03/19/2024 - Meeting Materials
Board of Directors of the
REDEVELOPMENT AGENCY OF
SALT LAKE CITY
REVISED AGENDA
March 19, 2024 Tuesday 2:00 PM
Council Work Room
451 South State Street, Room 326
Salt Lake City, UT 84111
SLCRDA.com
In accordance with State Statute and City Ordinance, the meeting may be held electronically. After 5:00
p.m., please enter the City & County Building through the main east entrance.
This is a discussion among RDA Board Directors and select presenters. The public is welcome to listen,
unless otherwise specified as a public comment period. Items scheduled may be moved and / or discussed
during a different portion of the Meeting based on circumstance or availability of speakers. Item start
times and durations are approximate and are subject to change at the Chair’s discretion.
Generated: 11:15:59
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The RDA Board of Directors will receive public comments regarding Redevelopment
Agency business in the following formats:
1.Written comments submitted to the RDA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2.Comments to the RDA Board of Directors. (Comments are taken on any item not
scheduled for a public Hearing, as well as on any other RDA Business. Comments
are limited to two minutes.)
B.Public Hearing - individuals may speak to the Board once per public hearing
topic for two minutes, however written comments are always accepted:
NONE.
C.Redevelopment Agency Business - The RDA Board of Directors will receive
information and/or hold discussions and/or take action on:
1.Informational: Housing Development Funding Strategy Fiscal
Year 2024-25 ~ 2:05 p.m.
20 min.
The Board will receive an introductory briefing about the proposed Housing
Development Funding Strategy for Fiscal Year 2024-25. The Housing Development
Funding Strategy includes: a projected amount of revenue to be allocated to each
Housing Fund for the upcoming fiscal year; proposed housing funding priorities for the
upcoming fiscal year; and, the proposed funding allocations for specific housing activities
for the upcoming fiscal year.
Items C2 & C3 will be heard as one item.
2.Resolution: Housing Development Loan Program (HDLP) Funding
Allocation for High Opportunity Areas
~ 2:25
p.m.
45 min.
The Board will consider adopting a resolution that would approve up to $2.7 million for
affordable housing projects located in “high opportunity areas.” These funds are
available through a special allocation within the RDA’s HDLP. Two applicants responded
to the Notice of Funding Availability (NOFA), requesting a total of $5.35 million in low
interest loans.
3.Resolution: Housing Development Loan Program (HDLP) Funding
Allocations for Gap Financing -
-
The Board will be briefed about and will consider adopting a resolution that would
approve up to $15.4 million in affordable housing funding allocations as selected through
a competitive Notice of Funding Availability (NOFA) for the HDLP. This year, Federal
Department of Housing and Urban Development (HUD) funds from the City’s Housing
Stability Division have been incorporated into the competitive NOFA through the HDLP.
The HDLP funds are available to projects located anywhere within Salt Lake City
municipal boundaries.
4.Resolution: RDA Budget Amendment No.2 for Fiscal Year 2023-
24 ~ 3:10 p.m.
30 min.
The Board will receive a briefing about a resolution that would amend the final budget of
the Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. Budget
amendments happen several times each year to reflect adjustments in the
Redevelopment Agency’s budget, including proposed project additions and
modifications, and staffing changes. The amendment includes re-appropriating funding
for several previous projects in the Depot District and Station Center areas. The changes
consolidate appropriations to align with the City's new Workday financial system
structure. Most of the funding is for public infrastructure improvements in Station
Center which is located between 200 South to 400 South and 500 West to 600 West.
5.Informational: Japantown Visioning Process Update ~ 3:40 p.m.
30 min.
The Board will receive a briefing about the Japantown visioning process update. In 2018,
the RDA Board began supporting the revitalization of Salt Lake City's historic
Japantown, located at 100 South between 200 and 300 West, through funding and
staffing a “visioning process” for the Japanese-American community. Institutions
including the Salt Lake Buddhist Temple, the Japanese Church of Christ, and the
Japanese Community Preservation Committee have worked since then to develop a
shared vision of how Japantown Street could be restructured to better serve the
community, particularly the key annual festivals of Obon, Nihon Matsuri and Aki
Matsuri.
6.Report and Announcements from the Executive Director TENTATIVE
5 min.
Report of the Executive Director, including a review of information items,
announcements, and scheduling items. The Board of Directors may give feedback or
policy input.
7.Report and Announcements from RDA Staff TENTATIVE
5 min.
The Board may review Board information and announcements. The Board may give
feedback on any item related to City business, including but not limited to:
•Project Updates;
•Request for Proposal Updates; and
•Scheduling items.
8.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
D.Written Briefings – the following briefings are informational in nature and
require no action of the Board. Additional information can be provided to the
Board upon request:
1.Informational: Semiannual Status Report on RDA
Commercial Loan Portfolio Written Briefing
-
The Board will receive a written briefing about the status of the RDA’s commercial loan
portfolio. This report identifies the following:
•New loans approved between July 1, 2023 and December 31, 2023
•Remaining amount available in the existing portfolio
•Outstanding principal for the Revolving Loan Fund
•Any delinquencies
E.Consent – the following items are listed for consideration by the Board and can be
discussed individually upon request. A motion to approve the consent agenda is
approving all of the following items:
1.Set Date – Resolution: RDA Budget Amendment No.2 for Fiscal Year 2023-
24 -
-
The Board will set the date of Tuesday, April 16, 2024 at 2 p.m. to accept public comment
and consider adopting a resolution that would amend the final budget of the
Redevelopment Agency of Salt Lake City for Fiscal Year 2023-24. Budget amendments
happen several times each year to reflect adjustments in the Redevelopment Agency’s
budget, including proposed project additions and modifications, and staffing changes.
The amendment includes re-appropriating funding for several previous projects in the
Depot District and Station Center areas. The changes consolidate appropriations to align
with the City's new Workday financial system structure. Most of the funding is for public
infrastructure improvements in Station Center which is located between 200 South to
400 South and 500 West to 600 West.
F.Tentative Closed Session
The Board will consider a motion to enter into Closed Session. A closed meeting described
under Section 52-4-205 may be held for specific purposes including, but not limited to:
1.discussion of the character, professional competence, or physical or mental health of
an individual;
2.strategy sessions to discuss pending or reasonably imminent litigation;
3.strategy sessions to discuss the purchase, exchange, or lease of real property:
(i)disclose the appraisal or estimated value of the property under consideration; or
(ii)prevent the public body from completing the transaction on the best possible
terms;
4.strategy sessions to discuss the sale of real property, including any form of a water
right or water shares, if:
(i)public discussion of the transaction would:
(A)disclose the appraisal or estimated value of the property under
consideration; or
(B)prevent the public body from completing the transaction on the best possible
terms;
(ii)the public body previously gave public notice that the property would be offered
for sale; and<
(iii)the terms of the sale are publicly disclosed before the public body approves the
sale
5.discussion regarding deployment of security personnel, devices, or systems; and
6.investigative proceedings regarding allegations of criminal misconduct.
A closed meeting may also be held for attorney-client matters that are privileged pursuant to
Utah Code § 78B-1-137, and for other lawful purposes that satisfy the pertinent requirements of
the Utah Open and Public Meetings Act.
Adjournment G.
CERTIFICATE OF POSTING
On or before 2:00 p.m. on Monday, March 18, 2024, the undersigned, duly appointed City Recorder,
does hereby certify that the above notice and agenda was (1) posted on the Utah Public Notice
Website created under Utah Code Section 63F-1-701, and (2) a copy of the foregoing provided to The
Salt Lake Tribune and/or the Deseret News and to a local media correspondent and any others who
have indicated interest.
CINDY LOU TRISHMAN
SALT LAKE CITY RECORDER
Final action may be taken in relation to any topic listed on the agenda, including but
not limited to adoption, rejection, amendment, addition of conditions and variations
of options discussed.
The City & County Building is an accessible facility. People with disabilities may make requests for
reasonable accommodation, which may include alternate formats, interpreters, and other auxiliary
aids and services. Please make requests at least two business days in advance. To make a request,
please contact the City Council Office at council.comments@slcgov.com, 801-535-7600, or relay
service 711.
Annual
HOUSING
FUNDING
strategy
Fy 2024-25
HOUSING
DEVELOPMENT
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
SECONDARY
HOUSING
FUND
ADOPTED Q1 2021 YEARLY BOD APPROVAL
PRIMARY
HOUSING
FUND
HOUSING ALLOCATION
FUNDS POLICY
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
This policy
established guidelines
for allocating/directing
resources for housing
by funding source.
Also requires "Annual
Housing Funding
Strategy" (right) be
brought in front of
Board every year.
Bringing estimated
amounts to Board
for review next
month
For your
feedback today
For your
feedback today
PRIMARY
HOUSING
FUND
WESTSIDE
COMMUNITY
INITIATIVE
FUND
HOUSING
DEVELOPMENT
FUND
SECONDARY
HOUSING
FUND
housing fund allocations
$$$$
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
FY24 Housing ActivitY RECAP
2024 HOUSING
PRIORITIES
Wealth Building
Opportunity
Affordable Family
Housing
Deeply Affordable
Housing
Missing Middle
Housing
FY 2023-24 Housing Development Loan Program
$13.7 released ($4.2 in RDA Funds, $9.5 in HUD
funds) - In process and to be reviewed by RDA
Board in March
ADU Partnership
Request for Information, NOFA
for ADU program to follow
Prep Work on Acquisitions/Dispositions
West Montrose
Deseret Industries/Fire Station Site -
Sugar House
400 South/900 West
Equity Building Model
RDA Board allocated $10 million in ARPA
funds the Perpetual Housing Fund of Utah to
carry out a tenant wealth building program
Data - current and future slc deed-restricted affordable housing developments map
Data - city supported Affordable housing constructed since 2015 and future developments
Data - city supported Affordable housing units
constructed since 2015 and future developments
Housing Units by Unit Size
Data - Salt Lake City Housing Snapshot
MEDIAN HOUSEHOLD INCOME
$72,3571
MEDIAN HOME VALUE2
LOW-INCOME HOUSEHOLDS3
COST-BURDENED HOUSEHOLDS4
AFFORDABLE UNIT GAP5
MEDIAN RENT
$458,600 $1,254
-17,366
39,320
(earning < 80% AMI)
24,285
(spending 30% or more income on housing costs)
MEDIAN HOUSEHOLD INCOME
$66,6581
MEDIAN HOME VALUE2
LOW-INCOME HOUSEHOLDS3
COST-BURDENED HOUSEHOLDS4
AFFORDABLE UNIT GAP5
MEDIAN RENT
$459,800 $1,037
(1 Bed)
-15,877
39,475
(earning < 80% AMI)
23,597
(spending 30% or more income on housing costs)
FY 2023-2024 FY 2022-2023
Source: Census Bureau's 2017-2022 ACS 5-Year Estimates (1,2)
Dept. of Housing and Urban Development’s Comprehensive Housing Affordability Strategy 2016-2020 (3,4)
1
Source: Census Bureau's 2017-2022 ACS 5-Year Estimates
HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTAL RATE
Data - other metrics
2
Source: Census Bureau's 2017-2022 ACS 5-Year Estimates
AT LEAST 8,341 RENTING HOUSEHOLDS FALL IN THE "EXTREMELY LOW INCOME” LIMIT
SET BY HUD FOR FY23.
Data - other metrics
3
Source: Census Bureau's 2017-2022 ACS 5-Year Estimates
PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 2018
Data - other metrics
4
Source: Census Bureau's 2017-2022 ACS 5-Year Estimates
HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED WITHIN
SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME HOUSEHOLD MAKING LESS
THAN $50K HAVE DECREASED.
Data - other metrics
5
Salt Lake County Assessor (5)
NUMBER OF COMMERCIAL PARCELS HAVE DECREASED WITHIN SALT LAKE CITY
Data - other metrics
6
CoStar Group (6)
COMMERCIAL GROWTH RATE IS SLOWING, WHILE OCCUPANCY AND LEASE RATES
HAVE INCREASED
Data - other metrics
2
3
4
5
6
Source: Census Bureau's 2017-2022 ACS 5-Year Estimates (1,2, 3, 4)
Salt Lake County Assessor (5)
CoStar Group (6)
HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED WITHIN
SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME HOUSEHOLD MAKING LESS
THAN $50K HAVE DECREASED.
NUMBER OF COMMERCIAL PARCELS HAVE DECREASED WITHIN SALT LAKE CITY
COMMERCIAL GROWTH RATE IS SLOWING, WHILE OCCUPANCY AND LEASE RATES
HAVE INCREASED
PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 2018
AT LEAST 8,431 RENTING HOUSEHOLDS FALL IN THE "EXTREMELY LOW INCOME” LIMIT
SET BY HUD FOR FY23.
1 HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTAL RATE
Data - other metrics
salt lake City Housing Goals
HOUSING SLCMAYOR'S 2024 GOALS RDA LIVABILITY BENCHMARKS
Begin implementation on Thriving in Place’s
two-year action plan (anti-displacement)
Create and submit to the RDA Board a program
to support the creation of more Accessory
Dwelling Units (ADUs)
Explore funding resources and program ideas to
preserve naturally occurring affordable housing
with the goal of keeping people in their homes
and stabilizing neighborhoods
Support projects that allow tenants to build
wealth and/or gain equity
Continue to release housing funds through RDA
for development or acquisition of moderate
income housing
Promote the development of affordable family-
sized units with 3+ bedrooms
Provide funding for programs and/or initiatives
that build wealth and/or provide equity sharing
opportunities for residents
Utilize Inland Port Housing Funds to expand
affordable housing options
Ownership - Create opportunities for
residents/business owners to building wealth
and/or establish permanent roots
Housing for Everyone - Promote housing for
families, underserved populations and
extremely low income
Affordable Commercial Spaces - Support mixed-
use projects with space for commercial uses
that serve the community
WEALTH
BUILDING
OPPORTUNITY
recommended annual housing priorities
Four priorities to focus on this FY; Seeking Board feedback today
NEIGHBORHOOD
COMMERCIAL
AND SERVICES
AFFORDABLE
FAMILY
HOUSING w/
AMENITIES for
CHILDREN
DEEPLY
AFFORDABLE
HOUSING
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
LAND
ACQUISITION/
DISPOSITION
HOUSING
DEVELOPMENT
LOAN
PROGRAM
EQUITY
BUILDING
NOFA
recommended housing ACTIVItIES
Tools/programs by which to achieve Priorities; Seeking Board feedback today
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
housing ACTIVItIES
Housing Development Loan Program
Competitive NOFA
Require affordable family housing and/or deeply
affordable housing as threshold
Utilize interest rate reduction benchmarks for
competitive NOFA (Alignment with RDA's Guiding
Framework); annual priorities will have greater
ranking weight
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
FY25 Housing Activity IMPACT
HOUSING PRIORITIES
Wealth Building
Opportunity
Affordable Family
Housing w/ Amenities
for Children
Deeply Affordable
Housing
Neighborhood
Commercial &
Services
Equity Building NOFA
Land Acquisition/
Disposition
Housing Development
Loan Program
HOUSING ACTIVITIES
HOUSING
DEVELOPMENT
FUND
SECONDARYPRIMARY
WESTSIDE
COMMUNITY
INITIATIVE
FUND
housing fund
allocations
FY25 ANNUAL HOUSING FUNDING STRATEGY
ANNUAL HOUSING
PRIORITIES
HOUSING
ACTIVITIES
NEIGHBORHOOD
COMMERCIAL
AND SERVICES
DEEPLY
AFFORDABLE
HOUSING
WEALTH
BUILDING
OPPORTUNITY
AFFORDABLE
FAMILY
HOUSING
HOUSING
DEV. LOAN
PROGRAM
LAND
ACQUISITION/
DISPOSITION
EQUITY
BUILDING
NOFA
Redevelopment Advisory Committee
Establish standard benchmarks/measures of success to review
as a part of funding strategy process
Allow more time to understand if measures are met
Units for families don’t necessarily need 3 bedrooms
Ground floor walk-ups are conducive to families
Requiring commercial space as part of the HDLP may be
difficult - encourage instead
Financial incentives for affordable housing should be coupled
with zoning incentives
RAC
next steps
The RDA Board may wish to discuss and provide feedback
regarding the proposal
The RDA Board will consider approval of the FY25 housing
priorities at their April meeting
Proposed funding allocations to housing activities will be
brought to the RDA Board with the budget presentation in May
Housing activities are approved as a part of the RDA budget
approval
HOUSING
FUND
ALLOCATIONS
ANNUAL
HOUSING
PRIORITIES
HOUSING
ACTIVITIES
ANNUAL HOUSING
FUNDING STRATEGY
HOUSING
DEVELOPMENT
FUND
SECONDARYPRIMARY
WESTSIDE
COMMUNITY
INITIATIVE
FUND
housing fund
allocations
FY25 ANNUAL HOUSING FUNDING STRATEGY
ANNUAL HOUSING
PRIORITIES
HOUSING
ACTIVITIES
NEIGHBORHOOD
COMMERCIAL
AND SERVICES
DEEPLY
AFFORDABLE
HOUSING
WEALTH
BUILDING
OPPORTUNITY
AFFORDABLE
FAMILY
HOUSING
HOUSING
DEV. LOAN
PROGRAM
LAND
ACQUISITION/
DISPOSITION
EQUITY
BUILDING
NOFA
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
DATE: March 1, 2024
PREPARED BY: Lauren Parisi & Tracy Tran, RDA Senior Project Managers
RE: FY 2024-25 Housing Development Funding Strategy
REQUESTED ACTION: Briefing on the FY 2024-25 Housing Development Funding Strategy
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City’s (“RDA”) Housing
Allocations Funds Policy (“Funds Policy”) establishes guidelines for allocating and directing resources for
the development and preservation of housing by funding source. Additionally, the RDA’s Housing
Development Loan Program (“HDLP”) Policy creates a program that centralizes the application,
underwriting, and approval process across all funding sources, providing a one-stop-shop for community
partners to access gap financing for the development and preservation of affordable housing. Both policies
contemplate that annually, prior to the annual budget process, the RDA shall present to the Board a
Housing Development Funding Strategy (“Funding Strategy”) that includes:
• A projected amount of revenue to be allocated to each Housing Fund for the upcoming fiscal year
(approved as a part of RDA budget)
• Proposed housing funding priorities (“Funding Priorities”) for the upcoming fiscal year (approved
as separate resolution)
• Proposed funding allocations for specific housing activities (i.e. gap financing loans, property
acquisition, etc.) for the upcoming fiscal year (approved as a part of RDA budget)
This memo reviews the Funding Priorities and housing activities adopted in Fiscal Year 2023-2024 (“FY
24”) as well as the proposal for Fiscal Year 2024-2025 (“FY 25”). The projected revenue to be allocated to
each of the four Housing Funds (Primary Housing Fund, Secondary Housing Fund, Westside Community
Initiative Fund and Housing Development Fund) as well as allocations of funding to each housing activity
will be brought back to the Board as a part of the annual budget discussion.
The RDA Board of Directors (“Board”) may wish to discuss the proposed Funding Priorities and housing
activities as described in this memo and provide any feedback or direction on potential funding levels to
certain housing activities when the budget is brought for their review.
1
BACKGROUND:
FY 24 Annual Housing Funding Strategy Progress/Outcomes – Last year, the Board adopted four
housing funding priorities including family housing, deeply affordable housing, missing middle housing
and affordable homeownership to guide housing funding decisions for the rest of the fiscal year. Progress
has been made to further each of these priorities as follows:
Priority Objective Activities Implementation Impact/Status
Affordable
Family
Housing
Provide
opportunities for
families to enjoy the
many benefits of
urban living by
encouraging the
development of
affordable housing
that is more
conducive to larger
household sizes.
Family housing is
generally defined
as units with three
or more bedrooms.
HDLP, property
acquisition/dispositi
on, shared equity
Threshold
requirement for
HDLP*, higher
weighted score in
HDLP
The total units funded will
be available after the RDA
Board reviews the funding
allocations for the
competitive HDLP
applications at an
upcoming meeting.
Deeply
Affordable
Housing
Expand the
availability of units
for extremely low-
income
households,
thereby providing
housing options for
individuals or
families that are
homeless or at risk
of homelessness.
Deeply affordable
housing is generally
defined as housing
affordable to those
earning 40% of the
area median
income (AMI) or
below.
HDLP Threshold
requirement for
HDLP*, higher
weighted score in
HDLP
The total units funded will
be available after the RDA
Board reviews the funding
allocations for the
competitive HDLP
applications at an
upcoming meeting.
Missing
Middle
Housing
Promote an array of
housing forms to
diversify the City’s
housing stock and
provide more
affordable living
ADU assistance Released RFI to
facilitate
construction of
ADUs. Higher
weighted score in
HDLP*
In August of 2023,
Procurement advised the
RDA to release a request
for information (RFI)
regarding how vendors
could help the city
2
options for
residents.
facilitate the construction
of ADUs. Six responses
were received that
highlighted the need for
flexible financing for
construction and utility
work, education regarding
zoning and becoming a
landlord, standardized
production, and pre-vetted
contractors among other
items. The RDA is working
to utilize this information
to put out an ADU RFP or
NOFA in the 9 Line as
soon as feasible.
