Price just picked up a significant batch of new housing. Homestead Landing, a new affordable apartment community in the city, opened on April 22 and brought 168 two- and three-bedroom homes reserved for households earning up to 60% of the area median income. The campus includes a clubhouse, landscaped courtyard, fitness center, swimming pool and children's playground, while each unit comes with central air, walk-in closets and in-unit laundry. Developers say the goal is to widen housing options in Carbon County, where they note that affordable rentals have been in short supply.
In a press release carried by Voice of Alexandria, Hunt Capital Partners and CJM Development Group announced the grand opening and described Homestead Landing as a 168-unit community targeted to households at or below 60% AMI. The release lists in-unit appliances that include a refrigerator, microwave, dishwasher and range with oven, along with complimentary Wi-Fi in common areas and on-site amenities intended to support families and working households.
Local records show Homestead Landing Apartments, LLC is registered at 1433 E Airport Road in Price, as documented in city council minutes. Online listings on Apartments.com match that address and spell out the community's floor plans and amenity package, including the pool, fitness center and clubhouse available to residents.
Funding and tax credits
Project financing included $17.5 million in federal low-income housing tax credits, $6.9 million in Utah state housing tax credits and $420,000 in 45L energy-efficiency credits. The developers report that Zions Bank provided construction and permanent financing, while the Olene Walker Housing Loan Fund supplied soft financing. According to Utah Housing Corporation, the agency coordinated private-activity bond issuance and the LIHTC allocation, which injected roughly $41.11 million in equity into the project and helped make long-term affordability possible for the development.
Partners and local builders
CJM Development Group served as the primary developer on Homestead Landing and will manage the property. Bonneville Builders acted as general contractor, and Think Architecture served as the architect of record. Bonneville Builders marked the milestone on its LinkedIn page, calling Homestead Landing “a meaningful new housing community” and praising the collaboration among ownership, design and trade teams. Hunt Capital Partners, the tax-credit syndication arm of Hunt Companies, organized investor capital for the deal.
At the ribbon-cutting, Utah Housing Corporation representatives met one of the first residents, Linda Fassett, who described losing stable housing after a series of health setbacks and credited the new apartments with restoring a sense of stability. “I got my freedom back,” Fassett said, according to Utah Housing Corporation's account of the event.
Leasing is underway and units are income-restricted. Community managers advise interested households to review the property listing or contact Utah Housing Corporation for waitlist and eligibility details. For more information or to inquire about availability, visit the community's listing on Apartments.com or reach out to the on-site office.
