MURRAY, UT - TWG, a real estate development company specializing in commercial, market rate, affordable and senior housing developments, today announces the development of Residences at Fireclay, a new $13 million affordable senior housing project coming to Murray, Utah.
Located at 152 West 4250 South, the 40-unit, four-story building will feature one-bedroom apartments for seniors aged 62+. The units are also reserved for those earning up to 50% the area median income (AMI), with a preference for military veterans. Amenities of the new property include a fitness room, community raised garden, community room with kitchen, and computer room.
The project includes four units reserved specifically for disabled seniors and five units available for seniors who have experienced homelessness. With the nationwide homelessness crisis disproportionately affecting U.S. veterans, this project provides a stabilized and affordable environment for homeless or at-risk veterans.
TWG has partnered with First Step House, a Salt Lake City-based nonprofit, which serves over 1,200 individuals each year within the community to address challenges of addiction, mental health, homelessness and criminal justice involvement. First Step House will provide services and referrals to provide housing for disabled and homeless seniors. This partnership ensures that residents with disabilities receive the supportive services they need to build productive, meaningful and healthy lives.
“We are honored to be working with First Step House and the Utah Housing Corporation to bring this project to life and provide affordable housing to seniors who need it most,” said Ryan Kelly, Vice President of Tax Credit Development at TWG. “The project will also support veterans in the community, with priority given to those who have served in our military.”
This project was made possible with Low Income Housing Tax Credits (LIHTC) from the Utah Housing Corporation (UHC). Additional key partners involved in the project include the Olene Walker Housing Loan Fund, Raymond James, and Horizon Bank.
“TWG was awarded Low Income Housing Tax Credits in consecutive rounds of competition, and these tax credits provide the foundational capital for development. UHC is pleased to partner with TWG on Residences at Fireclay, which when complete, will provide low-income Utahans access to an affordable place to call home,” said David Damschen, President & CEO of Utah Housing Corporation. “Utah’s need for affordable housing is at an all-time high, and partnerships such as this are critical to meeting that need.”
This project follows the opening of Residences at West Haven, an affordable senior housing project developed by TWG in West Haven, Utah this fall. Construction on Residences at Fireclay is expected to begin this year, and the first units will become available in 2025.
About TWG: Founded in 2007 and headquartered in Indianapolis, TWG is a fully integrated real estate development company specializing in commercial, market rate, affordable and senior housing developments across the country. With a focus on development, financing, design, construction and management, TWG has transacted over $2 billion in development costs and over 10,000 units nationwide. Committed to building strong foundations with its team, equity partners and the communities it serves, TWG knows that Together, We Grow. Learn more at www.twgdev.com