Salt Lake City breaks ground on west-side affordable housing complex

Overview

Updated 1 hour ago

Salt Lake City broke ground Thursday on Camden Court, a 96-unit income-restricted complex on the city's west side. Families earning 30% to 60% of the area median income will pay $600 to $1,800 a month, with rents set to stay under 30% of income.

The units arrive as nearly half of Salt Lake City renters are cost-burdened, spending over 30% of income on housing. The city has added 48 housing projects since 2020, yet a surplus of market-rate apartments has not relieved pressure on low-income households. State officials say affordable supply still falls short and expect the market softening to fade within two years.

Why it matters

Salt Lake City rents keep outpacing wages. Camden Court adds 96 units priced for working-family budgets, a small check against a widening gap.

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Key Indicators

Income-restricted units at Camden Court

Apartments for households earning 30% to 60% of area median income.

≈50%

Salt Lake City renters who are cost-burdened

Nearly half spend more than 30% of income on housing, per city officials.

Housing projects added to Salt Lake City since 2020

Includes market-rate and affordable developments across the city.

$600–$1,800

Planned monthly rent range at Camden Court

Rents vary by unit size and household income.

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People Involved

Erin Mendenhall

Mayor of Salt Lake City

In office; attended Camden Court groundbreaking

Charles Schmid

Chief executive of Chelsea Investment Corporation

Led developer on Camden Court

Jon Olsen

Utah representative, Chelsea Investment Corporation

Oversees Chelsea's Utah affordable housing projects

Claudia O'Grady

Vice president of multifamily finance and development, Utah Housing Corporation

State housing finance official

Amanda Arnette

Salt Lake City renter

Rents a 500-square-foot studio

Organizations Involved

Chelsea Investment Corporation

Private affordable housing developer

Co-developer of Camden Court

Family-owned developer that builds income-restricted housing across the western United States.

Salt Lake City Community Reinvestment Agency

City housing investment agency

Funding partner on Camden Court

The city arm that channels tax-increment funding, loans, and city-owned land into affordable housing.

Utah Housing Corporation

State housing finance agency

Allocates tax credits and state housing loans

Utah's state agency for housing finance, awarding Low-Income Housing Tax Credits and Olene Walker Housing Loans.

Timeline

January 2020 September 2026

3 events Latest: Today

September 2026
Camden Court breaks ground
Today Announcement

City and Chelsea Investment start 96-unit west-side affordable complex; opening set for spring 2028.
Today
August 2023
Victory Heights affordable project approved
Decision

Planning Commission approves 88-unit east-side complex using tax credits, state loans, and a city loan.
August 23rd, 2023
January 2020
Mendenhall takes office
Leadership

Erin Mendenhall sworn in; housing stability becomes a city priority.
January 6th, 2020

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

October 1986

Low-Income Housing Tax Credit (1986)

Congress created the Low-Income Housing Tax Credit in the 1986 Tax Reform Act. It lets private investors trade tax liability for equity in affordable rental housing over a 10-year credit period, turning federal tax dollars into construction funding.

Then

Private investment poured into affordable developments, and the credit became the nation's chief tool for building income-restricted housing.

Now

The LIHTC has backed the vast majority of affordable rental housing built since. Nearly every project, including Camden Court, relies on it.

Why this matters now

Explains the financing stack behind the project: tax-credit equity combined with state and local subsidies.

2007-2009

Great Recession housing collapse (2007-2009)

The housing crash froze mortgage lending and halted new construction across the US. Utah was among the hardest-hit states for foreclosures, with thousands of families losing homes.

Then

Residential construction collapsed, and many builders went bankrupt, leaving a shrunken pipeline of new supply.

Now

The years of under-building created a supply deficit that lingered as job and population growth resumed, feeding today's affordability gap.

Why this matters now

That deficit is a root reason cities are scrambling to build affordable units now.

2020-2022

Pandemic-era migration to the mountain West (2020-2022)

Remote work drew thousands of new residents to Salt Lake City and neighboring metros. Rents soared as demand outran a supply pipeline already depleted by the recession.

Then

City rents jumped while service wages lagged, pushing more renters into cost-burdened territory.

Now

The demand shock stuck; city officials now say nearly half of renters spend over 30% of income on housing.

Why this matters now

City officials cite 'years of population and job growth' as the direct driver of today's affordability pressure.