National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Bud Bailey Apartments

Bud Bailey Apartments

Family Housing

Bud Bailey Apartments is a two-phase development consisting of 128 LIHTC and eight market-rate units in Salt Lake City. The first phase is comprised of two multi-family buildings with 62 units and a 6,000 square-foot clubhouse with a computer lab, exercise facility and management offices. A single building with 74 apartments makes up the second phase.

Designed to accommodate its diverse residents, the mix of studio, one-, two-, three- and four-bedroom residences is affordable to households earning between 25-50 percent of Area Median Income. Nearly half of the LIHTC units are subsidized by Project Based Section 8 or Shelter Plus Care vouchers and specifically target formerly homeless families, refugees, youth who have aged out of foster care and others with very low incomes.

Located a block from a light rail station, Bud Bailey is a transit-oriented development designed to maximize access to public transportation. Other amenities include a game room, gardens, splash pad, playground and BBQ areas.

The Road Home and Volunteers of America provide services including case management, life skills, child care, transportation, legal services, substance abuse treatment/prevention, domestic violence counseling, housing placement and employment counseling.

National Equity Fund® invested $20.6 million of equity in Bud Bailey, its first partnership with sponsor, The Housing Authority of the County of Salt Lake.


Project Details

Completed
2014
Location
3960 S. Main Street
Salt Lake City, UT
Project Type
Family
Total Units
136
Mix of Residences
1 studio; 43-1 br; 49-2 br;
28-3 br; 15-4 br
Limited Partnership
Bud Bailey Apartments, LLC
Tax Credit Equity
$20.6 million
Total Project Costs
$26.8 million
Sponsor
The Housing Authority of the County of Salt Lake
Permanent Lenders
Utah Community Reinvestment Corporation
State of Utah Olene Walker Housing Trust
Housing Opportunities, Inc.
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