The financial and housing crisis of the last few years created significant challenges for existing homeowners as well as those desiring to purchase a home. Fortunately, through the collaboration of Utah Housing Corporation (UHC) and UBS Bank USA, a creative new funding source has been established that allows for an expansion of affordable financing options.
UBS Bank USA extended $200 million to UHC through an innovative financing structure that resulted in more affordable mortgages for credit worthy Utah homebuyers – and placed UHC at the forefront of mortgage finance innovation among housing agencies across the nation.
“This relationship harnesses the strengths and assets of both organizations to help provide more affordable mortgage choices for low-to-moderate income homebuyers in Utah,” said Rosemary Berkery, Chair, UBS Bank USA and Vice Chair, UBS Wealth Management Americas.
This innovative financial arrangement is an important vehicle to fund UHC's popular first-time homebuyer program, which has helped more than 65,000 families gain home ownership in Utah over the last 30 years, and will increase the availability of mortgages with lower payment options and down payment assistance. Combined with historically low interest rates and housing prices, the program is expected to help draw homebuyers back into the market and potentially help move Utah’s economic recovery forward.“Our mission is to make housing affordable for Utahns through finance and innovation. The relationship with UBS Bank USA helps us do both,” said Grant Whitaker, President and Chief Executive Officer of UHC. “By increasing home ownership to credit-worthy homebuyers, we help create financial stability for Utah’s families and the state overall. We are pleased that UBS Bank USA embraced our vision and strategy. An additional benefit to UHC is the potential to replicate this new and innovative finance structure as a model with other funding sources.” The size and nature of this new financing structure for UHC demonstrates UBS Bank USA's commitment to community development. "It is a cornerstone of the UBS mission to be a committed and active community member in those cities and towns in which we operate. This relationship with UHC will allow many Utah families to purchase affordable homes, and UBS is proud to be a part of this extremely worthwhile endeavor,” said Lee Carter, President and COO, UBS Bank USA.
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