Utah

Iris Apartments | Salt Lake City, UT

Loan Amount: $459,000

Developer: AHA Nonprofit Corp

The Iris Apartments in Murray, Utah is a 31-unit multifamily property where all units are income-restricted under the Section 42 LIHTC program, serving tenants with household incomes not exceeding 49% of the area median income (AMI), with a weighted average AMI of 44.4%. The property is uniquely positioned to serve single tenants, including individuals with criminal records and sexual offenders, addressing a critical community need for housing options for these groups. Significant amenities include ADA accessibility for all units, keypad-controlled entrances, video surveillance, modern appliances, laundry and storage rooms, and dedicated parking. The building, originally constructed in 1955 and substantially renovated in 2000, features a masonry exterior and modern interiors. Owned and operated by Affordable Housing Alliance, LC—a Utah nonprofit—the property is self-managed by Michael Todd, who has maintained high occupancy and good condition. The Iris Apartments is committed to long-term affordability through 2099, is located on one of the last remaining retail blocks in downtown Murray, and stands out for its focus on serving marginalized populations and maintaining a stable, well-managed affordable housing resource in the community.

Units: 31