RDA Staff will return to the
Board as progress is made
on this item.
Wealth
Building
Opportunity
Facilitate the ability
for low-moderate
income households
to build wealth
through different
pathways such as
homeownership,
supplemental
income
opportunities,
stipends for
renters,
cooperative
housing, and other
wealth building
models.
Allocation of funds
for wealth building.
Allocation of
Funds. Higher
weighted score in
HDLP
Through the City’s
American Rescue Act Plan
(ARPA) funds, the RDA
Board allocated $10
million to the Perpetual
Housing Fund of Utah,
LLC to purchase a
property and to develop
additional projects that
carry out a tenant wealth
building program. RDA
staff is working through
legal agreements to close
on the funds and will
finalize once conditions of
the approval have been
met.
*In addition to this requirement, all HDLP applicants must comply with the RDA’s Sustainable Development Policy which
requires all new construction and rehab projects receiving $900,000 or more in funding must the following:
• Energy Star score of 90+
• 100% electric (no on-site fuel combustion)
• Participation in Salt Lake City’s Energy Benchmarking Program
3
Housing and Data Snapshot
4
Citywide Housing Plans and Goals
The RDA is guided by and charged with implementing citywide plans and goals. Additionally, the RDA is
guided by its own project area plans, Guiding Framework and Livability Benchmarks. Current housing
plans and goals that the RDA’s annual Housing Development Funding Strategy should consider include:
Mayor Mendenhall’s 2024 Goals
•Begin implementation efforts on the 16 priorities outlined in Thriving in Place’s two-year action
plan.
•Create and submit to the RDA Board a program to support the creation of more Accessory
Dwelling Units.
•Explore funding resources and program ideas to preserve naturally occurring affordable housing
with the goal of keeping people in their homes and stabilizing neighborhoods.
Housing SLC (Citywide 5-year housing plan) – Strategies
•Support projects that allow tenants to build wealth and/or gain equity in their building based on
tenure
5
• Work with community development partners to acquire priority properties for permanently
affordable housing
• Continue to release housing funds through Redevelopment Agency of Salt Lake City (RDA) for
development or acquisition of moderate income housing.
• Utilize Inland Port Housing Funds (pursuant to Utah Code Section 11-58-601(6)(b) of the Inland
Port Act) and other housing set-aside funds received by the Redevelopment Agency (RDA) to
expand affordable housing options, including tenant equity opportunities throughout the city,
especially on the west side
• Develop a financing program for low-income homeowner Accessory Dwelling Unit (ADU)
construction
• Promote the development of affordable family-sized housing units with 3+ bedrooms
• Establish at least one housing and transit reinvestment zone (HTRZ) in the city
• Expand workforce, artist, and essential worker housing, up to 125% AMI, so that these populations
can live in the city in which they serve
• Provide funding for programs and/or initiatives that build wealth and/or provide equity sharing
opportunities for residents
Thriving in Place (anti-displacement framework) – Strategic priorities relevant to the RDA include:
• Protect tenants from displacement, especially the most vulnerable
o Help tenants become owners.
• Preserve the affordable housing we have
o Acquire and rehabilitate unsubsidized housing
o Invest in Community Land Trust Models
• Produce more housing, especially affordable housing.
o Create more diverse housing choices in all areas
o Utilize publicly owned property
o Prioritize long-term affordability, support services, and transit access.
• Expand Capacity for tenant support and affordable housing
o Develop new funding sources and leverage existing resources
RDA Livability Benchmarks (3 of 21 benchmarks)
• Ownership – Encourage the creation of opportunities for residents/business owners to building
wealth and/or establish permanent roots through affordable home/commercial ownership.
• Housing for Everyone – Promote housing for families, underserved populations and extremely
low income.
• Affordable Commercial Spaces – Projects are mixed-use and include spaces within the development
for commercial uses.
Housing Funds
Housing funds within the RDA’s various housing funds for the upcoming fiscal are currently not available
and will be shared when available.
6
ANALYSIS:
FY 25 Proposed Funding Priorities – Reviewing city plans, current housing data, commercial data, and
remarks from the RDA Board, housing funding priorities and associated activities have been proposed to
guide FY 25. To make the greatest impact, staff recommend limiting the adopted Funding Priorities to four
or fewer.
To note, staff determined that FY 24’s Funding Priorities are still very relevant in addressing the city’s
current housing needs. Many of the programs and initiatives introduced in the last two fiscal years to
further each FY 24’s Funding Priorities are currently underway or ongoing and more time is needed for
implementation. For these reasons, the proposed priorities are very similar to last year’s proposal.
1. WEALTH BUILDING OPPORTUNITY – This priority supports different forms of wealth
building opportunities for low-moderate income households. Although homeownership is a path to
wealth building, it is not the only form that the RDA could potentially support to help individuals
and families meet this goal. Wealth building can be accomplished through different forms of shared
equity models such as rental subsidies where tenants earn a portion of a development’s return and
community land trust models. Supporting ADUs also supports wealth building by supporting
mortgage payments and increasing income and property values. This priority will encompass a
variety of options for residents to build wealth.
2. AFFORDABLE FAMILY HOUSING WITH AMENITIES FOR CHILDREN – This priority
promotes affordable, larger housing units for tenant populations with children that have at least
three or more bedrooms and includes amenities for children. There is a need for affordable family-
sized units, especially as more families look outside of Salt Lake City boundaries for affordable
housing options and enrollment in Salt Lake City schools decreases.
Per the interlocal agreements with the School District for the State Street and 9 Line project areas,
the RDA must also prioritize affordable family and workforce housing described as:
• Affordable Family Housing: Development of new housing units that include 3+ bedrooms
and are affordable to households at or below 80% of the area median income as defined by
the U.S. Department of Housing and Urban Development.
• Workforce Housing: Development of new housing units affordable to low and middle-
income workers, including teachers and school district employees.
3. DEEPLY AFFORDABLE HOUSING – This priority promotes housing units affordable for those
earning 40% AMI and below. While the city has made progress facilitating the development of
deeply affordable units, there is still a shortage of over 5,500 units for those earning 30% AMI or
less in particular and it’s proposed to continue to promote this priority through FY 25 (Housing
SLC - Housing Needs Analysis).
4. NEIGHBORHOOD COMMERCIAL AND SERVICES – This priority ensures that as housing
continues to be built throughout the City, residents and neighbors continue to have access to
7
neighborhood services and amenities such as daycares, restaurant, and retail spaces. These
commercial and retail spaces should not be exclusive to the housing development. For permanent
supportive housing projects targeting 30% AMI, onsite supportive services may be substituted for
commercial retail space.
FY 25 Proposed Housing Activities – To encourage the incorporation of the four proposed Funding
Priorities in RDA-funded housing projects, RDA staff proposes allocating funding to the following
activities and tactics as part of the RDA’s FY25 budget. Some of the housing activities may achieve
multiple Funding Priorities. See Figure 2 for summary.
HOUSING ACTIVITIES
HOUSING PRIORITIES
Wealth
Building
Opportunity
Affordable
Family
Housing and
Amenities
for Children
Deeply
Affordable
Housing
Neighborhood
Commercial
and Services
Equity Building NOFA: With the primary goal of
removing barriers to wealth building and
creating generational wealth, the RDA will
release a notice of funding availability (NOFA)
to support external programs and/or
developments that build equity for lower-
moderate income individuals and families.
This model could take on different forms such
as a shared profit, shared equity program, or
mortgage assistance. There are various
community organizations with programs that
support wealth building and homeownership in
need of financial assistance where the RDA
could leverage existing funding, which is why
the RDA is proposing this approach as
opposed to creating a new program.
Guidelines with funding objectives will be
released in conjunction with the NOFA and
proposals will be reviewed on a competitive
basis.
The RDA will release a request for proposals
(RFP) prioritizing the inclusion of
homeownership products and/or a shared
equity component on the West Montrose site
✓ ✓
8
located off the northeast corner of 800 South
and 300 West. This site is approximately two
acres and could potentially accommodate a
significant number of units.
ADU Financing Program: The RDA will
continue to work towards developing an RDA
program to facilitate the construction of ADUs,
with initial focus on the 9 Line Project Area.
This activity could provide a wealth building
opportunity for homeowners in the 9 Line area.
Land Acquisition/Disposition: The RDA will
release requests for proposals (RFP) on RDA-
owned land. For properties that contemplate
housing as a land use, the RDA may require
that affordable family-sized units, deeply
affordable units, and/or neighborhood
commercial and services are incorporated
within proposals.
Additionally, the RDA has been actively looking
to purchase properties to implement RDA
goals.
✓ ✓ ✓ ✓
Housing Development Loan
Program(“HDLP”): The HDLP is a gap
financing program for affordable housing
developments. The RDA releases funds
annually through a competitive Notice of
Funding Availability (NOFA). Similar to the last
two years, at least 10% of a development’s
units must be deeply affordable or affordable
family-sized with amenities for children to
qualify for the RDA’s competitive NOFA. In
addition, neighborhood commercial and
services will also be a requirement for the
HDLP. All the project priorities will also be
weighted heavier as a part of the competitive
NOFA review process.
✓ ✓ ✓ ✓
9
NEXT STEPS:
• The RDA Board should consider whether the proposed Funding Priorities align with their goals for
the upcoming fiscal year.
• The finalized Funding Priorities will be brought back for the Board’s consideration to adopt via
resolution in April.
• RDA staff will present the final Funding Strategy to the Board as a part of the budget presentation,
which includes the projected amount of revenue to be allocated to each of the four housing funds.
The Board should consider whether to adopt the final Funding Strategy as part of the annual budget
adoption process.
ATTACHMENTS:
Attachment A – Data
Attachment B – RDA Affordable & Mixed-Income Housing Summary: 2010/11 - 2023/24
10
ATTACHMENT A – DATA
EXISTING AFFORDABLE HOUSING DATA
Current and Future Salt Lake City Deed-Restricted Affordable Housing Developments Map
Source: SLC Affordable Housing Pilot Report
11
All City-Supported Affordable Housing Constructed Since 2015 and Future Developments
Source: SLC Affordable Housing Pilot Report
City-Supported Housing Units Constructed Since 2015 and Future Projects with Allocated Funds
12
SALT LAKE CITY AFFORDABLE HOUSING AND COMMERCIAL TRENDS
Source: Census Bureau’s 2017-2022 ACS 5-Year Estimates
13
Source: Census Bureau’s 2017-2022 ACS 5-Year Estimates
14
Salt Lake City Households
Source: Census Bureau’s 2017-2022 ACS 5-Year Estimates
15
Household Income Levels
Source: Census Bureau’s 2017-2022 ACS 5-Year Estimates
16
Commercial Data
Source: Salt Lake County Assessor
Source: CoStar Group
17
RDA Affordable Housing Funding Allocations by Fiscal Year
RDA Affordable Housing – Other Funding
Project Address Project Area Tool FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Total
Artspace Commons 423 W 800 S Granary District TI Reimbursement $48,880 $38,843 $36,237 $38,364 $38,431 $38,813 $21,194 $100,025 $34,000 $394,787
Northgate Apartments 135 S 500 W Depot District TI Reimbursement $802,648 $838,207 $856,452 $696,064 $708,427 $586,103 $426,209 $521,038 $600,000 $712,922 $653,790 $7,401,860
West Montrose 300 W 800 S West Temple Gateway Acquistion (FY2010)$0
Arctic Court 528 N Arctic Ct West Capitol Hill Acquistion $200,000 $200,000
Housing Trust Fund HTF Transfer $109,000 $208,578 $124,350 $899,902 $518,393 $0 $3,000,000 $4,860,223
$960,528 $1,085,628 $1,017,039 $1,834,330 $1,265,251 $624,916 $3,447,403 $621,063 $634,000 $712,922 $653,790 $0 $0 $12,856,870
ATTACHMENT B - RDA AFFORDABLE HOUSING SUMMARY: 2010/11 -2023/24*
1
RDA Affordable Housing Development Details
*Developments funded in FY 2023-24 will be added after the Board has approved funding allocations through the Housing Development Loan Program
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM:Allison Rowland
Senior Budget & Policy Analyst
DATE:March 19, 2024
RE: RESOLUTION: HOUSING DEVELOPMENT LOAN FUNDING ALLOCATIONS
FOR AFFORDABLE HOUSING
ISSUE-AT-A-GLANCE
The Board will review and potentially approve recommendations for allocating up to $15.4 million in affordable
housing funds offered through a Notice of Funding Availability (NOFA) issued last year. The purpose of these
low-interest loans is to incentivize the inclusion of affordable housing in new construction and in preservation/
rehabilitation projects. The unusually large size of this NOFA allocation reflects the combination of $4.2 million
in committed RDA funds with $9.5 million of “dormant” Federal Housing and Urban Development (HUD)
Home Investment Partnership (HOME) funds, which were shifted by the Council from the Housing Stability
Division to the RDA’s Housing Development Loan Program (HDLP) in the Fiscal Year 2024 (FY24) budget. In
addition, RDA staff proposes including another $1.7 million of additional funding to the NOFA from two
rescinded FY23 HDLP loans.
The 15 applications forwarded to the Board requested a total of nearly $27.5 million, and the RDA Finance
Committee recommended funding 14 of these (see Attachment C1 for summary). In addition, two applications
were received in response to a separate NOFA specifically for projects in High Opportunity Areas. These two
applications were discussed in the February RDA meeting but the Board deferred action to be able to make
funding decisions in the context of all the projects at once. The Board makes the final determination of which
applications to fund and for what amount. Together, the projects recommended for funding would provide 1,540
units of new or refurbished affordable housing.
Goal of the briefing: Discuss and consider adopting the Resolution entitled Affordable Housing – FY2023-
2024 Competitive Housing Development Loan Program (HDLP) Funding Allocations.
Item Schedule:
Briefing: March 19, 2024
Set Date: N/A
Public Hearing: N/A
Potential Action: March 19, 2024
Page | 2
ADDITIONAL INFORMATION
A. Process Overview. Since 2018, the RDA has released multiple NOFAs to facilitate the development of
affordable housing units in Salt Lake City. This year, the 15 “competitive” HDLP applications recommended
to the Board requested a total of nearly $27.5 million. RDA staff indicated that five other applications also
were submitted but because they did not meet the eligibility criteria for NOFA funds they were not included
in the ranking process (see Attachment C2).
All eligible applications were reviewed and ranked by the RDA Finance Committee, and their specific
recommendations for allocating $15.1 million of the $15.4 million available are summarized in Attachment
C1. Of the 15, all but one (Bumper House) were recommended for HDLP funding. Nine of these were
recommended for the full amounts requested, and five were recommended for less than the full amount. A
summary of all 20 applications appears in Attachment C1.
The NOFA recommendations reached the Board in March this year, rather than earlier, due to the
incorporation of the dormant HUD HOME funds, which involved determining a process that would comply
to Federal regulations. The FY24 NOFA was released on November 17, 2023, and applications were due on
January 3, 2024.
B. Available Funding. The $15.4 million funding available this year includes $4.2 million approved by the
Board in 2023 as part of the FY24 RDA budget, plus one-time funding provided by the Council’s allocation
of $9.5 million in dormant HUD Home Investment Partnership (HOME) funds from the Housing Stability
Division. If the Board chooses, an additional $1.7 million, which became available when loans for two
projects approved last year were rescinded (see below), would also be included.
FY24 HDLP Funding Sources Total
Available
Recommended
Funding
Funds
Remaining
RDA Committed Funds $4,241,714 $4,241,714 $0
Possible Additional RDA Funds $1,665,000 $1,665,000 $0
HOME Program Income $6,939,710 $6,939,710 $0
HOME Development Fund $726,291 $726,29 $0
HOME ARP Development $1,501,608 $1,501,608 $0
HOME Community Housing
Development Organization Funds $351,841 $0 $351,841
Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841
In FY23, two HDLP awardees (for Liberty Corner and Book Cliffs Lodge) failed to receive 9% tax credits
through LIHTC, the Federal Low-Income Housing Tax Credit in the subsequent allocation cycle, which was
a condition of the loans. Both these projects applied for HDLP funds again in FY24, as can be seen in
Attachment C1, and Liberty Corner was since awarded 4% LIHTC credits. Book Cliffs Lodge plans to use
other funding sources for their project.
The $351,841 remaining in the HDLP results from receiving no applications that would meet the relatively
narrow criteria for the HOME Community Housing Development Organization Funds. These funds may be
used only for projects that are owned, developed, or sponsored by a nonprofit that qualifies as a Community
Housing Development Organization (CHDO), as defined in Federal regulations. The Housing Stability
Division in the Community and Neighborhoods Department (CAN) has worked to recruit new CHDOs over
the years, but local organizations typically do not meet the regulatory requirements. Still, since no qualified
applications for these funds have been received in the past two years, HUD regulations will now allow them
Page | 3
to be recaptured and proposed for reallocation during the next annual HUD application process through the
HDLP as regular HOME funds.
C. Project Evaluation. As part of the application review process, RDA staff first analyzes applications to
ensure they meet the HDLP eligibility requirements. The RDA Finance Committee (see below) then
considers the Board’s funding priorities, along with factors related to the feasibility and technical qualities of
each application. These include developer experience, the completeness and quality of the application, the
amount of requested funding per affordable unit, the unit mix, community impact, and the financial and
regulatory readiness of the proposed project.
This year, the Finance Committee recommended full funding for the five applications that ranked most
highly. For the next eight highest-ranked applications, the Finance Committee considered the minimum
funding needed for the projects to advance, as reported by the applicants. RDA staff reported, “This
approach recognized the readiness of the top ranked applications while providing at least minimum funding
needs to most other projects.”
The only project that the Finance Committee did not recommend for any funding was Bumper House which
had the lowest Weighted Project Priority Score of all the applications.
D. Applications for Projects in High Opportunity Areas. The 515 Tower - Conversion Phase I, which
the Board was briefed on in February, is included on the list of recommended projects. It ranked third
among the 14 projects recommended by the RDA Finance Committee. Funding for this project would be
drawn from the High Opportunity Areas HDLP—or, if the Board prefers, it could award funding to the other
application received, for Fairmont Heights II. These two applications were discussed in the February RDA
meeting but the Board deferred action to be able to make funding decisions in the context of all of the
projects at once.
Summaries of the two applications in high opportunity areas are below. Additional information can be
found in the Board staff report for that item, which is included as Attachment C2.
1.515 Tower - Conversion Phase I at 515 East 100 South. The request is for $2,650,000 for 96
units of “shared-equity” affordable housing to be developed by the Perpetual Housing Fund of Utah.
This developer also applied for competitive HDLP funding and would use any funds granted from
either source for this project. On February 1, the RDA Finance Committee recommended fully
funding the 515 Tower - Conversion Phase I.
2.Fairmont Heights II at 2257 South 1100 East. The request is for $2,700,000 for affordable
housing to be developed by Lincoln Avenue Capital. This developer also applied for $3.2 million
from the general competitive HDLP funding for their Fairmont Heights I project, for a total of
$5,900,000. This project did not apply for general HDLP funding, but a related project planned for
the same property did. Fairmont Heights I ranked second-to-lowest among the other applications,
but was recommended by the RDA Finance Committed for a $1 million loan.
The allocation of funds for “high opportunity areas” dates from 2017, when the Board authorized $4.5
million for projects located in neighborhoods that provide residents with improved chances at upward
economic mobility, like good schools, public transit access, and health care facilities. Two years later, the
Board approved a $1.8 million loan for the Richmond Flats development, leaving the current balance at $2.7
million.
Page | 4
E. Potential Additional City Funding. Two of the projects in the HDLP application pool also applied for
Fiscal Year 2025 HUD grant funding.
1.Alliance House 1805 Rebuild. In addition to the $500,000 recommended for the Alliance
House 1805 Rebuild, the project applied for two of the City’s annual HUD grants, which the Council
is currently considering. It was recommended for partial funding for both these grants:
- CDBG Housing: recommended to receive $221,000 of $300,000 requested to demolish
and rebuild the existing facility with 16 deeply affordable housing units.
-HOME-ARPA: recommended to receive $97,000 of $150,000 requested to provide short-
term rental assistance to the current residents while the housing structure is demolished
and rebuilt.
2.New City Plaza Apartments. Along with the $895,000 recommended for the New City Plaza
Apartments the project also applied for $2 million from the City’s annual HUD grants. Neither the
resident advisory board nor the Mayor recommended funding this project.
