HomeMy WebLinkAbout002 of 2026 - Housing Development Loan Program (HDLP) Funding Allocations for Gap Financing1
SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION NO. 02 of 2026
Affordable Housing – FY 2025-2026 Competitive Housing Development Loan Program
(HDLP) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Salt Lake City Community Reinvestment Agency (“CRA”) was created to
transact the business and exercise the powers provided for in the Utah Community Reinvestment
Agency Act (the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing
the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the CRA Board of Directors (“Board”) approved the Housing Funds Allocation
Policy (“Funds Policy”), Resolution R-1-2022, which establishes policies with respect to
dedicating and directing resources for the development and preservation of housing b ased on
funding source (“Housing Funds”).
WHEREAS, the Board has set aside $8,118,128 of Housing Funds for affordable housing (the
"Competitive HDLP Funds”) through the CRA’s Competitive Housing Development Loan
Program (“HDLP”). The allocation of funds is contingent upon an application and review process
administered by the CRA to facilitate the funding of qualified projects that meet the goals
established by the HDLP.
WHEREAS, through a Notice of Funding Availability (“NOFA”), the CRA administered a loan
application and review process for the Competitive HDLP Funds pursuant to the HDLP policy set
forth in resolution R-2-2022 (the “HDLP Policy”) and the CRA’s Housing Funding Priorities for
Fiscal Year 2025-2026 set forth in R-6-2025 (“Funding Priorities”) that resulted in nine eligible
requests for funding totaling $23,297,049 (the “Competitive HDLP Applications”).
WHEREAS, on February 18, 2026, the CRA’s Finance Committee reviewed the Competitive
HDLP Applications, and recommended funding allocations and preliminary terms as further
described in Exhibit A.
WHEREAS, based on the Finance Committee’s recommendations, CRA staff recommends that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
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WHEREAS, following the Board’s approval of the funding allocations and preliminary terms as
set forth on Exhibit B, the CRA shall provide a 24-month conditional commitment period during
which the approved applicant shall have the opportunity to obtain needed financial, legal, and
regulatory approvals, as well as satisfy other conditions determined by the CRA, to finalize the
loan terms.
WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the
conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan
terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the
funding allocations and preliminary terms as further described in Exhibit B (Competitive HDLP
Funding Allocations), subject to revisions that do not materially affect the rights and obligations
of the CRA hereunder. For approved applicants that successfully meet the required conditions, the
Board authorizes the Executive Director to negotiate and execute the conditional commitment
letter, the Letter of Commitment, the loan agreements, and other relevant documents consistent
with the funding allocations and preliminary terms contained on Exhibit B and incorporating such
other terms and conditions as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment Agency, this
10th day of March 2026.
________________________________
Dan Dugan, Chair
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
Sara Montoya, Senior City Attorney
March 23, 2026
Daniel Dugan (Mar 23, 2026 09:50:00 MDT)
Erin Mendenhall (Mar 25, 2026 08:08:03 MDT)
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EXHIBIT A: FY2025-2026 CRA FINANCE COMMITTEE FUNDING RECOMMENDATIONS
The CRA Finance Committee recommends that funding be allocated to projects
in order of funding ranking.
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EXHIBIT B: FY2025-2026 CRA BOARD APPROVED HDLP FUNDING ALLOCATIONS:
CRA Resolution 002 of 2026 - Housing
Development Loan Program (HDLP) Funding
Allocations for Gap Financing
Final Audit Report 2026-03-25
Created:2026-03-16
By:STEPHANIE ELLIOTT (STEPHANIE.ELLIOTT@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAA82eDqwe9Fmg_r_NWZtihPBiQZyVq2ZxA
"CRA Resolution 002 of 2026 - Housing Development Loan Pro
gram (HDLP) Funding Allocations for Gap Financing" History
Document created by STEPHANIE ELLIOTT (STEPHANIE.ELLIOTT@slc.gov)
2026-03-16 - 3:41:58 PM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2026-03-16 - 3:44:41 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2026-03-16 - 4:40:28 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2026-03-17 - 6:57:27 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2026-03-20 - 4:56:07 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2026-03-23 - 3:48:21 PM GMT - Time Source: server
Document emailed to Daniel Dugan (daniel.dugan@slc.gov) for signature
2026-03-23 - 3:48:23 PM GMT
Email viewed by Daniel Dugan (daniel.dugan@slc.gov)
2026-03-23 - 3:49:35 PM GMT
Document e-signed by Daniel Dugan (daniel.dugan@slc.gov)
Signature Date: 2026-03-23 - 3:50:00 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slc.gov) for signature
2026-03-23 - 3:50:12 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slc.gov)
2026-03-23 - 10:00:28 PM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2026-03-25 - 2:08:03 PM GMT - Time Source: server
Document emailed to Keith Reynolds (Keith.Reynolds@slc.gov) for signature
2026-03-25 - 2:08:06 PM GMT
Email viewed by Keith Reynolds (Keith.Reynolds@slc.gov)
2026-03-25 - 7:46:33 PM GMT
Document e-signed by Keith Reynolds (Keith.Reynolds@slc.gov)
Signature Date: 2026-03-25 - 7:56:49 PM GMT - Time Source: server
Agreement completed.
2026-03-25 - 7:56:49 PM GMT