Utah Housing Corporation shakeup continues as president and CEO resigns
· KSL.comKEY TAKEAWAYS
- David Damschen, Utah Housing Corporation's CEO, resigns amid board changes.
- Damschen will stay until a new CEO is found through a nationwide search.
WEST VALLEY CITY – The president and CEO of Utah Housing Corporation has submitted his resignation.
The organization, an independent state entity that's designed to help create affordable housing opportunities, announced Friday that David Damschen will leave his position once a replacement is found. The news comes just a few months after Utah Housing Corporation's board of trustees underwent significant changes, with several new members appointed.
"The board and I have agreed that it is time for a leadership transition," Damschen told KSL in a statement Friday.
Utah Housing Corporation administers several resources related to affordable housing, including a first-time homebuyer program, a housing tax credit for multifamily development and a homeownership program for low-income Utahns, according to its website. Damschen has led the organization since May 2021 after stepping down as Utah's state treasurer.
According to Transparent Utah, Damschen earned more than $300,000 a year in salary as head of Utah Housing Corporation, which plans to conduct a nationwide search to replace him. Damschen will remain on the job until that person is found, the organization said in a news release.
"David has helped make the American Dream of homeownership a reality for Utah families," said Senate President Stuart Adams, R-Layton, in a statement. "By helping strengthen our economy and expand opportunities for families to own a home, his work has made a meaningful difference in people's lives."
"I commend David for the solid foundation he and the leadership team have put in place," added Utah Housing Corporation board chair Harris Simmons, who was appointed to that position in June. "We will build upon that foundation as we seek to expand access to safe and affordable housing and enhance home ownership and accessibility for low and moderate-income Utahns."
Utah has experienced an affordable housing crisis in recent years with skyrocketing home prices and soaring rents, although apartment rents along the Wasatch Front have dropped recently due to a surge in construction. Mortgage rates, though, are well above 7% and have contributed to worsening housing affordability for many people in the state.
"I am extremely proud of what UHC has accomplished during my time as president and CEO," Damschen said in a statement. "The past several years of housing-market instability have made UHC's work more important than ever. It has been a privilege to lead a dedicated team working to expand access to affordable housing and homeownership across Utah."
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