POLICY QUESTIONS
1. Some Board Members have mentioned an interest in exploring how ownership units might be funded
through the RDA. The Board may wish to discuss questions like those listed below.
a. Is the HDLP structured in a way that facilitates applications for home ownership projects?
b. Are there differences between rental projects and home ownership projects, for example, income
and wealth levels of potential residents, unit sizes, etc.?
c. What are the potential benefits and disadvantages for the City of funding home ownership projects
versus rental projects?
d. Are there models of home ownership or wealth-building that Board Members have encountered
elsewhere which they would like RDA staff to research?
e. Would the Board like to schedule an RDA briefing on options for promoting home ownership?
2. The projects reviewed by the RDA Finance Committee would be charged interest rates that range from 1% to
2.5%. In the context of continued high interest rates in the broader economy (relative to recent previous
decades), would the Board like to discuss the potential advantages and disadvantages of
changing how the Base Interest Rate is set for HDLP loans?
ATTACHMENTS
Attachment C1. Summary of RDA Finance Committee Recommended FY24 HDLP Funding.
Attachment C2. Applications that Did Not Meet FY24 HDLP Eligibility Requirements.
Attachment C3. RDA Board Staff Report, Funding Allocation for Gap Financing for High Opportunity Areas,
February 13, 2024.
RDA BOARD MEETING – MARCH 19, 2024
AFFORDABLE HOUSING NOTICE OF FUNDING AVAILABILITY (NOFA)
HIGH OPPORTUNITY AREA &
FY2023-24 COMPETITIVE APPLICATIONS
FUNDS AVAILABLE
•Total: $2.7M
o 2017: RDA Board set aside $4.5M to incentivize affordable
housing developments located in High Opportunity Areas
o High Opportunity Areas: Neighborhoods that provide
access to resources that improve chances at economic
mobility
o 2023: Map was updated to reflect newer data and metrics
APPLICATION PROCESS
•Funds available since 2018 and remain open until expended
APPLICATION SUMMARY
•2 applications received for requests of $5.35M
o 515 Tower – Conversion Phase I - $2.65M
o Fairmont Heights II - $2.7M
HIGH OPPORTUNITY AREA APPLICATIONS OVERVIEW
APPLICATIONS
HIGH OPPORTUNITY AREA FUNDS OVERVIEW
PROJECT DEVELOPER ADDRESS FUNDING
REQUEST PRELIMINARY TERMS RESIDENTIAL
UNITS
PRIORITIES
MET
(WEIGHTED
POINTS)
515 Tower –
Conversion
Phase 1
Perpetual
Housing Fund
515 E 100 S
Salt Lake City,
UT 84102
$2,650,000
Construction to perm: 2%
interest rate, 15-year
term/am, cash flow
repayments
96: 20@ ≤40%
AMI, 76 @ 41-
60% AMI;
includes studios,
1, 3, and 4
bedrooms.
10
Fairmont
Heights II
Lincoln
Avenue
Capital
2257 S 1100 E
Salt Lake City,
UT 84106
$2,700,000
Acquisition: 1% interest
rate, 2- year term, balloon
payment or conversion to
permanent loan.
Construction to perm: 16-
year term, 40-year am, hard
repayments
55: 27 @ ≤40%
AMI, 19 @ 41-
60% AMI, 9@ 61-
80% AMI;
includes 1 and 2
bedrooms.
6
$5,350,000
•RDA Finance Committee Recommendation: Fund full $2.65M Request for 515 Tower Conversion – Phase I
•RDA Sustainable Development Policy Clarification
FUNDS AVAILABLE
•Total: $13.76M*
o *$4.24M of RDA funds were combined with $9.52M of HUD
HOME funds
o Additional $1.665M in funds from previous HDLP
applications may be available, subject to Board approval
FY2023-24 COMPETITIVE HDLP NOFA OVERVIEW
COMPETITIVE FUNDS CATEGORY AMOUNT
RDA Housing Development Loan
Program $4,241,714
HOME Program Income $6,939,710
HOME ARP Development $1,501,608
HOME Development Funds $726,291
HOME Community Housing
Development Organization Funds $351,841
TOTAL: $13,761,164
APPLICATION PROCESS
•Competitive Process
•Applications Released: November 17, 2023
•Information Session: December 1, 2023
•Applications Due: January 3, 2024
APPLICATION SUMMARY
•20 applications received
•15 applications eligible, 5 applications ineligible for HDLP funding
•$27,464,243 total eligible funding request
FY2023-24 COMPETITIVE HDLP NOFA OVERVIEW
MAP OF DEVELOPMENT: MAP 1 of 2
MAP OF DEVELOPMENT: MAP 2 of 2
THRESHOLDS REQUIREMENTS
SUSTAINABILITY: Projects required to be designed to achieve a “Designed
to Earn the Energy Star” Score of 90 or higher, contain no onsite fossil fuel
combustion, and participate in the City’s Elevate Buildings program once the
building is operating.
AND ONE OF THE FOLLOWING:
FAMILY -SIZED UNITS: At least 10% of the total residential units shall have
3+ bedrooms and shall be rent restricted to those earning 60% AMI.
asd
OR
asd
DEEPLY AFFORDABLE UNITS: At least 10% of the total residential units
shall be restricted as affordable to households earning 40% AMI.
PROJECT PRIORITIES
PROJECT PRIORITIES: USED TO EVALUATE PROJECTS &
PROVIDE INTEREST RATE REDUCTIONS
•Family Housing
•Target Populations
•Homeownership
•Missing Middle and Unique Housing Types
•Sustainability
•Transportation Opportunities
•Neighborhood Safety
•Expand Opportunity
•Architecture and Urban Design
•Commercial Vitality
•Historic Preservation/Adaptive Reuse
•Public Art
PROJECT EVALUATION
•Alignment with project priorities
•Content & Quality of Application
•Qualifications & Experience of Development Team
•Content, Effectiveness & Financial Details
Appropriateness
•Project Readiness
•Building & Site Design
APPLICATION REVIEW
APPLICATIONS OVERVIEW
Application #1 2 3 4 5 6 7
Project Norbridge Court Bumper House New City Plaza Apartments 515 Tower - Conversion Phase I 2nd South Apartments The Catherine Phase 1 The Catherine Phase 2
Developer Artspace SMH Builders Housing Connect Perpetual Housing Fund Hermes Affordable Services, LLC 22 Communities 22 Communities
Address 511 W 200 S 269 W Brooklyn Ave 1966 S 200 E 515 E 100 S 934-948 W 200 S 1881 W N Temple 1881 W N Temple
Preliminary Terms 1%, 30/30 1.5%, 17/40 2.5%, 40/40 2%, 15/15 2%, 30/30 2%, 16/40 2%, 16/40
Repayment Type Hard Hard Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow
RDA Request Amount $ 895,000 $3,000,000 $ 3,000,000 $895,000 $ 895,000 $2,650,000 $ 2,650,000
Funding Recommendations $895,000 $0 $895,000 $2,650,000***$2,420,000 $1,000,000 $134,323
Previous RDA Commitment $ - $ - $ - $ - $ - $ - $ -
Project Cost $18,774,027 $60,701,174 $60,701,174 $89,615,717 $89,615,717 $39,231,648 $39,231,648
RDA % of Total Project Cost 4.8%4.9%1.0%6.8%8.1%3.6%3.5%
RDA Requested Funds per
Affordable Unit $14,435 $12,658 $10,033 $9,323 $8,524 $11,623 $18,403
RDA FC Recommended
Funding per Affordable Unit $14,435 $0 $2,993 $27,604 $23,048 $4,386 $933
Tax Credits?Yes, 9%Yes, 4%Yes, 4%Yes, 9%Yes, 4%Applying, 4%Applying, 4%
Affordable Units Breakdown
40% AMI & Below..32 24 224 20 16 - -
41-60% AMI..22 158 75 76 88 228 -
61%-80% AMI..8 55 - - - - 144
>81% AMI & Above.
(Market) ..- - - - 1 - -
Total. 62 237 299 96 105 228 144
Percent Affordable
(60% AMI & below)87%77%100%100%99%100%0%
Unit Mix
Studio..- 182 - 40 36 80 45
1bd.. - 18 298 8 37 44 30
2bd.. 59 37 1 - 16 80 45
3bd.. 3 - - 32 16 24 24
4bd.. - - - 16 - - -
Weighted Project ..
Priority Score..8 3 5 10 8 4 6
APPLICATIONS OVERVIEW CONTINUED
Application #8 9 10 11 12 13 14 15
TOTALProjectCitizens West 4 Fairmont Heights I Project Open 3 Pharos Apartments Book Cliffs Lodge Liberty Corner 9Ten West Alliance House 1805 Rebuild
Developer Developed. By Women. &
Ivan Carroll
Lincoln Avenue
Communities Perpetual Housing Fund
Housing Authority of Salt
Lake City
Housing Authority of Salt
Lake City Cowboy Partners Great Lakes Capital Alliance House &
Cowboy Partners
..Address 515 W 300 N 2557 S 1100 E 529 W 400 N 915 W 200 N 1159 S W Temple 1265 S 300 W 910 W N Temple 1805 S Main St
..Preliminary Terms 1%, 15/30 1%, 2yr balloon or 16/40 1%, 18 month 2.5%, 15/40 2.5%, 15/30 2%, 40/40 2%, 16/40 2.5%, 40/40
..Repayment Type Hard Balloon or convert to hard Balloon Payment Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow
RDA Request Amount $3,000,000 $ 3,000,000 $2,524,802 $ 2,524,802 $1,569,441 $ 1,569,441 $400,000 $ 400,000 $ 28,973,486
Funding Recommendations $400,000 $1,000,000 $710,000 $880,000 $740,000 $4,500,000 $1,000,000 $500,000 $15,074,323
Previous RDA Commitment $ - $ - $ - $ - $1,000,000 $ - $ - $ - $1,000,000
Project Cost $37,177,859 $37,177,859 $69,452,555 $69,452,555 $45,194,612 $45,194,612 $25,514,260 $25,514,260 $752,549,677
RDA % of Total Project Cost 1.6%9.2%9.9%8.5%10.0%3.8%4.6%8.3%
RDA Requested Funds per
Affordable Unit $57,692 $54,545 $109,774 $74,259 $28,535 $7,847 $2,222 $25,000
RDA FC Recommended
Funding per Affordable Unit $7,692 $18,182 $30,870 $25,882 $13,455 $22,500 $5,556 $31,250
Tax Credits?Yes, 9%Applying, 9%No No No Yes, 4%Yes, 4%No
Affordable Units Breakdown
40% AMI & Below..10 27 - 5 9 44 27 16 454
41-60% AMI..40 19 - 19 20 78 138 - 961
61%-80% AMI..- 9 23 10 20 78 15 - 362
>81% AMI & Above.(Market) ..2 - - - 6 - - - 9
Total.. 52 55 23 34 55 200 180 16 1,786
Percent Affordable
(60% AMI & below)96%84%0%71%53%61%92%100%
Unit Mix
Studio..10 - - - - - 165 - 558
1bd.. - 40 4 34 55 - 15 16 599
2bd.. 16 15 - - - 96 - - 365
3bd.. 20 - 12 - - 80 - - 211
4bd.. 6 - 7 - - 24 - - 53
Weighted Project ..
Priority Score..10 6 12 5 5 10 7 7
PROJECT/APPLICANT ADDRESS
WEIGHTED
PROJECT
PRIORITY
SCORE
FUNDING
REQUEST
RDA Committed
Funds
Possible
Additional
RDA Funds
HOME
Program
Income
HOME
Development
Fund
HOME ARP
Development
TOTAL FUNDING
RECOMMENDATION
FUNDING
RANKINGNorbridge Court 511 W 200 S 8 $895,000 $895,000 $895,000 7Artspace
Bumper House 269 W Brooklyn
Ave 3 $3,000,000 $0 14SMH Builders
New City Plaza Apartments 1966 S 200 E 5 $895,000 $895,000 $895,000 5Housing Connect
515 Tower - Conversion Phase I 515 E 100 S 10 $2,650,000 $0***3Perpetual Housing Fund
2nd South Apartments 934-948 W 200 S 8 $3,000,000 $2,420,000 $2,420,000 6Hermes Affordable Services, LLC
The Catherine Phase 1 1881 W N
Temple 4 $2,524,802 $1,000,000 $1,000,000 1022 Communities
The Catherine Phase 2 1881 W N
Temple 6 $1,569,441 $134,323 $134,323 1022 Communities
Citizens West 4 515 W 300 N 10 $400,000 $400,000 $400,000 2Developed. By Women. & Ivan Carroll
Fairmont Heights I 2557 S 1100 E 6 $3,200,000 $1,000,000 $1,000,000 13Lincoln Avenue Communities
Project Open 3 529 W 400 N 12 $710,000 $710,000 $710,000 1Perpetual Housing Fund
Pharos Apartments 915 W 200 N 5 $880,000 $47,101 $726,291 $106,608 $880,000 12Housing Authority of Salt Lake City
Book Cliffs Lodge 1159 S W
Temple 5 $740,000 $740,000 $740,000 11Housing Authority of Salt Lake City
Liberty Corner 1265 S 300 W 10 $4,500,000 $1,236,714 $1,530,677 $1,732,609 $4,500,000 4Cowboy Partners
9Ten West 910 W N Temple 7 $2,000,000 $1,000,000 $1,000,000 9Great Lakes Capital
Alliance House 1805 Rebuild 1805 S Main St 7 $500,000 $500,000 $500,000 8Alliance House & Cowboy Partners
TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323
FINANCE COMMITTEE RECOMMENDATION
<40%41-
60%
61-
80%
Market
Rate
1 Project Open 3 - Homeownership D3 $710,000 $710,000 23 0 0 23 0 12 No IR: 1%. Term: 18 months. Repaymt: Balloon.49
2 Citizens West 4 D3 $400,000 $400,000 52 10 40 0 2 10 9%IR: 1%. Term: 15 years with 30 year
amortization. Repaymt: Hard.41
3
515 Tower - Conversion Phase I -
Recommended for High Opportunity
NOFA funding
D4 $2,650,000 $2,650,000 96 20 76 0 0 10 9%IR: 2%. Term: 15 years. Repaymt: Cash Flow.24
4 Liberty Corner D5 $4,500,000 $4,500,000 200 44 78 78 0 10 4%IR: 2%. Term: 40 years. Repaymt: Cash Flow.60
5 New City Plaza Apartments - Historic
Preservation/ Adaptive Reuse D5 $895,000 $895,000 299 223 75 0 0 5 4%IR: 2.5%. Term: 40 years. Repaymt: Cash
Flow.20
6 2nd South Apartments D2 $3,000,000 $2,420,000 105 16 88 0 1 8 4%IR: 2%. Term: 30 years. Repaymt: Cash Flow.28
7 Norbridge Court - Historic Preservation/
Adaptive Reuse D2 $895,000 $895,000 62 32 22 8 0 8 9%IR: 1%. Term: 30 years. Repaymt: Hard.12
8 Alliance House 1805 Rebuild D5 $500,000 $500,000 16 16 0 0 0 7 No IR: 2.5%. Term: 40 years. Repaymt:
Cashflow.68
9 9Ten West D2 $2,000,000 $1,000,000 180 27 138 15 0 7 4%IR: 2%. Term: 16 years with 40 year
amortization. Cash Flow.64
10 The Catherine Phase 1 D1 $2,524,802 $1,000,000 228 0 228 0 0 4 No (applying for
4%)
IR: 2%. Term: 16 years with 40 year
amortization. Repaymt: Cash Flow.33
10 The Catherine Phase 2 D1 $1,569,441 $134,323 144 0 144 0 0 6 No (applying for
4%)
IR: 2%. Term: 16 years with 40 year
amortization. Repaymt: Cash Flow.37
11 Book Cliffs Lodge D5 $740,000 $740,000 55 9 20 20 6 5 N/A IR: 2.5%. Term: 15 years with 30 year
amortization. Repaymt: Cash Flow.56
12 Pharos Apartments D2 $880,000 $880,000 34 5 19 10 0 5 No IR: 2.5%. Term: 15 years with 40 year
amortization. Repaymt: Cash Flow.52
13 Fairmont Heights I D7 $3,200,000 $1,000,000 55 27 19 9 0 6 No (applying for
9%)
IR: 1%. Term: 2-year ballon or conversion to
permanent, 16 years with 30 year
amortization. Repaymt: Hard.
45
14 Bumper House D5 $3,000,000 $0 237 24 158 55 0 3 4%IR: 1.5%. Term: 17 years with 40 year
amortization. Repaymt: Hard.16
Summary of RDA Finance Committee Recommended FY24 HDLP Funding.
Weighted
Priority
Score
Tax Credits
Rec'd Preliminary terms
Summary
Page in Trans-
mittal
Units per AMI LevelRDA
Finance
Cmtee
Ranking
Project Funding
Request
Funding
Recommend-
ation
Total
Units
Council
District
Funding Request
$1,800,000
$300,000
$400,000
$800,000
$500,000 Saltair Requested loan for preconstruction design and soft costs
Maven Flats Did not include family-sized and/or deeply affordable units
Moda Griffin Did not include family-sized and/or deeply affordable units
Palmer Court Redevelopment Requested loan for preconstruction design and soft costs
Applications that Did Not Meet FY24 HDLP Eligibility Requirements.
Project Basis for ineligibility
Innovation Park Requested loan for "sleeping second mortgages"
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM:Allison Rowland
Budget & Policy Analyst
DATE:February 13, 2024
RE: RESOLUTION: FUNDING ALLOCATION FOR GAP FINANCING FOR HIGH
OPPORTUNITY AREAS
ISSUE-AT-A-GLANCE
The Board will consider funding allocations and preliminary terms for two affordable housing projects located in
“high opportunity areas” through the RDA’s Housing Development Loan Program (HDLP). Together, the two
projects requested $5.35 million in low interest loans, which exceeds the current allocation of $2.7 million for
this type of project. The allocation of funds for “high opportunity areas” dates from 2017, when the Board
authorized $4.5 million for projects located in neighborhoods that provide residents with improved chances at
upward economic mobility, like good schools, public transit access, and health care facilities.
RDA staff plans to transmit the remaining HDLP Notice of Funding Availability (NOFA) applications for
discussion in the March meeting. The Board could decide on the high opportunity applications at the February
or March RDA meetings.
In summary, the two requests in high opportunity areas this year are:
-515 Tower - Conversion Phase I at 515 East 100 South. The request is for $2,650,000 for 96 units of
“shared-equity” affordable housing to be developed by the Perpetual Housing Fund of Utah. This
developer also applied for competitive HDLP funding and would use any funds granted from either
source for this project.
-Fairmont Heights II at 2257 South 1100 East. The request is for $2,700,000 for affordable housing
to be developed by Lincoln Avenue Capital. This developer also applied for $3.2 million from the general
competitive HDLP funding for their Fairmont Heights 1 project, for a total of $5,900,000.
On February 1, the RDA Finance Committee recommended fully funding the 515 Tower - Conversion Phase I.
Item Schedule:
Briefing: February 13, 2024
Set Date: N/A
Public Hearing: N/A
Potential Action: TBD
Page | 2
Goal of the briefing: Discuss the two applications for HDLP funding in high opportunity areas and consider
approving funds for one or both of the projects.
BACKGROUND AND ADDITIONAL INFORMATION
A. Project Descriptions.
1.515 Tower - Conversion Phase I. This phase of this project would involve the adaptive re-use of
a former office building at 515 East 100 South. The RDA loan of $2,650,000 would help fund 96
units of affordable and deeply affordable units. One half of the total units (48) would have three or
four bedrooms, with the remaining units mostly studios. The project received 9% Federal LIHTC
housing credits. The interest rate would be 2% for this 15-year cash-flow loan. The Board priorities
met with this project would be Family Housing, Target Populations (Deeply Affordable Units),
Expand Opportunity, Adaptive Re-use, Transportation Opportunities, Commercial Vitality. See
additional information on Sources and Uses of funding for this project below.
This project would be the first to be developed through the recently created Perpetual Housing Fund
of Utah, which purchased this property with funded with a $10 million allocation from the City’s
American Rescue Act Plan (ARPA) funds. Under a “shared-equity” model, 75% of any profits or
appreciation for this phase of the development would be shared among the residents through a
tenant wealth-building program.
This developer also applied for competitive HDLP funding and stated that it would use any funds
granted from either source for this project.
2.Fairmont Heights II. This project would use $2,700,000 of HDLP funds for affordable senior
housing at 2257 South 1100 East. Fifty-five one- and two-bedroom units would be constructed,
including five units reserved for people who have experienced chronic homelessness, five units for
mobility impaired individuals, and nine units for people with disabilities. The interest rate would be
1% for this two-year acquisition loan with a balloon payment or conversion at the end of that period.
The Board priorities met with this project would be Target Populations (Deeply Affordable Units),
Expand Opportunity, Transportation Opportunities, Architecture and Urban Design. See additional
information on Sources and Uses of funding for this project below.
The developer, Lincoln Avenue Capital seeks an acquisition-to-permanent financing loan, which
means initial funds would be used to buy the property. The developer would need to obtain tax
credits, financing, and building approvals within two years, or would be required to repay that loan.
