A 193-unit affordable housing project is moving forward in Ogden, backed by a $17 million private-activity bond from the Utah Housing Corporation and developed by the Lotus Co. The project, called Lotus Forge, is designed to be 100% affordable and could ultimately cost as much as $65.4 million, according to figures discussed at an August Utah Housing Corporation meeting.
As reported by Multi-Housing News, Lotus Forge sits on 3.5 acres across the street from Lindquist Field stadium, with the Ogden train station within walking distance. The outlet, citing Yardi Matrix data, reports that the Lotus Co. obtained the $17 million bond from Utah Housing Corp., with U.S. Bank serving as trustee and the bonds placed with Citibank. Separate Utah Housing Corporation meeting records show the bonds are expected to mature on or before August 1, 2063, with an interest rate not to exceed 12% per annum, and confirm Citibank, N.A. will serve as both construction and permanent lender, according to a Utah Housing Corporation meeting document.
Raymond James is serving as the state of Utah's housing credits equity provider for the deal, per the same Multi-Housing News account, and Lotus requested $2.7 million in federal 4 percent low-income housing tax credits according to August meeting documents, a motion that meeting participants supported. Utah Housing Corporation's own public meeting notices independently confirm the $17 million allocation tied to a 193-unit, 100% affordable new-construction project developed by the Lotus Company, and show the allocation received a second extension in July, per a Utah Housing Corporation meeting document.
Where Exactly Is Lotus Forge?
There's a discrepancy in the project's address across public records. Multi-Housing News places Lotus Forge at 2270 Lincoln Ave. in Ogden, while Utah Housing Corporation's own filings list the project at 2261 Grant Ave., per the Private Activity Bond Program notice. Separately, an Ogden City agenda item references a Forge mixed-use building extending into the Lincoln Avenue right-of-way at 2270 Lincoln Avenue, a detail that doesn't fully resolve which address applies to the residential project itself.
Upon completion, Lotus Forge is expected to comprise one- to three-bedroom apartments, with units set aside for residents earning 60 percent or less of area median income, the Multi-Housing News report states. Slated amenities include a swimming pool, spa, deck space, two clubhouses, a gym and a dog park.
A Pattern of Development on the Same Block
This isn't the Lotus Co.'s first affordable project in the immediate area. The developer broke ground in 2025 on the 97-unit affordable Lotus Ember project on the same block, and that project started leasing earlier this fall, according to the same account. The Lotus Co. has brought online about 500 units in Ogden in recent years and has more than 15 years of multifamily development experience, operating in Utah, Florida and Ohio.
The company also owns Lotus Riverwalk, another affordable Ogden complex developed by the Lotus Co. and managed by Evergreene Management Group, where income restrictions apply to all 110 existing units and to 174 additional units that were expected to become available in September, according to Utah Stories. At Riverwalk, individuals earning less than 60 percent of Ogden's area median income may qualify, and rents there are estimated to run about half as much as comparable apartments nearby. The complex features large, open units, oversized closets, quartz countertops, in-unit washers and dryers, a club room and a barbecue area, per the same report.
Why Affordable Units Matter in Weber County
The push for more income-restricted housing comes against a backdrop of steep affordability pressure. Average rent in Weber County rose 63 percent between 2018 and 2022, Utah Stories reports, while Ogden's median home sales price stood at $360,000 at the end of 2023 — about two-thirds of the $539,000 statewide average. The Weber Housing Authority's Section 8 waitlist had grown to 1,356 applicants, with new applicants facing an estimated four-year wait, according to the same report.
Beyond Ogden, the Lotus Co. also owns The Lotus, an 84-unit community in Salt Lake City that was completed in 2013, Multi-Housing News notes. Lotus Forge and Lotus Ember are on the same block, while Lotus Riverwalk is another Ogden complex. The developer's footprint in the city continues to expand even as the broader housing market remains tight for renters and buyers alike.
