Stone Ridge is a LIHTC rental property developed in two phases, the first with 40 adjoined duplexes and the second with 68. Each of the homes has three bedrooms and a two-car garage, along with a backyard, landscaping, and spectacular mountain views. Property amenities include a pool and picnic area, adjacent to a clubhouse with a kitchen and community room. The units at Stone Ridge are available to households earning 50% or less of area median income.
Stone Ridge is part of a $20 million debt portfolio purchased by CDT from the Utah Community Reinvestment Corporation, a private nonprofit banking consortium that provides a variety of financing products to affordable housing developers and service providers in the state. This project is one of several transactions that CDT purchased from UCRC with Adams Construction and Management Company, Inc. as property developer and manager.