If the developer succeeds, the acquisition loan could be converted to a long-term (permanent) loan
The developer also applied for $3.2 million from competitive HDLP funding for their Fairmont
Heights 1 project, which is on the same property, for a total of $5.9 million.
Page | 3
B. Background.
1.Housing Development Loan Program (HDLP) Policy. The HDLP provides low-interest loans to
incentivize the development and preservation of affordable housing in Salt Lake City. Each year, RDA
staff presents a Housing Development Funding Strategy that proposes funding priorities and
allocations, as well as projecting revenues for the upcoming fiscal year. The process is designed to
provide flexibility for meeting current needs, leverage current opportunities, coordinate with other City
resources, and shift funding priorities to reflect evolving plans and policies.
2.Housing Priorities for Fiscal Year 2024. Applicants are required to meet the requirements laid
out in the RDA’s HDLP Guidelines and Application Handbook, as well as the annual housing priorities
set by the Board. For FY24, at least one of the following had to be met to qualify for consideration for
funding:
•Deeply Affordable Housing Threshold Requirement: at least 10% of the total residential
units shall be income and rent restricted to households earning 40% of the area median income
AND deed restricted for both rent and income
•Family Housing Threshold Requirement: a minimum of 10% of the total residential units
shall have three or more bedrooms and shall be income and rent restricted to those earning
60% AMI and below, with AMI limits as established by HUD.
3.High Opportunity Areas. In 2017, the RDA Board allocated $4.5 million to incentivize the
development and preservation of affordable housing located within High Opportunity Areas. The High
Opportunity Area map was updated in 2023, to reflect newer data and metrics, which resulted in an
expanded area that qualifies for these funds.
POLICY QUESTIONS
1. Does the Board wish to be informed of the RDA staff recommendations for other HDLP
loans before making decisions on these two high-opportunity area projects?
Page | 4
2. If the Board chooses to fully fund the 515 Tower - Conversion Phase I at the requested
amount of $2,650,000, would it like to consider moving the $50,000 to the regular HDLP
funding balance to help fund other affordable housing projects?
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DATE: January 26, 2024
PREPARED BY: Tracy Tran, Senior Project Manager
RE: Consideration and Adoption of a Resolution Approving Funding Allocation
for Gap Financing through a Notice of Funding Availability for High
Opportunity Areas through the Housing Development Loan Program
REQUESTED ACTION: Consider approving affordable housing funding allocations as selected
through a Notice of Funding Availability for High Opportunity Areas
through the Housing Development Loan Program
POLICY ITEM: Affordable Housing – Housing Development Loan Program
BUDGET IMPACTS: $2,7000,000 of RDA funds set aside for affordable housing located
within High Opportunity Areas
EXECUTIVE SUMMARY: In 2017, the Redevelopment Agency of Salt Lake City (“RDA”) Board
of Directors (“Board”) allocated $4.5 million to incentivize the development and preservation of
affordable housing located within High Opportunity Areas, which are neighborhoods that provide
access to resources that improve chances at upward economic mobility. In 2019, the RDA Board
received and approved a $1.8 million loan application for these funds. The Board has directed staff to
continue to solicit applications for projects within High Opportunity Areas on an ongoing basis until
funds are expended. In late 2023, the High Opportunity Area map was updated to reflect newer data
and metrics, which resulted in an expanded area that qualifies for these funds. $2.7 million remains in
High Opportunity Area Funds (“HOAF”) through the Housing Development Loan Program (“HDLP”).
Although the HOAF have not been advertised in a competitive manner like the RDA’s annual
competitive HDLP Notice of Funding Availability (NOFA), RDA staff received two applications on
January 3, 2024, with total requests of $5.35 million for the remaining $2.7 million.
Guiding Policy
The HOAF are being administered pursuant to the Housing Allocation Funds Policy (“Funds Policy”),
resolution R-1-2022, and the Housing Development Loan Program Policy (“HDLP Policy”), resolution
R-2-2022, which replaced the Affordable Housing Notice of Funding Availability Policy, resolution
R-17-2018. The Funds Policy establishes policies for allocating and directing resources for the
development and preservation of housing by various funding sources. Highlights of the Funds Policy
1
include:
•Housing Funds: The Policy establishes four housing funds based on fund source. The revenues,
expenditures, interest, and payments for each fund source shall be separately accounted for to
ensure the RDA control and oversight to comply with statutory requirements.
•Annual Budgeting Process: The policy provides that on an annual basis, the RDA shall present
for the Board’s consideration a Housing Development Funding Strategy that projects revenues
for the upcoming fiscal year and proposes funding priorities and allocations. This will allow
the RDA to be flexible to address current needs, leverage current opportunities, coordinate with
other city resources and allow funding priorities to align with evolving plans and policies.
The HDLP provides low-cost financial assistance to incentivize the development and preservation of
affordable housing within Salt Lake City municipal boundaries. The HDLP Policy provides a
centralized application, underwriting, and approval process regardless of the fund source and also
features:
•Funding allocations and priorities determined on an annual basis. The funding priorities for
these funds were based on the FY2023-24 Annual Housing Funding Priorities.
•The transparent administration of funds through a Notice of Funding Availability (NOFA)
process. Revenue from various funds may be combined into a consolidated NOFA or a NOFA
may be issued for a specific funding source. NOFAs could be offered on an annual basis or
multiple times per year and can be competitive or open-ended depending on availability of
funds, priorities, and demand.
•A standardized process for approving applications and a uniform set of underwriting policies.
FY2023-2024 Annual Housing Priorities
In April 2023, the Board adopted the FY2023-2024 Annual Housing Funding Priorities. These
priorities included Threshold Requirements for the HDLP, which requires developments to meet at
least one of the following to qualify for funding in addition to threshold requirements laid out in the
HOAF HDLP Guidelines + Application Handbook:
•Deeply Affordable Housing Threshold Requirement
o Policy Objective: Expand the availability of units for extremely low-income
households, thereby providing housing options for individuals or families that are
homeless or at risk of homelessness.
o HDLP Implementation: To meet the RDA’s deeply affordable threshold, at least 10%
of the total residential units shall be income and rent restricted to households earning
40% of the area median income (“AMI”) and below as established by the U.S.
Department of Housing and Urban Development (“HUD”). These units will be rent
and income deed restricted.
•Family Housing Threshold Requirement
o Policy Objective: Provide opportunities for families to enjoy the many benefits of
urban living by encouraging the development of housing that is more conducive to
larger household sizes.
o HDLP Implementation: For a development to qualify for these funds, a minimum of
10% of the total residential units shall have three or more bedrooms and shall be income
and rent restricted to those earning 60% AMI and below, with AMI limits as established
by HUD.
2
Application Submissions
Pursuant to the policies, the RDA administered a transparent application process for the $2.7 million
in HOAF. RDA staff received two (2) loan applications for funding totaling $5.35 million. Please refer
to Attachment A: Applications Overview and Attachment B: Project Summary Sheets for additional
information.
The RDA has reviewed the application submittals, and the RDA Finance Committee (“Committee”)
will provide recommended applications for funding. This memorandum includes a summary of
application submittals and the Committee’s recommendations for the Board’s consideration and
determination of funding allocations will be provided after the February 1 meeting.
ANALYSIS & ISSUES:
Below is an overview of the HOAF HDLP application process:
I. Application Process
In 2018, the RDA issued a NOFA to solicit applications for approximately $4.5 million
available for affordable housing projects located within High Opportunity Areas or areas that
provide resources that improve chances at upward economic mobility. In 2019, the RDA Board
received and approved a $1.8 million loan application for these funds. The remaining $2.7
million in HOAF have been open and continued to be advertised. In November 2023, the High
Opportunity Area map was updated to reflect newer data and metrics, which resulted in an
expanded area that qualifies for these funds. A copy of HOAF Guidelines + Application
Handbook that applicants used to apply can be found here.
II.Project Review
As part of the application review process, RDA staff analyzed applications according to the
HDLP Policy’s eligibility requirements and project priorities, which can be found in
Attachment C: Project Priorities and Interest Rate Reductions. The housing priorities include
the ability for an applicant to receive an interest rate reduction if priorities are met. All HDLP
loans will be available to selected projects for acquisition, construction, and/or development
uses. The RDA recognizes that the construction sources and uses for projects may not be the
same as the permanent sources and uses and that the amount of debt that the HDLP loans are
subordinated to may vary depending on the status of the projects. The RDA Finance Committee
will review and evaluate the applications and provide a recommendation to the RDA Board.
III. Funding Allocations, Conditional Commitment, and Loan Closing
Pursuant to the Policy, the Board will make the final determination of applications to fund.
Subsequently, the RDA will issue a conditional commitment letter to those applications that
are selected for funding. The conditional commitment letter between the RDA and the applicant
will contain the covenants, terms and conditions upon which the RDA will provide financial
assistance to the proposed project once financial, legal, regulatory, and design approvals are
obtained. Prior to closing on a loan, RDA staff will ensure that the project is financially viable,
underwriting standards are met, and the use of public funds is necessary for the project to
succeed.
3
RDA STAFF REVIEW: As part of the initial application review process, RDA Staff verified that all
applications meet the Threshold Requirements laid out in the HOAF Guidelines + Application
Handbook. RDA staff affirms that all applications meet or will meet the Threshold Requirements.
Below is an overview of the submitted applications:
PROJECT DEVELOPER ADDRESS FUNDING
REQUEST
1.515 Tower -
Conversion Phase I*
Perpetual Housing Fund of
Utah
515 East 100 South
Salt Lake City, UT
84102 $2,650,000
2.Fairmont Heights
II**Lincoln Avenue Capital
2257 South 1100
East
Salt Lake City, UT
84106 $2,700,000
TOTAL FUNDING REQUEST: $5,350,000
AVAILABLE FUNDING: $2,700,000
*This project also applied for funding through the competitive HDLP. They are seeking a total of $2,650,000
between the two applications. If they receive the full amount in this process, they will not need the amount within the
competitive HDLP.
**This project also applied for funding through the competitive HDLP. They are seeking a total of $5,900,000
between the two applications.
Additional details of the HOAF HDLP applications can be found in Attachment A: Applications
Overview and Attachment B: Project Summary Sheets.
RDA FINANCE COMMITTEE RECOMMENDATION: The RDA Finance Committee will
review the applications and provide their funding recommendation at their February 1, 2024 meeting.
Refer to Attachment D: RDA Finance Committee Funding Recommendation for recommendation
detail.
PREVIOUS BOARD ACTION:
•November 14, 2023: RDA Staff briefed the Board on the updated data set, methodology, and
map for High Opportunity Areas.
•April 12, 2023: The Board adopted the Affordable Housing Funding Priorities for Fiscal Year
2023-24.
•March 8, 2022: The Board adopted revisions to the Housing Development Loan Program
Policy to direct review of applications to the RDA Finance Committee.
•February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy.
•March 2021: The Board adopted the Housing Development Loan Program Policy, which
repealed the Affordable Housing Notice of Funding Availability Policy.
•February 2021: The Board adopted the Housing Allocation Funds Policy.
•May 2020: The Board adopted Resolution R-10-2020, which amended the loan terms to
structure the loan into two phases with conditions.
4
• December 2019: The Board adopted Resolution R-25-2019, which allocated $1,800,000 and
established a conditional commitment to the Community Development Corporation of Utah
(CDCU) for an affordable housing project located within a high opportunity area.
• June 2018: The Board adopted policy guidelines and funding priorities for the NOFA,
Resolution R-17-2018 (Affordable Housing Notice of Funding Availability Policy).
• December 2017: The Board adopted the third amendment for FY 2017-2018, which includes
$4,500,000 for a high opportunity area NOFA.
ATTACHMENTS:
A. Applications Overview
B. Project Summary Sheets
C. Project Priorities and Interest Rate Reductions
D. RDA Finance Committee Funding Recommendation
E. High Opportunity Area Funding Allocation Resolution
5
Project 515 Tower ‐ Conversion Phase I Fairmont Heights II
Developer Perpetual Housing Fund Lincoln Avenue Capital TOTAL
Address 515 E 100 S 2257 S 1100 E
RDA Loan Request
RDA Request 2,650,000$ 2,700,000$ 5,350,000$
Total Project Cost 39,231,648$ 34,009,242$
RDA Loan to Cost 6.8%7.9%7.3%Average
Acquisition Loan
Interest Rate (w/ project priority deductions)n/a 1.0%1.0%Average
Term n/a 2
Amortization n/a TBD
Repayment Type n/a Balloon or conversion to permanent loan
Construction to Permanent Loan
Interest Rate (w/ project priority deductions)2.0%1.0%
Term 15 16
Amortization 15 40
Repayment Type Cash Flow Hard
Financial Metrics
Deferred Developer Fee %22%40%31%Average
Tax Credits Yes, 9% reserved Yes, 9%, applying for 2025
Cost per Unit 408,663$ 618,350$ 513,506$ Average
Cost per SF 458$ 1,085$ 771$ Average
Threshold Requirements
Family-Sized Affordable or Deeply Affordable Units Both Deeply Affordable
Energy Star Score 90+Cond. of Approval Cond. of Approval
100% Electric Cond. of Approval Cond. of Approval
Housing Unit Details
40% AMI and Below
Studio 15 - 15
1bd 2 18 20
2bd - 9 9
3bd 2 - 2
4bd 1 - 1
Total 40% AMI & Below 20 27 47
41%-60% AMI
Studio 25 - 25
1bd 6 15 21
2bd - 4 4
3bd 30 - 30
4bd 15 - 15
Total 41%-60% AMI 76 19 95
61%-80% AMI
Studio - - -
1bd - 7 7
2bd - 2 2
3bd - - -
4bd - - -
Total 61%-80% AMI - 9 9
Total Residential Units
Studio 40 - 40
1bd 8 40 48
2bd - 15 15
3bd 32 - 32
4bd 16 - 16
Total of the Total Residential Units 96 55 151
Priorities & Interest Rate Reductions
Family Housing 3
Target Populations 3 3
Transportation Opportunities 1 1
Expand Opportunity 1 1
Architecture and Urban Design 1
Commercial Vitality 1
Historic Preservation/Adaptive Reuse 1
NOFA Ranking Weight Total 10 6 8 Average
Priorities: The four Funding Priorities determined by the FY2023-2024 Annual Housing Funding Priorities include: Family Housing, Target Populations, Homeownership, and Missing
Middle/Unique Housing Type. These receive a weighted ranking of 3 points each as compared to other priorities which receive 1 ranking point.
Interest Rate Reductions: Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development
application is 2%.
ATTACHMENT A: APPLICATIONS OVERVIEW
6
ATTACHMENT B: PROJECT SUMMARY SHEETS
7
PROJECT NAME: 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
OVERVIEW
Developer Perpetual Housing Fund of Utah
LLC
Request Type HDLP Loan – High Opportunity
Area
Project Type Adaptive Reuse
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $2,650,000
Total Project Cost $39,231,648
RDA Loan to Cost 6.75%
PROPOSED TERMS
Interest Rate 2%
Term, Amortization 15 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent
debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units and
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations, Expand
Opportunity, Historic
Preservation/Adaptive
Reuse, Transportation
Opportunities, Commercial
Vitality
TIMELINE
Construction Start May 1, 2024
Construction Completion December 31, 2024
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N)
Yes
Tax Credits Reserved (Y/N) Yes, 9%, 2023 1 The Developer is committing an additional $625,000 of developer fee from the project to create an equity line of credit so that residents can access their equity prior to a refinance or sale event, for a total of $1,125,000 deferred developer fee.
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
41-60%
AMI
<40%
AMI
Studio 40 - 25 15
1 Bed 8 - 6 2
2 Bed - - - -
3 Bed 32 - 30 2
4 Bed 16 - 15 1
Total 96 - 76 20
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $16,960,000
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $6,508,958 16.7%
RDA Loan $2,650,000 6.8%
OLWHLF $1,000,000 2.6%
Utility Rebates $76,800 0.2%
LIHTC Equity $27,696,083 71%
SLCO ARPA Grant $598,584 1.5%
Deferred Fee1 $500,000 1.3%
Total $39,030,425 100%
USES
Use Amount % of Cost
Land $16,000,000 41.0%
Hard Costs $15,466,320 39.6%
Soft Costs $1,097,907 2.8%
Developer Fee $2,249,922 5.8%
Financing Expense $1,921,418 4.9%
Contingency $1,686,134 4.3%
Reserves $608,724 1.6%
Total $39,030,425 100%
8
PROJECT NAME: 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
RDA APPLICATION NOTES
The RDA, through the City’s American Rescue Act Plan (ARPA) funds, allocated $10,000,000 to the Perpetual
Housing Fund of Utah, LLC to purchase this property for an affordable housing development with a tenant wealth
building program. This $10,000,000 will be used for the purchase of the property that would then allow PHF to
develop additional projects that carry out their goals to provide 1,000 affordable homes that will help families and
individuals build wealth. This is a unique model in which the developer will be contributing their own profits, which
they will share with the tenants of the building. This development also applied for funding through the competitive
HDLP, which will be in front of the RDA Finance Committee at a future date. The 515 Tower needs a total of
$2,650,000 and if the full amount is received through this round of high opportunity area funding, they will not
need to request funds through the competitive HDLP process.
PROJECT SUMMARY
From Developer: 515 Conversion Phase I a mixed-income, sustainable, adaptive-reuse project located on the East
side of Salt Lake City. The project is part of multi-phase, mixed-use project on the site and will be a beacon of
affordable housing in the rapidly unattainable east side of Salt Lake City. The overall project is planned to include a
mixed-income daycare, local retailers, and impact-focused commercial and co-working space. This project is
being developed by Perpetual Housing Fund and all 96 units in this phase will feature a shared-equity model -
sharing 75% of the phase's profits and appreciation with the residents living here. 515 will incorporate an array of
amenities that will benefit the lives of its residents including a fitness center, a clubhouse, a Greenbike station on
site (with annual passes included at no charge), indoor bike storage, a bike-repair station, and shared outdoor
space. Located within walking distance of the project is an elementary school, a core bus route, and a public park.
The project will also be fully electric, contributing to better air-quality in the area and improving the health and
wellbeing of its tenants. The units will also be built within the criteria for Enterprise Green Communities 2020.
DEVELOPER SUMMARY
The project is being developed by Perpetual Housing Fund with Giv Communities as a development consultant.
The team has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-
Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing
projects by the development team include:
Exchange - Salt Lake City
Project Open Phases 1 and 2 - Salt Lake City
Citizens West Phase I - Salt Lake City
Denver Street Apartments - Salt Lake City
Pamela's Place - Salt Lake City
Imagine Jefferson - Ogden
Startup Crossing - Provo
Harris Village Shelter and Permanent Supportive Housing - Tooele
9
PROJECT NAME: 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
SITE MAP
PROJECT RENDERINGS
10
PROJECT NAME: 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
11
PROJECT NAME: Fairmont Heights II
ADDRESS: 2257 S 1100 E
OVERVIEW
Developer Lincoln Avenue Capital and
Housing Authority of Salt Lake
City
Request Type HDLP Loan – High Opportunity
Area
Project Type New Construction
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $2,700,000
Total Project Cost $34,009,242
RDA Loan to Cost 7.9%
PROPOSED TERMS
Interest Rate 1%
Term,
Amortization
Acq: 2 Yr, Balloon or conversion
Perm: 16 Yr, 40 Yr
Repayment Terms Hard for construction to perm
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations, Expand
Opportunity,
Transportation
Opportunities, Architecture
and Urban Design
TIMELINE
Acquisition May 1, 2024
Construction Start 2025
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
41-60%
AMI
<40%
AMI
Studio - - - -
1 Bed 40 7 15 18
2 Bed 15 2 4 9
3 Bed - - - -
4 Bed - - - -
Total 55 9 19 27
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N)
Yes, 9%
Tax Credits Reserved (Y/N) No
ACQUISITION SOURCES
Source Amount % of Total
RDA -HDLP
Competitive
$3,200,000 45.1%
RDA High Opp Funds $2,700,000 38.1%
HASLC Cash $800,000 11.3%
LAC Cash $390,000 5.5%
Total $7,090,000 100%
ACQUISITION USES
Source Amount % of Costs
Acquisition $7,000,000 98.7%
Insurance $40,000 0.6%
Closing Costs $50,000 0.7%
Total $7,090,000 100%
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $21,767,665
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $3,790,000 11.1%
RDA Loan $2,700,000 7.9%
Utility Rebates $142,500 .42%
LIHTC Equity $26,147,384 76.9%
Deferred Fee $1,229,257 3.6%
GP Capital
Contribution
$100 0.0%
Total $34,009,242 100%
PERMANENT USES
Use Amount % of Cost
Land $3,500,000 10.3%
Hard Costs $23,702,904 69.7%
Soft Costs $898,000 2.6%
Tax Credit Fees $308,375 .9%
Developer Fee $3,091,512 9.1%
Financing Expense
& Reserves
$2,146,018 6.3%
Escrow & Reserves $362,432 1.1%
Total $34,009,242 100%
12
PROJECT NAME: Fairmont Heights II
ADDRESS: 2257 S 1100 E
RDA APPLICATION NOTES
This project also applied for $3,200,000 for their Fairmont Heights I project through the competitive HDLP
process. Both phases of the project will be located on the same parcel with Phase 1 being built first and Phase 2 to
follow. The developer is seeking an acquisition to permanent financing loan, which means initial funds would be
used to buy the property, but the developer would need to obtain tax credits, financing, and building approvals
within 2 years. If successful, they would be able to convert their acquisition loan to a longer-term permanent
financing loan. If they are not successful, they will be required to pay back the loan at the end of the acquisition
loan term. This project is seeking funding from both sources of funds.
