As part of his budget priorities for Fiscal Year 2025, Gov. Spencer Cox want Utah to building 35,000 modestly-priced starter homes like this one by 2028 to accommodate future growth (Image courtesy of BUZZFEED).
WEST HAVEN – As part of his budget priorities for Fiscal Year 2025, Gov. Spencer Cox has announced an ambitious plan to build 35,000 starter homes by 2028.
Among his priorities for the next fiscal year, Cox has proposed that the Legislature allocate $150 million to achieve that goal.
“The single greatest threat to our future prosperity, the American dream and our strong communities is the price of housing,” Cox told a gathering of press, state officials and property developers here in West Haven.
“Our kids will never be able to call Utah home if we don’t start building starter homes again.”
Under the governor’s Utah First Homes initiative, Cox hopes to achieve that goal by providing new funds for infrastructure; help for homebuyers through grants and sweat equity programs; innovative funding incentives; and more.
As proposed by Cox, the state’s new housing initiative would include $50 million for first-time homebuyers assistance; $75 million to expand the State Infrastructure Bank specifically for housing projects; and $25 million to boost starter home innovation and construction projects.
Cox’s budget recommendations for FY2025 also outlined support of families; service initiatives; workforce alignment; investments in public education and teachers; and new resources to support vulnerable populations, including victims of domestic abuse.
On Dec. 4, Cox also recommended a $186 million initiative to address statewide homelessness.
That proposal included $128 million to stabilize the current emergency shelter system and provide support for additional shelter options; $10 million one-time investment and $641,000 ongoing to launch a “home court” – an alternative to the criminal justice system that diverts people to treatment services; another $8 million to provide opportunities for paid internships, loan forgiveness and incentives for training in the behavioral health field; and $10 million for housing preservation and $30 million to fund deeply affordable housing.
In addition to prioritizing pathways to home ownership and addressing homelessness, Cox said that his proposed budget would also recommend more than $80 million to support water and watershed; $162 million to enhance transportation and recreation opportunities across the state; and nearly $170 million in investments in rural areas.
The sum total of Cox’s budget priorities is more than $29 billion, focused on people, growth and good governance.
“As Utah continues to grow,” he said, “proactive investments and long-term planning will help Utah respond to challenges and harness the opportunities that growth brings.”