rates for these units are set below the local market average.
Through the CROWN (Credits-to-Own) program, qualifying families can rent homes owned by the Utah Housing Corporation and have the opportunity to purchase them below market value after a 15-year rental period. This lease-to-own model is designed to help families strengthen their finances to transition into homeownership.
Colby Dustin, EVP and Chief Financial Officer, stated that the CROWN model addresses the financial hurdle of moving from renting to owning by providing residents a foundation to build toward buying.
Since 2021, Bank of Utah has partnered with Utah Housing on 19 CROWN projects across the state, committing more than $36 million to these initiatives.
Bank of Utah has previously worked with Utah Housing Corporation to address down payments and closing costs. The bank intends to continue partnering with state organizations on upcoming projects to support housing stability.