PROJECT SUMMARY
From Developer: This is Phase II of a two (2) phase project. Phase II is 55 units with 40 1 bed/1 bath units at 710
sf/unit, and 15 2 bed/2 bath units at 1038 sf/unit, with an emphasis on deeply affordable senior housing. The
structure will be a 7-story midrise building comprised of a 2-story parking deck and a 5-story wooden structure
containing the housing. The site is located near the Fairmont stop on the TRAX S-Line. 5 units will be set aside for
the chronically homeless, 5 units for mobility impaired individuals, and 9 units for the disabled. The site presents
an incredible opportunity to tie into the neighborhood fabric and locate housing near transit, employment,
recreation, and services. Both phases are designed to mirror the surrounding neighborhood. The project
transitions into the neighborhood using elements in both the contemporary form of the building and the materials
that clad its skin. The space on the ground floor along Simpson Avenue and 1100 S will activate the building to the
public and bring the design into the neighborhood. The pedestrian nature of the activities within and the rhythm of
the living units help the project feel comfortable.
DEVELOPER SUMMARY
From Developer: Lincoln Avenue Communities was founded with the mission to expand access to high-quality,
affordable homes for families, individuals, and seniors. This work is more important than ever amid historic
inflation and a nationwide housing affordability crisis that have weighed heavily on communities across the
country. These complex challenges have inspired us to continue developing innovative housing solutions that
embody the bold and creative spirit of our growing company. Over the past year, we’ve reaffirmed our commitment
to preserve and create thousands of affordable housing units, and we are excited to have recently broken ground
on several ground-up developments, adding much-needed units to communities across the country. Today, we’re
proud that more than 50,000 residents at 119 properties across 22 states call an LAC community their home.
We’ve maintained a resident-first approach across our portfolio, connecting families, individuals, and seniors with
local organizations, health resources, and opportunities to further their educational and career goals.
13
PROJECT NAME: Fairmont Heights II
ADDRESS: 2257 S 1100 E
SITE MAP
PROJECT RENDERINGS
14
PROJECT NAME: Fairmont Heights II
ADDRESS: 2257 S 1100 E
15
ATTACHMENT C: PROJECT PRIORITIES AND INTEREST RATE REDUCTIONS
Project priority criteria will be utilized to evaluate applications as well as provide for interest rate
reductions.
CATEGORY POLICY OBJECTIVE BENCHMARK
NOFA
RANKIN
G
WEIGHT
*
0.5%
INTEREST
RATE
REDUCTION
**
1 Family Housing
Provide opportunities
for families to enjoy
the many benefits of
urban living by
encouraging the
development of
housing that is more
conducive to larger
household sizes
Project provides at least
15%*** of the total units as
3+ bedroom units AND
includes family-oriented
community amenities, as
approved by RDA Staff.
3 X
2 Target
Populations
Expand the availability
of units for extremely
low-income households
and special
populations, thereby
providing housing
options for individuals
or families that are
homeless or at risk of
homelessness
Project sets aside at least
15%*** of the units for
extremely low-income
households (40% AMI or
less) and/or special
populations in partnership
with a governmental or
nonprofit entity
3 X
3 Homeownership
Create opportunities
for those who have
historically rented in
the community to
build wealth and
establish permanent
roots through
homeownership
Project is a for-sale product
that will be sold to income
qualified individuals/families
3 X
4
Missing Middle
& Unique
Housing Types
Promote an array of
scale of project types
to diversify the City’s
housing stock/forms
and provide more
affordable living
options for residents
Projects are either a missing
middle housing type (i.e.
townhomes, courtyard
apartments, small-scale
apartments) or a housing
type that is not commonly
built: tiny homes, modular
homes, pre-fab homes,
accessory dwelling units
(ADUs)
3 X
16
5 Sustainability
Achieve green building
and energy
conservation standards
to lower housing
expenses, conserve
resources, and
promote resiliency
Projects must be built to Off-
Site Net Zero or On-Site Net
Zero standard as described
in the RDA’s Sustainable
Development Policy
Resolution.
1 X****
6 Transportation
Opportunities
Promote a multimodal
transportation network
and ensure convenient
and equitable access
to a variety of
transportation options
Projects must meet two of
the following:
•Includes a car sharing,
bike sharing, or transit
pass program that is widely
available to employees/
residents
•Includes a commercial
project that includes
employee shower, locker,
and bicycle facilities
•Is located within 1/3 mile
walking distance of a TRAX
station or S-Line station
•Implements reduced
parking strategies without
negatively impacting the
neighborhood
•Incorporates majority of
parking within a primary
structure to minimize the
need for a surface parking
lot
1 X
7 Neighborhood
Safety
Utilize the
development of
housing to reduce the
number of vacant and
distressed buildings
and lots to reduce
crime and return land
to a productive use
Projects are located within
an active RDA project area,
refer to Attachment B: RDA
Project Area Map and
incorporate documented
Crime Prevention through
Environmental Design
(CPTED) principles. RDA
staff shall provide final
review and approval. RDA
staff may require Developer
to provide approval from a
certified professional.
1 X
8 Expand
Opportunity
Provide for
Neighborhoods of
Opportunity by
promoting the
economic diversity of
the housing stock
within neighborhoods
Projects are located within a
High Opportunity Area,
which is defined as an area
that provides conditions that
expand a person’s likelihood
for social mobility as
identified through an
1 X
17
analysis of quality-of-life
indicators. Refer to
Attachment A: High
Opportunity Area Map and
Table
9 Architecture &
Urban Design
Encourage housing
that is high-quality,
enduring, and that
contributes to
neighborhood context
and livability through
architectural and
urban design best
practices
Buildings shall include an
active ground floor use,
significant ground floor
glass, durable building
materials and engaging
building entrances as
determined by RDA staff
1 X
10 Commercial
Vitality
Foster a mix of land
uses and unique
neighborhood business
districts that
adequately meet the
local community’s
needs
Projects are mixed-use and
establish commercial spaces
within the development that
are lacking and desired.
These spaces shall be open
to the public and shall not
be spaces that are exclusive
to the development
1 X
11
Historic
Preservation
/Adaptive Reuse
Encourage the
preservation and/or
reuse of buildings to
preserve the character
of neighborhoods
Project acknowledges a
neighborhood’s history and
maintain its unique character
through preservation,
rehabilitation, or repurposing
of historic or underutilized
structures
1 X
12 Public Art
Promote cultural
expression and add to
the experience and
value of the built
environment through
art that is publicly
visible or accessible
for all to experience
Project contributes at least
1.5% of the RDA
contribution towards the
installation of art onsite or
towards the RDA art fund as
outlined in the RDA Art
Policy
1 X
*Note: NOFA Ranking Weight: Uses a number (the weight) between 1 and 3 to assess the importance of the funding priority,
with 1 being of lower importance and 3 being of the highest importance.
**Note: 0.5% Interest Rate Reductions: While 12 interest rate reductions are available, interest rates can be reduced by a
maximum of 2.0%. Please see Attachment B for applicable standard loan terms and conditions.
***Note: Between the two threshold requirements laid out in Section 3.7, if a project includes both family housing units and
deeply affordable units in accordance with this section, the project may receive the interest rate reduction by meeting the second
threshold requirement at a percentage of 10% instead of 15%.
****Note: Sustainability Interest Rate Reduction: As per the RDA’s Sustainable Development Policy, projects built to an Off-
Site Net Zero standard are eligible for a 1% interest rate reduction and projects built to an On-Site Net Zero standard are eligible
for a 2% interest rate reduction.
18
PROJECT/APPLICANT ADDRESS
PROJECT PRIORITIES/INTEREST RATE
REDUCTION AND WEIGHTED
PRIORITY SCORE**
FUNDING
REQUEST PRELIMINARY TERMS*
HDLP High Opportunity
Funds: $2,700,000
TOTAL $5,350,000 $2,650,000
Total Funds:2,700,000$
Recommended Funding: $ 2,650,000
Remaining Funds:$ 50,000
RDA FINANCE
COMMITTEE FUNDING
RECOMMENDATIONS
515 Tower - Conversion
Phase I - Perpetual Housing
Fund
515 E 100 S
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Expand Opportunity: 1
Commercial Vitality: 1
Historic Preservation/Adaptive Reuse: 1
TOTAL: 10
$2,650,000
2% interest rate, 15-year term,
15-year amortization, cash flow
repayments
$2,650,000
Fairmont Heights Phase II -
Lincoln Avenue Capital and
Housing Authority of Salt
Lake City
2257 S 1100
E
Target Populations: 3
Transportation Opportunities: 1
Expand Opportunity: 1
Architecture and Urban Design: 1
TOTAL: 6
$2,700,000
Acquisition: 1% interest rate, 2-
year term, balloon payment or
conversion to permanent loan.
Construction to permanent: 16-
year term, 40-year amortization,
hard repayments
*Final Terms shall comply with the requirements, standard loan terms and conditions, interest-rate reductions, and all other details laid out within the High Opportunity Area
Housing Development Loan Program (HDLP) Guidelines (updated November 2023). Changes to repayment type may occur (hard repayment versus cash flow repayment)
and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender. Changes in repayment type will cause a change in the base interest
rate. Repayment priority and lien position shall be based on the size of the loans. Funds may be disbursed in a lump sum if required by senior lenders.
**Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%.
The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall be locked
within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorites met may require Board
approval.
Attachment D: RDA Finance Committee Funding Recommendation
19
Attachment E: High Opportunity Area Funding Allocation Resolution
20
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Housing Development Loan Program (HDLP)
Funding Allocation for High Opportunity Area Affordable Housing
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) 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, pursuant to a motion adopted by the RDA Board of Directors (the “Board”) on
December 5, 2017, the Board set aside $4,500,000 to be dedicated to funding for affordable
housing in areas of high opportunity (the “High Opportunity Funds”).
WHEREAS, the High Opportunity Funds were released for allocation pursuant to the
Affordable Housing Notice of Funding Availability Policy (“NOFA Policy”), passed by the
Board as Resolution R-17-2018.
WHEREAS, the Board subsequently approved Resolution R-25-2019, which allocated
$1,800,000 of the High Opportunity Funds to Community Development Corporation of Utah for
affordable housing in a high opportunity area, leaving $2,700,000 of High Opportunity Funds to
allocate to additional projects.
WHEREAS, the 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 based on funding source and the
Housing Development Loan Program Policy (“HDLP Policy”), Resolution R-2-2022, which
centralizes the application, underwriting, and approval process across all funding sources
identified in the Funds Policy. The HDLP Policy repealed and replaced the NOFA Policy.
WHEREAS, through a Notice of Funding Availability (“NOFA”), the RDA administered a loan
application and review process pursuant to the HDLP Policy and the RDA’s Housing Funding
Priorities for Fiscal Year 2023-2024 set forth in R-8-2023 (“Funding Priorities”) that resulted in
two requests for funding totaling $5,350,000.
21
2
WHEREAS, on February 1, 2024, the RDA’s Finance Committee (“Finance Committee”)
reviewed the HDLP applications and recommended funding allocations and preliminary terms
for the remaining High Opportunity Funds, as further described in Exhibit A.
WHEREAS, based on the Finance Committee’s recommendations, RDA staff recommends that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
WHEREAS, following the Board’s approval of the funding allocations and preliminary terms as
set forth on Exhibit B, the RDA 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 RDA, 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, subject to revisions
that do not materially affect the rights and obligations of the RDA 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 Redevelopment Agency of Salt Lake City, this _______
day of February 2024.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Sara Montoya
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
January 26, 2024
22
3
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
23
PROJECT/APPLICANT ADDRESS
PROJECT PRIORITIES/INTEREST RATE
REDUCTION AND WEIGHTED
PRIORITY SCORE**
FUNDING
REQUEST PRELIMINARY TERMS*
HDLP High Opportunity
Funds: $2,700,000
TOTAL $5,350,000 $2,650,000
Total Funds:$ 2,700,000
Recommended Funding: $ 2,650,000
Remaining Funds:$ 50,000
RDA FINANCE
COMMITTEE FUNDING
RECOMMENDATIONS
515 Tower - Conversion
Phase I - Perpetual Housing
Fund
515 E 100 S
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Expand Opportunity: 1
Commercial Vitality: 1
Historic Preservation/Adaptive Reuse: 1
TOTAL: 10
$2,650,000
2% interest rate, 15-year term,
15-year amortization, cash flow
repayments
$2,650,000
Fairmont Heights Phase II -
Lincoln Avenue Capital and
Housing Authority of Salt
Lake City
2257 S 1100
E
Target Populations: 3
Transportation Opportunities: 1
Expand Opportunity: 1
Architecture and Urban Design: 1
TOTAL: 6
$2,700,000
Acquisition: 1% interest rate, 2-
year term, balloon payment or
conversion to permanent loan.
Construction to permanent: 16-
year term, 40-year amortization,
hard repayments
*Final Terms shall comply with the requirements, standard loan terms and conditions, interest-rate reductions, and all other details laid out within the High Opportunity Area
Housing Development Loan Program (HDLP) Guidelines (updated November 2023). Changes to repayment type may occur (hard repayment versus cash flow repayment)
and shall be based on requirements listed in the HDLP Guidelines or if required by a senior lender. Changes in repayment type will cause a change in the base interest
rate. Repayment priority and lien position shall be based on the size of the loans. Funds may be disbursed in a lump sum if required by senior lenders.
**Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%.
The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall be locked
within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from project priorites met may require Board
approval.
EXHIBIT A: RDA FINANCE COMMITTEE RECOMMENDED HIGH OPPORTUNITY
AREA HDLP FUNDING ALLOCATIONS
4
24
5
EXHIBIT B: RDA BOARD APPROVED HIGH OPPORTUNITY AREA HDLP
FUNDING ALLOCATIONS
(To add after Board Meeting)
25
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM:Allison Rowland
Senior Budget & Policy Analyst
DATE:March 19, 2024
RE: RESOLUTION: HOUSING DEVELOPMENT LOAN FUNDING ALLOCATIONS
FOR AFFORDABLE HOUSING
ISSUE-AT-A-GLANCE
The Board will review and potentially approve recommendations for allocating up to $15.4 million in affordable
housing funds offered through a Notice of Funding Availability (NOFA) issued last year. The purpose of these
low-interest loans is to incentivize the inclusion of affordable housing in new construction and in preservation/
rehabilitation projects. The unusually large size of this NOFA allocation reflects the combination of $4.2 million
in committed RDA funds with $9.5 million of “dormant” Federal Housing and Urban Development (HUD)
Home Investment Partnership (HOME) funds, which were shifted by the Council from the Housing Stability
Division to the RDA’s Housing Development Loan Program (HDLP) in the Fiscal Year 2024 (FY24) budget. In
addition, RDA staff proposes including another $1.7 million of additional funding to the NOFA from two
rescinded FY23 HDLP loans.
The 15 applications forwarded to the Board requested a total of nearly $27.5 million, and the RDA Finance
Committee recommended funding 14 of these (see Attachment C1 for summary). In addition, two applications
were received in response to a separate NOFA specifically for projects in High Opportunity Areas. These two
applications were discussed in the February RDA meeting but the Board deferred action to be able to make
funding decisions in the context of all the projects at once. The Board makes the final determination of which
applications to fund and for what amount. Together, the projects recommended for funding would provide 1,540
units of new or refurbished affordable housing.
Goal of the briefing: Discuss and consider adopting the Resolution entitled Affordable Housing – FY2023-
2024 Competitive Housing Development Loan Program (HDLP) Funding Allocations.
Item Schedule:
Briefing: March 19, 2024
Set Date: N/A
Public Hearing: N/A
Potential Action: March 19, 2024
Page | 2
ADDITIONAL INFORMATION
A. Process Overview. Since 2018, the RDA has released multiple NOFAs to facilitate the development of
affordable housing units in Salt Lake City. This year, the 15 “competitive” HDLP applications recommended
to the Board requested a total of nearly $27.5 million. RDA staff indicated that five other applications also
were submitted but because they did not meet the eligibility criteria for NOFA funds they were not included
in the ranking process (see Attachment C2).
All eligible applications were reviewed and ranked by the RDA Finance Committee, and their specific
recommendations for allocating $15.1 million of the $15.4 million available are summarized in Attachment
C1. Of the 15, all but one (Bumper House) were recommended for HDLP funding. Nine of these were
recommended for the full amounts requested, and five were recommended for less than the full amount. A
summary of all 20 applications appears in Attachment C1.
The NOFA recommendations reached the Board in March this year, rather than earlier, due to the
incorporation of the dormant HUD HOME funds, which involved determining a process that would comply
to Federal regulations. The FY24 NOFA was released on November 17, 2023, and applications were due on
January 3, 2024.
B. Available Funding. The $15.4 million funding available this year includes $4.2 million approved by the
Board in 2023 as part of the FY24 RDA budget, plus one-time funding provided by the Council’s allocation
of $9.5 million in dormant HUD Home Investment Partnership (HOME) funds from the Housing Stability
Division. If the Board chooses, an additional $1.7 million, which became available when loans for two
projects approved last year were rescinded (see below), would also be included.
FY24 HDLP Funding Sources Total
Available
Recommended
Funding
Funds
Remaining
RDA Committed Funds $4,241,714 $4,241,714 $0
Possible Additional RDA Funds $1,665,000 $1,665,000 $0
HOME Program Income $6,939,710 $6,939,710 $0
HOME Development Fund $726,291 $726,29 $0
HOME ARP Development $1,501,608 $1,501,608 $0
HOME Community Housing
Development Organization Funds $351,841 $0 $351,841
Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841
In FY23, two HDLP awardees (for Liberty Corner and Book Cliffs Lodge) failed to receive 9% tax credits
through LIHTC, the Federal Low-Income Housing Tax Credit in the subsequent allocation cycle, which was
a condition of the loans. Both these projects applied for HDLP funds again in FY24, as can be seen in
Attachment C1, and Liberty Corner was since awarded 4% LIHTC credits. Book Cliffs Lodge plans to use
other funding sources for their project.
The $351,841 remaining in the HDLP results from receiving no applications that would meet the relatively
narrow criteria for the HOME Community Housing Development Organization Funds. These funds may be
used only for projects that are owned, developed, or sponsored by a nonprofit that qualifies as a Community
Housing Development Organization (CHDO), as defined in Federal regulations. The Housing Stability
Division in the Community and Neighborhoods Department (CAN) has worked to recruit new CHDOs over
the years, but local organizations typically do not meet the regulatory requirements. Still, since no qualified
applications for these funds have been received in the past two years, HUD regulations will now allow them
Page | 3
to be recaptured and proposed for reallocation during the next annual HUD application process through the
HDLP as regular HOME funds.
C. Project Evaluation. As part of the application review process, RDA staff first analyzes applications to
ensure they meet the HDLP eligibility requirements. The RDA Finance Committee (see below) then
considers the Board’s funding priorities, along with factors related to the feasibility and technical qualities of
each application. These include developer experience, the completeness and quality of the application, the
amount of requested funding per affordable unit, the unit mix, community impact, and the financial and
regulatory readiness of the proposed project.
This year, the Finance Committee recommended full funding for the five applications that ranked most
highly. For the next eight highest-ranked applications, the Finance Committee considered the minimum
funding needed for the projects to advance, as reported by the applicants. RDA staff reported, “This
approach recognized the readiness of the top ranked applications while providing at least minimum funding
needs to most other projects.”
The only project that the Finance Committee did not recommend for any funding was Bumper House which
had the lowest Weighted Project Priority Score of all the applications.
D. Applications for Projects in High Opportunity Areas. The 515 Tower - Conversion Phase I, which
the Board was briefed on in February, is included on the list of recommended projects. It ranked third
among the 14 projects recommended by the RDA Finance Committee. Funding for this project would be
drawn from the High Opportunity Areas HDLP—or, if the Board prefers, it could award funding to the other
application received, for Fairmont Heights II. These two applications were discussed in the February RDA
meeting but the Board deferred action to be able to make funding decisions in the context of all of the
projects at once.
Summaries of the two applications in high opportunity areas are below. Additional information can be
found in the Board staff report for that item, which is included as Attachment C2.
