CJM Development Completes Utah Affordable Housing Community
The developer broke ground on the project in 2024.
CJM Development Group has completed Homestead Landing Apartments, a 168-unit affordable housing project in Price, Utah. The community includes two- and three-bedroom units for households earning up to 60 percent of the Area Median Income.
According to ETV News, the project first broke ground in July of 2024 at 1433 Airport Road. The development team also included Bonneville Builders, the general contractor, and Think Architecture, the architect of record. CJM will also serve as the property manager for the community.
Common-area amenities at Homestead Landing include a clubhouse, an exercise facility, swimming pool and jacuzzi. The property also features a children’s playground and a landscaped courtyard, with Wi-Fi available throughout all common areas.
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Units feature central air conditioning, walk-in closets and fully furnished kitchens which include refrigerators, microwaves, dishwashers and ranges with ovens. There are in-unit washers and dryers in each residence.
CJM Development is based in suburban Salt Lake City, and most of its developments are located around Utah. Price is a town in east-central Utah with a population of 8,216, according to the 2020 census. It is the largest city in Carbon County and home to Utah State University Eastern.
Project financing details
The Price project received $17.5 million in federal Low-Income Housing Tax Credits, $6.9 million in Utah state LIHTC, and $420,000 in 45L New Energy Efficient Home Credits, all of which were facilitated through a Hunt Capital Partners multi-investor fund.
Hunt’s most recent fund is Hunt Capital Partners Tax Credit Fund 52. At $277.1 million, Fund 52 will help create or rehabilitate 1,540 affordable units across 18 affordable housing developments nationwide. In December of 2024, the company raised $194 million for Hunt Capital Partners Tax Credit Fund 51, for the creation of 1,291 affordable units in 16 communities.
Zions Bank provided construction and permanent financing for the Price project, and the Utah Department of Workforce Services delivered soft financing through the Olene Walker Housing Loan Fund.
