In accordance with Utah state law, all owner and tenant funds that Cox Realty holds are property management trust accounts. Prior to April 2023, this was a non-interest bearing trust account. In late March 2023 we started the process to convert these accounts to interest bearing. State law allows real estate and property management trust accounts to earn interest if (and only if) both parties in a transaction (in this case the owner and the tenant) agree in writing and if the interest is automatically sweep out and distributed to an approved non-profit that assists with housing. At Cox Realty we are partnering with the Utah Association of Realtors Housing Opportunity Fund (UARHOF), which uses that fund to help pay for low-income housing, transitional housing programs, housing after emergencies and more.
There is no cost to our tenants and owners, but instead of letting these funds sit idle will help in a small way our Utah neighbors.
Another benefit is that this program also increases our FDIC insurance limits, which better protects our owners and our tenants.