1.515 Tower - Conversion Phase I at 515 East 100 South. The request is for $2,650,000 for 96
units of “shared-equity” affordable housing to be developed by the Perpetual Housing Fund of Utah.
This developer also applied for competitive HDLP funding and would use any funds granted from
either source for this project. On February 1, the RDA Finance Committee recommended fully
funding the 515 Tower - Conversion Phase I.
2.Fairmont Heights II at 2257 South 1100 East. The request is for $2,700,000 for affordable
housing to be developed by Lincoln Avenue Capital. This developer also applied for $3.2 million
from the general competitive HDLP funding for their Fairmont Heights I project, for a total of
$5,900,000. This project did not apply for general HDLP funding, but a related project planned for
the same property did. Fairmont Heights I ranked second-to-lowest among the other applications,
but was recommended by the RDA Finance Committed for a $1 million loan.
The allocation of funds for “high opportunity areas” dates from 2017, when the Board authorized $4.5
million for projects located in neighborhoods that provide residents with improved chances at upward
economic mobility, like good schools, public transit access, and health care facilities. Two years later, the
Board approved a $1.8 million loan for the Richmond Flats development, leaving the current balance at $2.7
million.
Page | 4
E. Potential Additional City Funding. Two of the projects in the HDLP application pool also applied for
Fiscal Year 2025 HUD grant funding.
1.Alliance House 1805 Rebuild. In addition to the $500,000 recommended for the Alliance
House 1805 Rebuild, the project applied for two of the City’s annual HUD grants, which the Council
is currently considering. It was recommended for partial funding for both these grants:
- CDBG Housing: recommended to receive $221,000 of $300,000 requested to demolish
and rebuild the existing facility with 16 deeply affordable housing units.
-HOME-ARPA: recommended to receive $97,000 of $150,000 requested to provide short-
term rental assistance to the current residents while the housing structure is demolished
and rebuilt.
2.New City Plaza Apartments. Along with the $895,000 recommended for the New City Plaza
Apartments the project also applied for $2 million from the City’s annual HUD grants. Neither the
resident advisory board nor the Mayor recommended funding this project.
POLICY QUESTIONS
1. Some Board Members have mentioned an interest in exploring how ownership units might be funded
through the RDA. The Board may wish to discuss questions like those listed below.
a. Is the HDLP structured in a way that facilitates applications for home ownership projects?
b. Are there differences between rental projects and home ownership projects, for example, income
and wealth levels of potential residents, unit sizes, etc.?
c. What are the potential benefits and disadvantages for the City of funding home ownership projects
versus rental projects?
d. Are there models of home ownership or wealth-building that Board Members have encountered
elsewhere which they would like RDA staff to research?
e. Would the Board like to schedule an RDA briefing on options for promoting home ownership?
2. The projects reviewed by the RDA Finance Committee would be charged interest rates that range from 1% to
2.5%. In the context of continued high interest rates in the broader economy (relative to recent previous
decades), would the Board like to discuss the potential advantages and disadvantages of
changing how the Base Interest Rate is set for HDLP loans?
ATTACHMENTS
Attachment C1. Summary of RDA Finance Committee Recommended FY24 HDLP Funding.
Attachment C2. Applications that Did Not Meet FY24 HDLP Eligibility Requirements.
Attachment C3. RDA Board Staff Report, Funding Allocation for Gap Financing for High Opportunity Areas,
February 13, 2024.
RDA BOARD MEETING – MARCH 19, 2024
AFFORDABLE HOUSING NOTICE OF FUNDING AVAILABILITY (NOFA)
HIGH OPPORTUNITY AREA &
FY2023-24 COMPETITIVE APPLICATIONS
FUNDS AVAILABLE
•Total: $2.7M
o 2017: RDA Board set aside $4.5M to incentivize affordable
housing developments located in High Opportunity Areas
o High Opportunity Areas: Neighborhoods that provide
access to resources that improve chances at economic
mobility
o 2023: Map was updated to reflect newer data and metrics
APPLICATION PROCESS
•Funds available since 2018 and remain open until expended
APPLICATION SUMMARY
•2 applications received for requests of $5.35M
o 515 Tower – Conversion Phase I - $2.65M
o Fairmont Heights II - $2.7M
HIGH OPPORTUNITY AREA APPLICATIONS OVERVIEW
APPLICATIONS
HIGH OPPORTUNITY AREA FUNDS OVERVIEW
PROJECT DEVELOPER ADDRESS FUNDING
REQUEST PRELIMINARY TERMS RESIDENTIAL
UNITS
PRIORITIES
MET
(WEIGHTED
POINTS)
515 Tower –
Conversion
Phase 1
Perpetual
Housing Fund
515 E 100 S
Salt Lake City,
UT 84102
$2,650,000
Construction to perm: 2%
interest rate, 15-year
term/am, cash flow
repayments
96: 20@ ≤40%
AMI, 76 @ 41-
60% AMI;
includes studios,
1, 3, and 4
bedrooms.
10
Fairmont
Heights II
Lincoln
Avenue
Capital
2257 S 1100 E
Salt Lake City,
UT 84106
$2,700,000
Acquisition: 1% interest
rate, 2- year term, balloon
payment or conversion to
permanent loan.
Construction to perm: 16-
year term, 40-year am, hard
repayments
55: 27 @ ≤40%
AMI, 19 @ 41-
60% AMI, 9@ 61-
80% AMI;
includes 1 and 2
bedrooms.
6
$5,350,000
•RDA Finance Committee Recommendation: Fund full $2.65M Request for 515 Tower Conversion – Phase I
•RDA Sustainable Development Policy Clarification
FUNDS AVAILABLE
•Total: $13.76M*
o *$4.24M of RDA funds were combined with $9.52M of HUD
HOME funds
o Additional $1.665M in funds from previous HDLP
applications may be available, subject to Board approval
FY2023-24 COMPETITIVE HDLP NOFA OVERVIEW
COMPETITIVE FUNDS CATEGORY AMOUNT
RDA Housing Development Loan
Program $4,241,714
HOME Program Income $6,939,710
HOME ARP Development $1,501,608
HOME Development Funds $726,291
HOME Community Housing
Development Organization Funds $351,841
TOTAL: $13,761,164
APPLICATION PROCESS
•Competitive Process
•Applications Released: November 17, 2023
•Information Session: December 1, 2023
•Applications Due: January 3, 2024
APPLICATION SUMMARY
•20 applications received
•15 applications eligible, 5 applications ineligible for HDLP funding
•$27,464,243 total eligible funding request
FY2023-24 COMPETITIVE HDLP NOFA OVERVIEW
MAP OF DEVELOPMENT: MAP 1 of 2
MAP OF DEVELOPMENT: MAP 2 of 2
THRESHOLDS REQUIREMENTS
SUSTAINABILITY: Projects required to be designed to achieve a “Designed
to Earn the Energy Star” Score of 90 or higher, contain no onsite fossil fuel
combustion, and participate in the City’s Elevate Buildings program once the
building is operating.
AND ONE OF THE FOLLOWING:
FAMILY -SIZED UNITS: At least 10% of the total residential units shall have
3+ bedrooms and shall be rent restricted to those earning 60% AMI.
asd
OR
asd
DEEPLY AFFORDABLE UNITS: At least 10% of the total residential units
shall be restricted as affordable to households earning 40% AMI.
PROJECT PRIORITIES
PROJECT PRIORITIES: USED TO EVALUATE PROJECTS &
PROVIDE INTEREST RATE REDUCTIONS
•Family Housing
•Target Populations
•Homeownership
•Missing Middle and Unique Housing Types
•Sustainability
•Transportation Opportunities
•Neighborhood Safety
•Expand Opportunity
•Architecture and Urban Design
•Commercial Vitality
•Historic Preservation/Adaptive Reuse
•Public Art
PROJECT EVALUATION
•Alignment with project priorities
•Content & Quality of Application
•Qualifications & Experience of Development Team
•Content, Effectiveness & Financial Details
Appropriateness
•Project Readiness
•Building & Site Design
APPLICATION REVIEW
APPLICATIONS OVERVIEW
Application #1 2 3 4 5 6 7
Project Norbridge Court Bumper House New City Plaza Apartments 515 Tower - Conversion Phase I 2nd South Apartments The Catherine Phase 1 The Catherine Phase 2
Developer Artspace SMH Builders Housing Connect Perpetual Housing Fund Hermes Affordable Services, LLC 22 Communities 22 Communities
Address 511 W 200 S 269 W Brooklyn Ave 1966 S 200 E 515 E 100 S 934-948 W 200 S 1881 W N Temple 1881 W N Temple
Preliminary Terms 1%, 30/30 1.5%, 17/40 2.5%, 40/40 2%, 15/15 2%, 30/30 2%, 16/40 2%, 16/40
Repayment Type Hard Hard Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow
RDA Request Amount $ 895,000 $3,000,000 $ 3,000,000 $895,000 $ 895,000 $2,650,000 $ 2,650,000
Funding Recommendations $895,000 $0 $895,000 $2,650,000***$2,420,000 $1,000,000 $134,323
Previous RDA Commitment $ - $ - $ - $ - $ - $ - $ -
Project Cost $18,774,027 $60,701,174 $60,701,174 $89,615,717 $89,615,717 $39,231,648 $39,231,648
RDA % of Total Project Cost 4.8%4.9%1.0%6.8%8.1%3.6%3.5%
RDA Requested Funds per
Affordable Unit $14,435 $12,658 $10,033 $9,323 $8,524 $11,623 $18,403
RDA FC Recommended
Funding per Affordable Unit $14,435 $0 $2,993 $27,604 $23,048 $4,386 $933
Tax Credits?Yes, 9%Yes, 4%Yes, 4%Yes, 9%Yes, 4%Applying, 4%Applying, 4%
Affordable Units Breakdown
40% AMI & Below..32 24 224 20 16 - -
41-60% AMI..22 158 75 76 88 228 -
61%-80% AMI..8 55 - - - - 144
>81% AMI & Above.
(Market) ..- - - - 1 - -
Total. 62 237 299 96 105 228 144
Percent Affordable
(60% AMI & below)87%77%100%100%99%100%0%
Unit Mix
Studio..- 182 - 40 36 80 45
1bd.. - 18 298 8 37 44 30
2bd.. 59 37 1 - 16 80 45
3bd.. 3 - - 32 16 24 24
4bd.. - - - 16 - - -
Weighted Project ..
Priority Score..8 3 5 10 8 4 6
APPLICATIONS OVERVIEW CONTINUED
Application #8 9 10 11 12 13 14 15
TOTALProjectCitizens West 4 Fairmont Heights I Project Open 3 Pharos Apartments Book Cliffs Lodge Liberty Corner 9Ten West Alliance House 1805 Rebuild
Developer Developed. By Women. &
Ivan Carroll
Lincoln Avenue
Communities Perpetual Housing Fund
Housing Authority of Salt
Lake City
Housing Authority of Salt
Lake City Cowboy Partners Great Lakes Capital Alliance House &
Cowboy Partners
..Address 515 W 300 N 2557 S 1100 E 529 W 400 N 915 W 200 N 1159 S W Temple 1265 S 300 W 910 W N Temple 1805 S Main St
..Preliminary Terms 1%, 15/30 1%, 2yr balloon or 16/40 1%, 18 month 2.5%, 15/40 2.5%, 15/30 2%, 40/40 2%, 16/40 2.5%, 40/40
..Repayment Type Hard Balloon or convert to hard Balloon Payment Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow
RDA Request Amount $3,000,000 $ 3,000,000 $2,524,802 $ 2,524,802 $1,569,441 $ 1,569,441 $400,000 $ 400,000 $ 28,973,486
Funding Recommendations $400,000 $1,000,000 $710,000 $880,000 $740,000 $4,500,000 $1,000,000 $500,000 $15,074,323
Previous RDA Commitment $ - $ - $ - $ - $1,000,000 $ - $ - $ - $1,000,000
Project Cost $37,177,859 $37,177,859 $69,452,555 $69,452,555 $45,194,612 $45,194,612 $25,514,260 $25,514,260 $752,549,677
RDA % of Total Project Cost 1.6%9.2%9.9%8.5%10.0%3.8%4.6%8.3%
RDA Requested Funds per
Affordable Unit $57,692 $54,545 $109,774 $74,259 $28,535 $7,847 $2,222 $25,000
RDA FC Recommended
Funding per Affordable Unit $7,692 $18,182 $30,870 $25,882 $13,455 $22,500 $5,556 $31,250
Tax Credits?Yes, 9%Applying, 9%No No No Yes, 4%Yes, 4%No
Affordable Units Breakdown
40% AMI & Below..10 27 - 5 9 44 27 16 454
41-60% AMI..40 19 - 19 20 78 138 - 961
61%-80% AMI..- 9 23 10 20 78 15 - 362
>81% AMI & Above.(Market) ..2 - - - 6 - - - 9
Total.. 52 55 23 34 55 200 180 16 1,786
Percent Affordable
(60% AMI & below)96%84%0%71%53%61%92%100%
Unit Mix
Studio..10 - - - - - 165 - 558
1bd.. - 40 4 34 55 - 15 16 599
2bd.. 16 15 - - - 96 - - 365
3bd.. 20 - 12 - - 80 - - 211
4bd.. 6 - 7 - - 24 - - 53
Weighted Project ..
Priority Score..10 6 12 5 5 10 7 7
PROJECT/APPLICANT ADDRESS
WEIGHTED
PROJECT
PRIORITY
SCORE
FUNDING
REQUEST
RDA Committed
Funds
Possible
Additional
RDA Funds
HOME
Program
Income
HOME
Development
Fund
HOME ARP
Development
TOTAL FUNDING
RECOMMENDATION
FUNDING
RANKINGNorbridge Court 511 W 200 S 8 $895,000 $895,000 $895,000 7Artspace
Bumper House 269 W Brooklyn
Ave 3 $3,000,000 $0 14SMH Builders
New City Plaza Apartments 1966 S 200 E 5 $895,000 $895,000 $895,000 5Housing Connect
515 Tower - Conversion Phase I 515 E 100 S 10 $2,650,000 $0***3Perpetual Housing Fund
2nd South Apartments 934-948 W 200 S 8 $3,000,000 $2,420,000 $2,420,000 6Hermes Affordable Services, LLC
The Catherine Phase 1 1881 W N
Temple 4 $2,524,802 $1,000,000 $1,000,000 1022 Communities
The Catherine Phase 2 1881 W N
Temple 6 $1,569,441 $134,323 $134,323 1022 Communities
Citizens West 4 515 W 300 N 10 $400,000 $400,000 $400,000 2Developed. By Women. & Ivan Carroll
Fairmont Heights I 2557 S 1100 E 6 $3,200,000 $1,000,000 $1,000,000 13Lincoln Avenue Communities
Project Open 3 529 W 400 N 12 $710,000 $710,000 $710,000 1Perpetual Housing Fund
Pharos Apartments 915 W 200 N 5 $880,000 $47,101 $726,291 $106,608 $880,000 12Housing Authority of Salt Lake City
Book Cliffs Lodge 1159 S W
Temple 5 $740,000 $740,000 $740,000 11Housing Authority of Salt Lake City
Liberty Corner 1265 S 300 W 10 $4,500,000 $1,236,714 $1,530,677 $1,732,609 $4,500,000 4Cowboy Partners
9Ten West 910 W N Temple 7 $2,000,000 $1,000,000 $1,000,000 9Great Lakes Capital
Alliance House 1805 Rebuild 1805 S Main St 7 $500,000 $500,000 $500,000 8Alliance House & Cowboy Partners
TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323
FINANCE COMMITTEE RECOMMENDATION
<40%41-
60%
61-
80%
Market
Rate
1 Project Open 3 - Homeownership D3 $710,000 $710,000 23 0 0 23 0 12 No IR: 1%. Term: 18 months. Repaymt: Balloon.49
2 Citizens West 4 D3 $400,000 $400,000 52 10 40 0 2 10 9%IR: 1%. Term: 15 years with 30 year
amortization. Repaymt: Hard.41
3
515 Tower - Conversion Phase I -
Recommended for High Opportunity
NOFA funding
D4 $2,650,000 $2,650,000 96 20 76 0 0 10 9%IR: 2%. Term: 15 years. Repaymt: Cash Flow.24
4 Liberty Corner D5 $4,500,000 $4,500,000 200 44 78 78 0 10 4%IR: 2%. Term: 40 years. Repaymt: Cash Flow.60
5 New City Plaza Apartments - Historic
Preservation/ Adaptive Reuse D5 $895,000 $895,000 299 223 75 0 0 5 4%IR: 2.5%. Term: 40 years. Repaymt: Cash
Flow.20
6 2nd South Apartments D2 $3,000,000 $2,420,000 105 16 88 0 1 8 4%IR: 2%. Term: 30 years. Repaymt: Cash Flow.28
7 Norbridge Court - Historic Preservation/
Adaptive Reuse D2 $895,000 $895,000 62 32 22 8 0 8 9%IR: 1%. Term: 30 years. Repaymt: Hard.12
8 Alliance House 1805 Rebuild D5 $500,000 $500,000 16 16 0 0 0 7 No IR: 2.5%. Term: 40 years. Repaymt:
Cashflow.68
9 9Ten West D2 $2,000,000 $1,000,000 180 27 138 15 0 7 4%IR: 2%. Term: 16 years with 40 year
amortization. Cash Flow.64
10 The Catherine Phase 1 D1 $2,524,802 $1,000,000 228 0 228 0 0 4 No (applying for
4%)
IR: 2%. Term: 16 years with 40 year
amortization. Repaymt: Cash Flow.33
10 The Catherine Phase 2 D1 $1,569,441 $134,323 144 0 144 0 0 6 No (applying for
4%)
IR: 2%. Term: 16 years with 40 year
amortization. Repaymt: Cash Flow.37
11 Book Cliffs Lodge D5 $740,000 $740,000 55 9 20 20 6 5 N/A IR: 2.5%. Term: 15 years with 30 year
amortization. Repaymt: Cash Flow.56
12 Pharos Apartments D2 $880,000 $880,000 34 5 19 10 0 5 No IR: 2.5%. Term: 15 years with 40 year
amortization. Repaymt: Cash Flow.52
13 Fairmont Heights I D7 $3,200,000 $1,000,000 55 27 19 9 0 6 No (applying for
9%)
IR: 1%. Term: 2-year ballon or conversion to
permanent, 16 years with 30 year
amortization. Repaymt: Hard.
45
14 Bumper House D5 $3,000,000 $0 237 24 158 55 0 3 4%IR: 1.5%. Term: 17 years with 40 year
amortization. Repaymt: Hard.16
Summary of RDA Finance Committee Recommended FY24 HDLP Funding.
Weighted
Priority
Score
Tax Credits
Rec'd Preliminary terms
Summary
Page in Trans-
mittal
Units per AMI LevelRDA
Finance
Cmtee
Ranking
Project Funding
Request
Funding
Recommend-
ation
Total
Units
Council
District
Funding Request
$1,800,000
$300,000
$400,000
$800,000
$500,000 Saltair Requested loan for preconstruction design and soft costs
Maven Flats Did not include family-sized and/or deeply affordable units
Moda Griffin Did not include family-sized and/or deeply affordable units
Palmer Court Redevelopment Requested loan for preconstruction design and soft costs
Applications that Did Not Meet FY24 HDLP Eligibility Requirements.
Project Basis for ineligibility
Innovation Park Requested loan for "sleeping second mortgages"
CITY COUNCIL OF SALT LAKE CITY
451 SOUTH STATE STREET, ROOM 304
P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476
SLCCOUNCIL.COM
TEL 801-535-7600 FAX 801-535-7651
BOARD STAFF REPORT
THE REDEVELOPMENT AGENCY of SALT LAKE CITY
TO:RDA Board Members
FROM:Allison Rowland
Budget & Policy Analyst
DATE:February 13, 2024
RE: RESOLUTION: FUNDING ALLOCATION FOR GAP FINANCING FOR HIGH
OPPORTUNITY AREAS
ISSUE-AT-A-GLANCE
The Board will consider funding allocations and preliminary terms for two affordable housing projects located in
“high opportunity areas” through the RDA’s Housing Development Loan Program (HDLP). Together, the two
projects requested $5.35 million in low interest loans, which exceeds the current allocation of $2.7 million for
this type of project. The allocation of funds for “high opportunity areas” dates from 2017, when the Board
authorized $4.5 million for projects located in neighborhoods that provide residents with improved chances at
upward economic mobility, like good schools, public transit access, and health care facilities.
RDA staff plans to transmit the remaining HDLP Notice of Funding Availability (NOFA) applications for
discussion in the March meeting. The Board could decide on the high opportunity applications at the February
or March RDA meetings.
In summary, the two requests in high opportunity areas this year are:
-515 Tower - Conversion Phase I at 515 East 100 South. The request is for $2,650,000 for 96 units of
“shared-equity” affordable housing to be developed by the Perpetual Housing Fund of Utah. This
developer also applied for competitive HDLP funding and would use any funds granted from either
source for this project.
