The Homestake parcel represents an opportunity to create a mixed-income housing community in a central in-town location close to jobs, services, transit, and public amenities. Seeking to accommodate the full-time work force and families with an affordable rental project, the City Council set a goal for Homestake to provide 80% of the units to be affordable for individuals and families averaging just 60% of the Area Median Income (AMI), in a mix of unit types from studios to three bedroom units able to accommodate families. The project will have professional on-site management and amenities to serve the residents of the project.
- In 2016, City Council set a goal to create 800 affordable units by 2026.
- In 2017, City Council purchased thr vacant lot at 1875 Homestake Road for future housing and transportation needs.
- In 2019 city council identifies Public Private Partnerships as a key tool to help accelerate and expand City’s ability to deliver affordable housing products.
- In 2021 City issues RFQ to identify qualified private partners for the development of the Homestake Lot to maximize the creation of Affordable Housing in a central location in town.
- City Selects a partnership of Local Developer Rory Murphy and The J Fisher Companies to negotiate a MOU for the development of Homestake.
- December 2021 City Council approves MOU with RMJFC to create Public Private Partnership.
- Currently the project is in the preliminary design and entitlement phase with the goals of maximizing the creation of housing with a high degree of affordability in a manner that improves the residential character of the immediate area.
Background on JF Development
JF Development is a vertically integrated real estate company from Utah. They have grown from a land entitlement group and homebuilder into a prominent commercial and multi-family affordable housing developer. The company philosophy is centered around building and holding units for the long term.
In 2014, JF Development committed to focusing on affordable housing as a significant part of the company's future. This commitment has taken many forms and includes traditional low-income housing tax credit (“LIHTC”) financed apartments, public-private partnerships, creative finance sources, mixed-income, and mixed-use strategies. JF has structured over $300M in affordable housing projects and closed over $55M in LIHTC equity syndications, with an additional $45M currently committed. Additionally, JF has in-house construction capabilities through its general contractor – Strategic Builders – and in-house property management through its management company – Olive West.