Homium Launches Utah Dream Fund to Enhance Homeownership Opportunities in Utah

Homium, a pioneering platform for shared appreciation mortgages, is bolstering its national presence by launching the Utah Dream Fund, a new initiative designed to assist first-time homebuyers in attaining homeownership. This program, introduced in collaboration with local foundations, community organizations, and the Department of Workforce Services, aims to alleviate the financial burden of down payments and foster sustainable housing solutions.

A New Hope for First-Time Buyers

The Utah Dream Fund represents a significant step toward making homeownership more accessible for working families. Eligible first-time buyers can receive up to 40% of the home purchase price or a maximum of $150,000 as down payment assistance. This innovative approach diverges from conventional mortgage models, as it eliminates monthly payments and interest rates, allowing families to repay only a fraction of home appreciation when they eventually sell or refinance.

This revolutionary financing model not only eases the immediate financial pressures associated with purchasing a home but also encourages long-term wealth building. The CEO of Homium, Marcus Martin, highlights the success of this model, stating, "In Detroit, many families previously excluded from the housing market have finally attained home ownership, and we expect similar success in Utah. By creating a mutually beneficial relationship, we can help families secure homes and expand our capacity to assist others in need."

Prioritizing Sustainability and Long-Term Cost Savings

The Utah Dream Fund does not stop at the initial financial assistance; it also prioritizes sustainability and long-term savings for homeowners. By supporting homes that meet specific energy efficiency criteria, it integrates Homium's Energy Efficient Mortgage Program, enhanced by a partnership with the Garbett Family Foundation. This initiative rewards buyers with lower utility costs while promoting a more eco-friendly living environment, thereby reducing the total cost of homeownership over time.

Moreover, the Utah Dream Fund aims to direct resources to expand homeownership opportunities in underserved communities, particularly in South Salt Lake and Millcreek. The Mark and Kathie Miller Foundation's support ensures that capital flows into these areas, helping families overcome barriers to housing affordability while fostering pathways to long-term wealth generation.

Collaborative Efforts for Greater Impact

A pivotal aspect of the Utah Dream Fund's success is its collaboration with local entities. Alongside organizations such as Utah's Promise and United Way of Salt Lake, the program unites various partners, including the Community Development Corporation of Utah, Promise Partnership Utah, and Guild Mortgage. This collaborative model enables the program to tap into a diverse range of resources and expertise, enhancing its overall effectiveness.

Jim Sorenson, Chairman of the Sorenson Impact Group, emphasizes the importance of this collaboration, stating, "The Utah Dream Fund aims to widen access to homeownership in fair and scalable ways. Homium demonstrates the potential of combining innovative financing with a dedication to community enrichment."

Addressing a Growing Housing Crisis

Utah has experienced a decade-long surge in housing prices that has outstripped wage growth, placing homeownership out of reach for many families. Conventional down payment assistance programs often fall short due to limited one-time funding, but the Utah Dream Fund’s shared appreciation model presents a sustainable alternative. By recouping investments as home values increase, Homium can continuously reinvest in helping more families, ensuring long-term viability.

The Utah Dream Fund follows the successful model established by Homium in Michigan, where it collaborated with the Michigan State Housing Development Authority and notable figures like NBA player Tobias Harris, who spearheaded the Tobias Harris Homeownership Initiative. This program not only showcased the effectiveness of Homium's approach but also attracted attention from housing agencies and community partners nationwide.

First-time homebuyers in Utah can learn about the qualification process and available resources at utahdreamfund.com.

About Homium

As a trailblazer in housing finance innovation, Homium is committed to enhancing access to affordable homeownership. By leveraging shared appreciation financing, blockchain technology, and smart contracts, the platform aims to create scalable and sustainable solutions. Homium partners with a variety of institutions, including housing agencies and community organizations, to facilitate down payment assistance programs that are accountable and effective, currently operating in Michigan and Utah with plans for future expansion.

For more details, visit Homium's website and explore how it is reshaping the landscape of homeownership in America.