-Fairmont Heights II at 2257 South 1100 East. The request is for $2,700,000 for affordable housing
to be developed by Lincoln Avenue Capital. This developer also applied for $3.2 million from the general
competitive HDLP funding for their Fairmont Heights 1 project, for a total of $5,900,000.
On February 1, the RDA Finance Committee recommended fully funding the 515 Tower - Conversion Phase I.
Item Schedule:
Briefing: February 13, 2024
Set Date: N/A
Public Hearing: N/A
Potential Action: TBD
Page | 2
Goal of the briefing: Discuss the two applications for HDLP funding in high opportunity areas and consider
approving funds for one or both of the projects.
BACKGROUND AND ADDITIONAL INFORMATION
A. Project Descriptions.
1.515 Tower - Conversion Phase I. This phase of this project would involve the adaptive re-use of
a former office building at 515 East 100 South. The RDA loan of $2,650,000 would help fund 96
units of affordable and deeply affordable units. One half of the total units (48) would have three or
four bedrooms, with the remaining units mostly studios. The project received 9% Federal LIHTC
housing credits. The interest rate would be 2% for this 15-year cash-flow loan. The Board priorities
met with this project would be Family Housing, Target Populations (Deeply Affordable Units),
Expand Opportunity, Adaptive Re-use, Transportation Opportunities, Commercial Vitality. See
additional information on Sources and Uses of funding for this project below.
This project would be the first to be developed through the recently created Perpetual Housing Fund
of Utah, which purchased this property with funded with a $10 million allocation from the City’s
American Rescue Act Plan (ARPA) funds. Under a “shared-equity” model, 75% of any profits or
appreciation for this phase of the development would be shared among the residents through a
tenant wealth-building program.
This developer also applied for competitive HDLP funding and stated that it would use any funds
granted from either source for this project.
2.Fairmont Heights II. This project would use $2,700,000 of HDLP funds for affordable senior
housing at 2257 South 1100 East. Fifty-five one- and two-bedroom units would be constructed,
including five units reserved for people who have experienced chronic homelessness, five units for
mobility impaired individuals, and nine units for people with disabilities. The interest rate would be
1% for this two-year acquisition loan with a balloon payment or conversion at the end of that period.
The Board priorities met with this project would be Target Populations (Deeply Affordable Units),
Expand Opportunity, Transportation Opportunities, Architecture and Urban Design. See additional
information on Sources and Uses of funding for this project below.
The developer, Lincoln Avenue Capital seeks an acquisition-to-permanent financing loan, which
means initial funds would be used to buy the property. The developer would need to obtain tax
credits, financing, and building approvals within two years, or would be required to repay that loan.
If the developer succeeds, the acquisition loan could be converted to a long-term (permanent) loan
The developer also applied for $3.2 million from competitive HDLP funding for their Fairmont
Heights 1 project, which is on the same property, for a total of $5.9 million.
Page | 3
B. Background.
1.Housing Development Loan Program (HDLP) Policy. The HDLP provides low-interest loans to
incentivize the development and preservation of affordable housing in Salt Lake City. Each year, RDA
staff presents a Housing Development Funding Strategy that proposes funding priorities and
allocations, as well as projecting revenues for the upcoming fiscal year. The process is designed to
provide flexibility for meeting current needs, leverage current opportunities, coordinate with other City
resources, and shift funding priorities to reflect evolving plans and policies.
2.Housing Priorities for Fiscal Year 2024. Applicants are required to meet the requirements laid
out in the RDA’s HDLP Guidelines and Application Handbook, as well as the annual housing priorities
set by the Board. For FY24, at least one of the following had to be met to qualify for consideration for
funding:
•Deeply Affordable Housing Threshold Requirement: at least 10% of the total residential
units shall be income and rent restricted to households earning 40% of the area median income
AND deed restricted for both rent and income
•Family Housing Threshold Requirement: a minimum of 10% of the total residential units
shall have three or more bedrooms and shall be income and rent restricted to those earning
60% AMI and below, with AMI limits as established by HUD.
3.High Opportunity Areas. In 2017, the RDA Board allocated $4.5 million to incentivize the
development and preservation of affordable housing located within High Opportunity Areas. The High
Opportunity Area map was updated in 2023, to reflect newer data and metrics, which resulted in an
expanded area that qualifies for these funds.
POLICY QUESTIONS
1. Does the Board wish to be informed of the RDA staff recommendations for other HDLP
loans before making decisions on these two high-opportunity area projects?
Page | 4
2. If the Board chooses to fully fund the 515 Tower - Conversion Phase I at the requested
amount of $2,650,000, would it like to consider moving the $50,000 to the regular HDLP
funding balance to help fund other affordable housing projects?
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DATE: March 1, 2024
PREPARED BY: Tracy Tran, Senior Project Manager
Kate Werrett, Project Manager
Austin Taylor, Project Manager
Lucas Goodrich, Project Coordinator
Marcus Lee, Project Coordinator
RE: Consideration and Adoption of a Resolution Approving Funding Allocations
for Gap Financing through a Competitive Notice of Funding Availability for
the Housing Development Loan Program
REQUESTED ACTION: Consider approving affordable housing funding allocations as selected
through a competitive Notice of Funding Availability for the Housing
Development Loan Program
POLICY ITEM: Affordable Housing – Housing Development Loan Program
BUDGET IMPACTS: $4,241,714 of RDA affordable housing funds and $9,519,450 of
Housing Stability Division’s HUD HOME funds issued through the
Housing Development Loan Program
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City (“RDA”) recently issued
a competitive Notice of Funding Availability (“NOFA”) to solicit applications for $13.76 million
available through the Housing Development Loan Program (“HDLP”) to incentivize the development
and preservation of affordable housing. This is the first year federal Department of Housing and Urban
Development (“HUD”) funds from the City’s Housing Stability Division have been incorporated into
the competitive NOFA through the HDLP. The HDLP funds are available to projects located anywhere
within Salt Lake City municipal boundaries. After the release of the NOFA, an additional $1,665,000
became available to potentially include in this HDLP funding offering, subject to consideration and
approval by the RDA Board of Directors (“Board”). Due to the number of applications received for
funding, RDA staff proposed, and the Finance Committee recommends that the Board incorporate the
$1,665,000 within this round of the competitive HDLP. If the Board determines to incorporate the
$1,665,000, a total of $15,426,164 will be available to fund these applications.
1
Guiding Policy
The HDLP is being administered pursuant to the Housing Allocation Funds Policy (“Funds Policy”),
resolution R-1-2022, and the Housing Development Loan Program Policy (“HDLP Policy”), resolution
R-2-2022. The Funds Policy establishes policies for allocating and directing resources for the
development and preservation of housing by various funding sources. Highlights of the Funds Policy
include:
• Housing Funds: The Policy establishes four housing funds based on fund source. The revenues,
expenditures, interest, and payments for each fund source shall be separately accounted for to
ensure the RDA control and oversight to comply with statutory requirements.
• Annual Budgeting Process: The policy provides that on an annual basis, the RDA shall present
for the Board’s consideration a Housing Development Funding Strategy that projects revenues
for the upcoming fiscal year and proposes funding priorities and allocations. This will allow
the RDA to be flexible to address current needs, leverage current opportunities, coordinate with
other city resources and allow funding priorities to align with evolving plans and policies.
The HDLP provides low-cost financial assistance to incentivize the development and preservation of
affordable housing within Salt Lake City municipal boundaries. The HDLP Policy provides a
centralized application, underwriting, and approval process regardless of the fund source and also
features:
• Funding allocations and priorities determined on an annual basis. The funding priorities for
these funds were based on the FY2023-24 Annual Housing Funding Priorities.
• The transparent administration of funds through a Notice of Funding Availability (NOFA)
process. Revenue from various funds may be combined into a consolidated NOFA or a NOFA
may be issued for a specific funding source. NOFAs could be offered on an annual basis or
multiple times per year and can be competitive or open-ended depending on availability of
funds, priorities, and demand.
• A standardized process for approving applications and a uniform set of underwriting policies.
FY2023-2024 Annual Priorities
In April 2023, the Board adopted the FY2023-2024 Annual Housing Funding Priorities. These
priorities included Threshold Requirements for the HDLP. This HDLP application cycle is the second
year that these two thresholds (including the new Sustainable Development Policy requirements) were
required of development projects. Staff confirms that every application meets or will meet the
Threshold Requirements. The paragraphs below detail this year’s Threshold Requirements; projects
are required to include at least one of the following options:
• Deeply Affordable Housing Threshold Requirement
o Policy Objective: Expand the availability of units for extremely low-income
households, thereby providing housing options for individuals or families that are
homeless or at risk of homelessness.
o HDLP Implementation: To meet the RDA’s deeply affordable threshold, at least 10%
of the total residential units shall be income and rent restricted to households earning
40% of the area median income (“AMI”) and below as established by the U.S.
Department of Housing and Urban Development (“HUD”). These units will be rent
and income deed restricted.
• Family Housing Threshold Requirement
o Policy Objective: Provide opportunities for families to enjoy the many benefits of
urban living by encouraging the development of housing that is more conducive to
larger household sizes.
o HDLP Implementation: For a development to qualify for these funds, a minimum of
10% of the total residential units shall have three or more bedrooms and shall be income
and rent restricted to those earning 60% AMI and below, with AMI limits as established
by HUD.
For affordable homeownership developments, a minimum of 10% of the total
residential units shall have three or more bedrooms.
Application Submissions
Pursuant to the policies, the RDA administered a transparent application process that resulted in twenty
(20) requests; however, five applications were determined to be ineligible during the Threshold
Requirement review phase. Eligible requests for funding total $27,464,243 – refer to Attachment A:
Applications Overview, Attachment B: Map of Project Locations, and Attachment D: Project Summary
Sheets for additional information.
The RDA has evaluated the application submittals and the RDA Finance Committee (“Committee”)
has recommended specific applications for funding. This memorandum includes a summary of
application submittals and the Committee’s recommendations for the Board’s consideration and
determination of funding allocations.
ANALYSIS & ISSUES:
Below is an overview of the HDLP application process:
I. Application Process
Applications were solicited with a NOFA released on November 17, 2023. A copy of the
FY2023-2024 HDLP Annual Affordable Housing Funds Guidelines + Application Handbook
that applicants used to apply can be found here.
On December 1, 2023, RDA and Housing Stability staff hosted a virtual information session
to provide an overview of the HDLP application, requirements, selection process, and HUD
HOME funds. Staff recorded the video and posted the video on the RDA website for those
unable to attend to watch. Staff also utilized press releases, website and email communications,
social media, and notifications through secondary outlets to publicize the competitive HDLP
NOFA. Applications were due on or before January 3, 2024.
II. Project Review
As part of the application review process, RDA staff analyzed applications according to the
HDLP Policy’s eligibility requirements and funding priorities set by the Board, which can be
found in Attachment F: Project Priorities and Interest Rate Reductions. The housing priorities
include the ability for an applicant to receive an interest rate reduction if priorities are met. All
awarded HDLP loans will have below market interest rates with funds available to selected
projects for acquisition, construction and/or development uses. The RDA recognizes that the
construction sources and uses for projects may not be the same as the permanent sources and
uses and that the amount of debt that the HDLP loans are subordinated to may vary depending
on the status of the projects.
The applications were forwarded to the RDA Finance Committee for their review and
recommendation. When evaluating applications, the Committee considered developer
experience, the completeness/quality of the application, the project’s ability to meet HDLP
Threshold Requirements, the number of Project Priorities met, targeted AMIs, unit mix,
community impact, and the financial and regulatory readiness of the proposed project.
III. Funding Allocations, Conditional Commitment, and Loan Closing
Pursuant to the Policy, the Board will make the final determination of applications to fund.
Subsequently, the RDA will issue a conditional commitment letter to those applications that
are selected for funding. The conditional commitment letter between the RDA and the applicant
will contain the covenants, terms and conditions upon which the RDA will provide financial
assistance to the proposed project once financial, legal, regulatory, and design approvals are
obtained. Prior to closing on a loan, RDA staff will ensure that the project is financially viable,
underwriting standards are met, and the use of public funds is necessary for the project to
succeed.
RDA STAFF REVIEW: As part of the initial application review process, RDA staff determined that
fifteen (15) of the twenty (20) submitted applications are eligible for funding consideration by meeting
or proving they will meet the Threshold Requirements laid out in the FY2023-2024 HDLP Annual
Affordable Housing Funds Guidelines + Application Handbook.
An overview of submitted applications in the order received is as follows:
PROJECT DEVELOPER
FUNDING REQUEST
PREVIOUS HDLP
COMMITMENTS
CURRENT
REQUEST
1. Norbridge Court Artspace - $895,000
2. Bumper House SMH Builders - $3,000,000
Innovation Park* Ivory Innovations - $1,800,000
3. New City Plaza Apartments Housing Connect - $895,000
4. 515 Tower - Conversion Phase I Perpetual Housing Fund - $2,650,000
5. 2nd South Apartments Hermes Affordable Services, LLC - $3,000,000
6. The Catherine Phase 1 22 Communities - $2,524,802
7. The Catherine Phase 2 22 Communities - $1,569,441
Maven Flats* Rise Development LLC - $300,000
Moda Griffin* J Fisher Companies - $400,000
8. Citizens West 4 Developed. By Women. & Ivan Carroll - $400,000
4
9. Fairmont Heights I Lincoln Avenue Capital - $3,200,000
10. Project Open 3 Perpetual Housing Fund - $710,000
11. Pharos Apartments Housing Authority of Salt Lake City - $880,000
12. Book Cliffs Lodge** Housing Authority of Salt Lake City $1,000,000 $740,000
Palmer Court Redevelopment* Shelter the Homeless - $800,000
Saltair* Valley Behavioral Health - $500,000
13. Liberty Corner Cowboy Partners - $4,500,000
14. 9Ten West Great Lakes Capital - $2,000,000
15. Alliance House 1805 Rebuild Alliance House & Cowboy Partners - $500,000
TOTAL FUNDING REQUEST:
$31,264,243
TOTAL ELIGIBLE FUNDING REQUEST: $27,464,243
AVAILABLE FUNDING: $13,761,164***
* During the Threshold Review, this application was determined to be ineligible.
** This project has received other HDLP loan commitment(s) in a previous year. To streamline the administration of these loans,
the loans will be consolidated if approved by the Board.
*** Funds from previous HDLP applications may be available to include as an additional funding source. The Board will need
to approve this addition, if desired. This may provide an additional $1,665,000 of funding.
A more in-depth overview of the applications can be found in Attachment A: Applications Overview,
Attachment D: Project Summary Sheets, and Attachment E: Ineligible Projects Summary.
RDA Sustainable Development Policy Clarification: As part of reviewing these funding requests, RDA
staff was asked whether the use of diesel or natural gas backup generators in case of emergencies
conflicts with the RDA Sustainable Development Policy. Backup generators are a practical and
sometimes required element in a building to ensure elements such as lighting and elevators are working
so that people can get out of buildings safely. In reviewing the policy, our policy requires buildings to
be designed to operate without fossil fuels, but it would not restrict the ability to have backup
generators for emergencies.
RDA FINANCE COMMITTEE RECOMMENDATION: On February 21, 2024, the Committee
made recommendations regarding all applications. The Committee provided the Board funding
recommendations for the five available categories of funds. The first category includes funding
recommendations with the $4.2 million in RDA committed funds, the second category includes
funding recommendations for the additional $1,665,000 in RDA funds if the Board decides to
incorporate those funds into this round. Categories 3-5 include recommendations for the three Housing
Stability Division’s HUD HOME funds that applicants qualified to receive. The Committee also
provided an overall ranking of all the projects. While reviewing applications, the Committee took into
consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and
agreed to maintain their submitted recommendation to fund 515 Tower – Conversion 1 with High
Opportunity Area funds. The Committee’s competitive HDLP funding recommendations incorporate
the previously submitted High Opportunity Area recommendation.
Refer to Attachment C: RDA Finance Committee Funding Recommendation for the Committee’s
5
recommendation detail.
PREVIOUS BOARD ACTION:
June 13, 2023: The Board adopted the FY2023-2024 budget, which allocated $4,241,714 in RDA funds
to the Housing Development Loan Program. The City Council allocated an additional $9,519,450 of
HUD funds to be included in this year’s affordable housing NOFA. The total of $13,761,164 in
Competitive NOFA Funds come from five different categories as described below:
COMPETITIVE FUNDS CATEGORY AMOUNT*
RDA Housing Development Loan Program $4,241,714
HOME Program Income** $6,939,710
HOME ARP Development** $1,501,608
HOME Development Fund** $726,291
HOME Community Housing Development Organization Funds** $351,841
TOTAL: $13,761,164
*Note: Amounts are approximate. Total available funds may change after this document has been published.
**Note: See Attachment G for additional information on federal requirements associated with these funds.
•April 11, 2023: The Board adopted the Affordable Housing Funding Priorities for Fiscal Year
2023-2024.
•March 8, 2022: The Board adopted revisions to the Housing Development Loan Program
Policy to direct review of applications to the RDA Finance Committee.
•February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy.
•March 2021: The Board adopted the Housing Development Loan Program Policy.
•February 2021: The Board adopted the Housing Allocation Funds Policy.
ATTACHMENTS:
A.Applications Overview
B. Map of Development Locations
C. RDA Finance Committee Funding Recommendation
D.Project Summary Sheets
E.Ineligible Projects Summary
F.Project Priorities and Interest Rate Reductions
G.HOME Funds Requirements
H.FY2023-2024 Competitive HDLP Funding Allocation Resolution
Application #1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Project Norbridge Court Bumper House
New City Plaza
Apartments
515 Tower -
Conversion Phase I
2nd South
Apartments
The Catherine
Phase 1
The Catherine
Phase 2 Citizens West 4 Fairmont Heights I Project Open 3 Pharos Apartments Book Cliffs Lodge Liberty Corner 9Ten West
Alliance House 1805
Rebuild
Developer Artspace SMH Builders Housing Connect
Perpetual Housing
Fund
Hermes Affordable
Services, LLC 22 Communities 22 Communities
Developed. By Women. &
Ivan Carroll
Lincoln Avenue
Communities
Perpetual Housing
Fund
Housing Authority of
Salt Lake City
Housing Authority of
Salt Lake City Cowboy Partners Great Lakes Capital
Alliance House &
Cowboy Partners TOTAL
Address 511 W 200 S 269 W Brooklyn Ave 1966 S 200 E 515 E 100 S 934-948 W 200 S 1881 W N Temple 1881 W N Temple 515 W 300 N 2557 S 1100 E 529 W 400 N 915 W 200 N 1159 S W Temple 1265 S 300 W 910 W N Temple 1805 S Main St
RDA Loan Request
RDA Request 895,000$ 3,000,000$ 895,000$ 2,650,000$ 3,000,000$ 2,524,802$ 1,569,441$ 400,000$ 3,200,000$ 710,000$ 880,000$ 740,000$ 4,500,000$ 2,000,000$ 500,000$ 27,464,243$
Previous RDA Commitments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,000,000$ -$ -$ -$ 1,000,000$
Total RDA Request 895,000$ 3,000,000$ 895,000$ 2,650,000$ 3,000,000$ 2,524,802$ 1,569,441$ 400,000$ 3,200,000$ 710,000$ 880,000$ 1,740,000$ 4,500,000$ 2,000,000$ 500,000$ 28,464,243$
Total Project Cost 18,774,027$ 60,701,174$ 89,615,717$ 39,231,648$ 37,177,859$ 69,452,555$ 45,194,612$ 25,514,260$ 34,619,153$ 7,170,000$ 10,327,863$ 17,424,284$ 117,613,798$ 43,204,038$ 6,017,619$
RDA Loan to Cost 4.8%4.9%1.0%6.8%8.1%3.6%3.5%1.6%9.2%9.9%8.5%10.0%3.8%4.6%8.3%5.9%Average
RDA Funding per Unit 14,435$ 12,658$ 2,993$ 27,604$ 28,571$ 11,074$ 10,899$ 7,692$ 58,182$ 30,870$ 25,882$ 31,636$ 22,500$ 11,111$ 31,250$ 21,824$ Average
Other City Funds -$ -$ 2,000,000$ 10,000,000$ -$ -$ -$ -$ -$ -$ -$ 3,000,000$ -$ -$ -$ 15,000,000$
Interest Rate (w/ project priority deductions)1.0%1.5%2.5%2.0%2.0%2.0%2.0%1.0%1.0%1.0%2.5%2.5%2.0%2.0%2.5%1.8%Average
Term 30 17 40 15 30 16 16 15 2, 16 18 mo 15 15 40 16 40
Amortization 30 40 40 15 30 40 40 30 40 18 mo 40 30 40 40 40
Repayment Terms Hard Hard Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Hard Balloon or convert to hard Balloon Payment Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow
Financial Metrics
Owners' Equity 808,279$ -$ -$ -$ -$ -$ -$ -$ 100$ -$ 1,450,000$ 1,112,634$ 8,907,464$ -$ $360,000*12,278,477$
Tax Credits Yes, 9%Yes, 4%Yes, 4%Yes, 9%Yes, 4%Applying, 4%Applying, 4%Yes, 9%Applying, 9%No No No Yes, 4%Yes, 4%No
Cost per Unit 302,807$ 256,123$ 299,718$ 408,663$ 354,075$ 304,616$ 313,851$ 490,659$ 629,439$ 311,739$ 303,761$ 316,805$ 588,069$ 240,022$ 376,101$ 366,430$ Average
Threshold Requirements
Family-Sized Affordable or Deeply Affordable Units Deeply Affordable Deeply Affordable Deeply Affordable Both Both Family-Sized Family-Sized Both Deeply Affordable Family-Sized Deeply Affordable Deeply Affordable Both Deeply Affordable Deeply Affordable
Energy Star Score 90+ Cond. Of Approval 93 Cond. Of Approval 100 93 Cond. Of Approval Cond. Of Approval 100 Cond. Of Approval 100 100 95 92 90 92
100% Electric No Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Housing Unit Details
40% AMI and Below
Studio - 24 - 15 8 - - 5 - - - - - 27 - 79
1bd - - 223 2 6 - - - 18 - 5 9 - - 16 279
2bd 31 - 1 - 1 - - 3 9 - - - 22 - - 67
3bd 1 - - 2 1 - - 1 - - - - 18 - - 23
4bd - - - 1 - - - 1 - - - - 4 - - 6
Total 40% AMI & Below 32 24 224 20 16 - - 10 27 - 5 9 44 27 16 454
41%-60% AMI
Studio - 158 - 25 28 80 45 5 - - - - - 138 - 479
1bd - - 75 6 31 44 30 - 15 - 19 20 - - - 240
2bd 21 - - - 14 80 45 12 4 - - - 34 - - 210
3bd 1 - - 30 15 24 24 19 - - - - 32 - - 145
4bd - - - 15 - - - 4 - - - - 12 - - 31
Total 41%-60% AMI 22 158 75 76 88 228 144 40 19 - 19 20 78 138 - 1,105
61%-80% AMI
Studio - - - - - - - - - - - - - - - -
1bd - 18 - - - - - - 7 4 10 20 - 15 - 74
2bd 7 37 - - - - - - 2 - - - 40 - - 86
3bd 1 - - - - - - - - 12 - - 30 - - 43
4bd - - - - - - - - - 7 - - 8 - - 15
Total 61%-80% AMI 8 55 - - - - - - 9 23 10 20 78 15 - 218
Market Rate (81% & above AMI)
1bd - - - - - - - - - - - 6 - - - 6
2bd - - - - 1 - - 1 - - - - - - - 2
4bd - - - - - - - 1 - - - - - - - 1
Total Market Rate (81% & above AMI)- - - - 1 - - 2 - - - 6 - - - 9
Priorities & Interest Rate Reductions
Priorities: The four Funding Priorities determined by the FY2023-2024 Annual Housing Funding Priorities include: Family Housing, Target Populations, Homeownership, and Missing Middle/Unique Housing Type. These Funding Priorities receive a weighted ranking of 3 points each as compared to other priorities which receive 1 ranking point each for inclusion in projects.
