The Utah Housing Preservation Fund receives commitment from Comenity Capital Bank

Funding from Comenity Capital Bank focused on supporting affordable housing initiatives in underserved Utah communities

SALT LAKE CITY, UTAH (Dec. 13, 2022) — The Utah Housing Preservation Fund (“UHPF”) announced today that Comenity Capital Bank, a subsidiary of Bread Financial (NYSE: BFH), has made a 10-year commitment of $10 million to the Fund. This investment will allow UHPF to purchase rental properties and preserve them at affordable rates to working families, invest new capital for improvements, and hold the properties in perpetuity to ensure Utah maintains safe and affordable units for low- to moderate-income families.

Investments like this one from Comenity Capital Bank are critical in protecting the most vulnerable during the continuing affordable housing crisis. In 2022, UHPF purchased a total of 276 units.  Each unit’s rent is protected and averages $320 less per month than market rate, saving each tenant more than $3,000 on average per year in rent.  UHPF also helps Utah’s most vulnerable populations secure sustainable and affordable housing by partnering with Veterans Affairs, Catholic Community Services, and the Road Home.
 
“The Utah Housing Preservation Fund is “evergreen,” meaning the Fund’s impact on affordable housing will last for generations,” said Lukas Ridd, UHPF Fund Manager. “Comenity Capital Bank’s desire to invest in long-term solutions that improve our community align with the Fund’s mission to preserve Utah’s existing affordable housing.”