Coalition Raises Over $1.29 Million for Provo's Maeser School Neighborhood: Senator Bennett Backs City Center Project, Calls Effort 'Model for Community Revitalization'.

PROVO, Utah -- Senator Bob Bennett (R-UT), in conjunction with a regional financial partnership, announced today a $1.29 million contribution to the Provo Housing Authority and the City Center Affordable Housing Coalition. The funds support the restoration of the historic Maeser School that, when completed, will provide senior citizens with new affordable housing. The financing will also go toward larger neighborhood redevelopment within Provo.

A financial partnership, which includes the Federal Home Loan Bank of Seattle, Washington Mutual Inc., The Enterprise Foundation, Provo Housing Authority, and Utah's Bank of American Fork, provided the funding to help launch the community investment initiative. The partnership presented the project with the $1.29 million at a kickoff event held on the Maeser School grounds. The Provo Housing Authority will oversee construction of the development program, use the money to leverage additional project funding, and work with local nonprofit organizations to push the neighborhood revitalization effort forward.

"Providing high quality and affordable housing in our communities must be one of our top priorities," Senator Bennett said. "But those efforts can't be left to just one city or one organization. Partnerships in business communities across the country are needed to fund projects like the Maeser School, where re-development and renewal of one building is spurring a re-birth of an entire neighborhood. This project is a model for community revitalization."

Lewis K. Billings, the mayor of Provo, welcomed the project funding. "This $1.29 million will bring new vigor and vitality into this important Provo neighborhood, provide critically needed affordable housing, and preserve an important piece of Provo's historic landscape."

The Provo Housing Authority plans to begin restoring the Maeser School later this year. After the transformation, the school building will feature 32 affordable apartments for seniors. Other parts of the school grounds will be converted into 12 new homeownership units for first time buyers by Rural Housing Development Corporation. Occupants are scheduled to begin moving into the housing at the end of 2005.

"Transforming communities through innovative affordable housing funding is what we do at the Seattle Bank," said Norman B. Rice, president and chief executive officer of the bank cooperative. "The Maeser School revitalization is a creative way to foster healthier communities and economies within Provo."

In addition to the Maeser School renovation, the funding will support broader "smart growth" development around the city's central neighborhoods through new construction or rehabilitation of 31 for-sale homes at scattered locations by the Provo City Redevelopment Agency and Neighborhood Housing Services. Smart growth development seeks to reduce sprawl by utilizing existing infrastructure; promoting efficient use of space; providing a wide range of housing options for diverse income levels; and integrating housing, commercial, and transportation uses of available land.

"Provo is a perfect example of how we can partner smart growth investment with re-use projects like the transformation of the historic Maeser School as a way to bring new development and homeownership opportunities to individuals and families living in urban areas across the U.S.," said Doris Koo, Senior Vice President and Western Regional Director for The Enterprise Foundation. "We're looking forward to making a significant and positive impact on the Provo community, and providing a blueprint for other cities in America regarding smart growth initiatives."