Interest Rate Reductions: Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development application is 2%.
Family Housing 3 3 3 3 3 3
Target Populations 3 3 3 3 3 3 3 3 3 3 3
Homeownership 3
Missing Middle/Unique Housing Type 3 3
Transportation Opportunities 1 1 1 1 1 1 1 1 1 1 1 1 1
Neighborhood Safety 1 1 1 1 1 1 1
Expand Opportunity 1 1
Architecture and Urban Design 1 1 1 1 1 1
Commercial Vitality 1 1 1 1 1 1 1 1
Historic Preservation/Adaptive Reuse 1 1
Public Art 1 1 1 1 1 1 1 1
Sustainability
NOFA Ranking Weight Total 8 3 5 10 8 4 6 10 6 12 5 5 10 7 7 7.1 Average
*Anticipated Donation
**This unit will not be deed restricted. This will be the property manager's residence and included as part of their compensation.
ATTACHMENT A: APPLICATIONS OVERVIEW
7
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ATTACHMENT B: MAP OF DEVELOPMENT LOCATIONS (1 of 2)
0 0.25 0.5 0.75 10.125
Miles
Eligible HDLP Application
6, 7 - THE CATHERINE PHASE 1 AND 2
11 - PHAROS APARTMENTS
14 - 9TEN WEST
5 - 2ND SOUTH APARTMENTS
10 - PROJECT OPEN 3
8 - CITIZENS WEST 4
1 - NORBRIDGE COURT
4 - 515 TOWER -
CONVERSION PHASE 1
1700 S
2100 S
1300 S
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Eligible HDLP Application
ATTACHMENT B: MAP OF DEVELOPMENT LOCATIONS (2 of 2)
2 - BUMPER HOUSE
12 - BOOK CLIFFS LODGE
13 - LIBERTY CORNER
15 - ALLIANCE HOUSE
3 - NEW CITY PLAZA
9 - FAIRMONT HEIGHTS I
ATTACHMENT C: RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS
The RDA Finance Committee recommends that funding be allocated to projects in the order of Funding Ranking.
PROJECT/APPLICANT ADDRESS
WEIGHTED PROJECT PRIORITY
SCORE/INTEREST RATE REDUCTION*FUNDING REQUEST PRELIMINARY TERMS**
RDA Committed
Funds
Possible Additional
RDA Funds
HOME Program
Income
HOME Development
Fund
HOME ARP
Development
TOTAL FUNDING
RECOMMENDATION
FUNDING
RANKING
Norbridge Court
Artspace
Bumper House
SMH Builders
New City Plaza Apartments
Housing Connect
515 Tower - Conversion Phase I
Perpetual Housing Fund
2nd South Apartments
Hermes Affordable Services, LLC
The Catherine Phase 1
22 Communities
The Catherine Phase 2
22 Communities
Citizens West 4
Developed. By Women. & Ivan
Carroll
Fairmont Heights I
Lincoln Avenue Communities
Project Open 3
Perpetual Housing Fund
Pharos Apartments
Housing Authority of Salt Lake City
Book Cliffs Lodge
Housing Authority of Salt Lake City
Liberty Corner
Cowboy Partners
9Ten West
Great Lakes Capital
Alliance House 1805 Rebuild
Alliance House & Cowboy Partners
TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323
Funds Availability Total Available Recommended Funding Funds Remaining
RDA Committed Funds $4,241,714 $4,241,714 $- Grey box: Applicant qualifies for but doesn't want these funds.
Possible Additional RDA Funds $1,665,000 $1,665,000 $- Black box: Applicant does not qualify for these funds.
HOME Program Income $6,939,710 $6,939,710 $-
HOME Development Fund $726,291 $726,291 $-
HOME ARP Development $1,501,608 $1,501,608 $-
HOME Community Housing
Development Organization Funds $351,841 $0 $ 351,841
Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841
*** While reviewing applications, the Committee took into consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and agreed to maintain their submitted recommendation to fund 515 Tower – Conversion 1 with High Opportunity Area funds. The Committee’s competitive HDLP funding
recommendations incorporate the previously submitted High Opportunity Area recommendation.
Legend:
Target Populations: 3
Missing Middle: 3
Neighborhood Safety: 1
TOTAL: 7
* Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall
be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from Project Priorities met may require Board approval.
NOTE: For all loan awards greater than $899,999, the Sustainable Development Policy requires buildings to be designed to operate without fossil fuels, but it would not restrict the ability to have backup generators for emergencies.
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2023-2024 Housing Development Loan Program ( HDLP) Guidelines. Changes to repayment type may occur ( hard repayment versus cash flow repayment) and shall be
based on requirements listed in the HDLP Guidelines or it required by a senior lender. Changes in repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loan; consideration may be made for other government entity loans if required through their
policies. Funds may be disbursed in a lump sum if required by senior lender(s).
Funding Recommended by Finance Committee
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 4
Family Housing: 3
Transportation Opportunities: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 6
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 10
Target Populations: 3
Expand Opportunity: 1
Transportation Opportunities: 1
Architecture & Urban Design: 1
TOTAL: 6
Family Housing: 3
Homeownership: 3
Missing Middle: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Public Art: 1
TOTAL: 12
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
TOTAL: 10
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 7
8
13
$500,000 $500,000
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 8
Interest Rate: 1.0%
Term: 30 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.5%
Term: 17 year
Amortization: 40 year
Hard Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 15 year
Amortization: 15 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 30 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 1.0%
Term: 15 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.0%
Acquisition Term: 2-year Balloon
or conversion to Permanent:
Term: 16 year
Amortization: 40 year
Hard Repayments
Interest Rate: 1.0%
Term: 18 month
Balloon Repayment
Interest Rate: 2.5%
Term: 15 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 15 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Transportation Opportunities: 1
Neighborhood Safety: 1
Public Art: 1
TOTAL: 3
Target Populations: 3
Commercial Vitality: 1
Historic Preservation/Adaptive Reuse: 1
TOTAL: 5
4
9
12
11
1
10
2
7
14
5
3
10
6
511 W 200 S $895,000 $895,000
$0
$895,000
$3,000,000
$895,000
$0***
$1,000,000
$2,420,000
Family Housing: 3
Target Populations: 3
Expand Opportunity: 1
Historic Preservation/Adaptive Reuse: 1
Transportation Opportunities: 1
Commercial Vitality: 1
TOTAL: 10
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Public Art: 1
TOTAL: 8
269 W Brooklyn Ave
1966 S 200 E
515 E 100 S
934-948 W 200 S
1881 W N Temple
1881 W N Temple
515 W 300 N
1805 S Main St
2557 S 1100 E
529 W 400 N
915 W 200 N
1159 S W Temple
1265 S 300 W
910 W N Temple
$895,000$895,000
$2,650,000
$3,000,000
$2,524,802
$1,569,441
$2,000,000
$500,000
$134,323
$1,000,000
$400,000
$3,200,000
$710,000
$880,000
$740,000
$4,500,000
$1,000,000
$740,000
$1,236,714 $1,530,677
$134,323
$2,420,000
$1,000,000
$400,000 $400,000
$1,000,000
$710,000 $710,000
$47,101 $106,608$726,291
$1,000,000
$1,732,609
$880,000
$740,000
$4,500,000
ATTACHMENT D: PROJECT SUMMARY SHEETS
11
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
OVERVIEW
Developer Artspace
Request Type HDLP Loan – Competitive
Project Type Rehabilitation
Existing Land Use Mixed Use
RDA FUNDING REQUEST
Funding Request $895,000
Total Project Cost $18,774,027
RDA Loan to Cost 4.8%
PROPOSED TERMS
Interest Rate 1.0%
Term, Amortization 30 Yr, 30 Yr
Repayment Terms Hard
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score Condition of Approval
100% Electric No
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety,
Architecture & Urban
Design, Commercial
Vitality, Public Art
TIMELINE
Construction Start Winter 2024
Construction Completion Summer 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 9%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed - - - - -
2 Bed 59 - 7 21 31
3 Bed 3 - 1 1 1
4 Bed - - - - -
Total 62 - 8 22 32
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $12,993,686
PERMANENT SOURCES
Source Amount % of Total
LIHTC Equity $12,508,749 66.6%
Senior Debt $3,550,000 18.9%
RDA Loan $895,000 4.8%
Owner Equity $808,279 4.3%
Grants $500,000 2.7%
Utility Rebates $475,000 2.5%
Deferred Fee $36,999 0.2%
Total $18,774,027 100%
USES
Use Amount % of Cost
Hard Costs $14,081,396 75.0%
Soft Costs $1,157,601 6.2%
Developer Fee $1,573,813 8.4%
Financing $1,048,625 5.6%
Contingency $648,775 3.5%
Reserves $248,818 1.3%
Public Art $15,000 0.1%
Total $18,774,027 100%
12
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
PROJECT SUMMARY
From Developer:
“Norbridge Court is a four-story, mixed-used building with street level commercial space and 3 exclusively
residential floors above. By resyndicating the LIHTC, the existing substandard housing will be substantially
rehabilitated to update and completely renovate all 62 residential units and common areas. The original building
was completed in 2001 and has many deficiencies that will be addressed through the rehab. Major items include
replacing all appliances, updating lighting and electrical, replacing windows, and installing a highly efficient
mechanical system. The rehab will also add washers/dryers to each unit, secure indoor bike storage, and provide a
furnished exercise room and a computer room with free internet for tenants. The project is transit-oriented,
located directly adjacent to UTA's Trax Blue line, on a bus stop on 200 South, Utah’s busiest transit street, and a
block from UTA's Central Station. The building will incorporate highly efficient design measures and will include a
solar array of around 350kW with the goal of net zero. All residential units in the project will remain affordable and
rent restricted.”
DEVELOPER SUMMARY
From Developer:
“Norbridge Court will be owned by Bridge Projects, LLC, the current owner of the building of which Artspace is the
sole managing member. Established in 1980, Artspace has developed 7 mixed-use projects in the RDA’s Granary
and Depot District project areas. Artspace's portfolio includes 278 residential units affordable for households
earning between 34-80% of AMI and over 125,000 SF of commercial space occupied by artists, nonprofits, and
local small businesses. Artspace's projects include 3 historic preservation projects, 2 low-income housing tax
credit projects, 2 net zero energy buildings including Utah's first net zero multi-family building with onsite solar
production, and the first Gold LEED certified mixed-use building in Utah. Artspace has the demonstrated ability to
maintain long-term viability and compliance of affordable housing projects. As a 501(c)3 nonprofit, we do not sell
our buildings and ensure they remain affordable for the community. Artspace’s President, Jessica Norie, has been
the President of Artspace since 2001 and will be Principal of this project. She has 27 years of experience
developing mixed-use and affordable housing projects.”
13
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
SITE MAP
PROJECT RENDERINGS
14
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
15
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
OVERVIEW
Developer SMH Builders
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $3,000,000
Total Project Cost $60,701,174
RDA Loan to Cost 4.9%
PROPOSED TERMS
Interest Rate 1.5%
Term, Amortization 17 Yr, 40 Yr
Repayment Terms Hard
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score 93
100% Electric Yes
Priorities Met Transportation
Opportunities,
Neighborhood Safety,
Public Art
TIMELINE
Construction Start June 2024
Construction Completion June 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 182 - - 158 24
1 Bed 18 - 18 - -
2 Bed 37 - 37 - -
3 Bed - - - -
4 Bed - - - -
Total 237 - 55 158 24
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $43,280,077
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $27,300,000 45.0%
LIHTC Equity $24,187,374 39.8%
OWHLF $4,000,000 6.6%
RDA Loan $3,000,000 4.9%
State Tax Credit $1,629,800 2.7%
Deferred Fee $508,000 0.8%
Utility Rebates $76,000 0.1%
Total $60,701,174 100%
USES
Use Amount % of Cost
Acquisition $6,400,000 10.5%
Hard Costs $42,491,254 70.0%
Developer Fee $4,451,563 7.3%
Financing $5,765,834 9.5%
Reserves $1,592,523 2.6%
Total $60,701,174 100%
16
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
PROJECT SUMMARY
From Developer:
“Bumper House is a proposed 237-unit family LIHTC project that will be restricted to households earning 40 and
60 percent of the Area Median Income (AMI) or less. Upon completion of construction, the project will consist of
182 studio units, 18 one-bedroom units, and 37 two-bedroom units contained within one, eight-story, elevator
serviced, mid-rise residential building. The site currently consists of vacant, undeveloped land.
The project consists of a three-level concrete podium with lobby, support spaces and enclosed parking on level 1,
residential units and parking on level 2 and residential units and a landscaped courtyard on level 3. There are 5
levels of residential units above the podium. The developed roof offers outdoor recreation and gardening.
The residential units feature large areas of glass opening onto balconies and mountain views, high-end finishes
including stained concrete flooring, European style cabinets, quartz stone counters, LED lighting, wardrobe
systems with interchangeable storage components and stainless-steel appliances including a dishwasher,
microwave/fan, oven, and refrigerator. Refer to renderings and photos section for examples of typical residential
units, Attachment 2.A. and 1.G. Project Amenities.
Community amenity spaces include a 700 SF community clubhouse with kitchenette, 400 SF exercise room,
1,000 SF outdoor seating area, secure bike storage in the garage, and a 1,500 SF rooftop recreation area and
communal garden with raised beds. Other amenities include EV charging station, central laundry rooms on every
residential level, on-site management, and common area Wi-Fi.”
DEVELOPER SUMMARY
From Developer:
“George Hauser and Jesse Curtis are owners of the property at 269 W. Brooklyn in Salt Lake City, they own 62 %
and 38% respectively. Frederick H. Olsen has been engaged to provide low-income housing tax credit advisory
services for the applicants.
George Hauser, SMH Builders, Inc., President
George F. Hauser has over 35 years of experience in the real estate industry. Mr. Hauser is a licensed Utah General
Contractor and California General Contractor and Real Estate Broker. He is a Licensed Architect in Utah, California
and New York and certified by the National Council of Architectural Registration Boards (NCARB). In 1988 he
formed Hauser Architects and, subsequently, SMH Builders, a licensed Utah and California General Contractor,
which designs, entitles, finances and constructs his real estate development projects.
Jesse Curtis, JCI, President
Jesse Curtis is a real estate developer with 15 years of extensive real estate experience. Jesse has devoted the past
10 years to multi-family & commercial development in Salt Lake and Davis counties. He has over 1,000+ multi-
family units under construction or in planning and architectural phases. He sits on 3 advisory and consulting
boards for other local businesses or developers.”
17
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
SITE MAP
PROJECT RENDERINGS
18
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
19
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
OVERVIEW
Developer Housing Connect
Request Type HDLP Loan – Competitive
Project Type Rehabilitation
Existing Land Use Multifamily Housing
RDA FUNDING REQUEST
Funding Request $895,000
Total Project Cost $89,615,717
RDA Loan to Cost 1.0%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 40 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score Condition of Approval
100% Electric No
Priorities Met Target Populations,
Commercial Vitality,
Historic
Preservation/Adaptive
Reuse
TIMELINE
Construction Start June 22, 2022
Construction Completion November 1, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 298 - - 75 223
2 Bed 1 - - - 1
3 Bed - - - - -
4 Bed - - - - -
Total 299 - - 75 224
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $45,683,393
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $25,700,000 28.7%
LIHTC Equity $32,858,269 36.7%
Developer Financing $19,983,393 22.3%
Deferred Fee $3,828,231 4.3%
SLC HOME Funds $2,000,000 2.2%
SLCO ARPA Funds $1,400,000 1.6%
Cash Flow Prior to
Conversion $1,325,849 1.5%
OWHLF $1,000,000 1.1%
RDA Loan $895,000 1.0%
State Tax Credit $500,000 0.6%
Utility Rebates $95,485 0.1%
Interest $29,490 0.0%
Total $89,615,717 100%
USES
Use Amount % of Cost
Acquisition $19,398,000 21.6%
Hard Costs $54,876,793 61.2%
Soft Costs $9,415,068 10.5%
Developer Fee $4,202,211 4.7%
Reserves $1,723,645 1.9%
Total $89,615,717 100%
20
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
PROJECT SUMMARY
From Developer:
“New City Plaza consists of two apartment towers at 1966 and 1992 South 200 East with construction of a new
building connector between the two towers to connect them and to add a community space to provide services.
The project consists of two (2) buildings; the first building is a seven (7) story structure. That building’s features
include a leasing office, community room, activities room, centralized laundry, and maintenance shop. The second
residential building is a sixteen (16) story structure. This building’s features include a leasing office, community
room, activity room, laundry, and maintenance shop. The proposed project will continue to operate as senior and
non-elderly disabled housing for individuals whose rents are between 37% and 59% of the area median income
(AMI). As the two towers were built in 1973 and 1974, the Developer will work with SLC Benchmarking Staff to
ensure Energy requirements are met to perform better than 90% of other 50-year-old high-rise buildings. In
addition, New City Plaza Partners worked with ICast to establish the anticipated energy rebates from Rocky
Mountain Power and Dominion Energy. Please see Exhibit G for additional information.
DEVELOPER SUMMARY
From Developer:
“Housing Connect and its affiliate Housing Opportunities, Inc. Real Estate and Property Management Departments
focuses on acquiring, developing, managing, and owning multifamily housing developments that provide those we
serve with affordable housing options that allow tenants to pay no more than 30% of their income towards rents;
allowing them to meet their financial obligations and to strive towards self-sufficiency. As a housing developer, we
equally understand that housing (brick & stick) is only one component of building a strong community. Housing
Connect and its affiliate organizations support a total of 4,981 housing units under 28 different housing programs.
Housing Connect owns 524 units in the Public Housing/RAD program. The organization has a proven track record
in planning and developing Section 42 Low-Income Housing Tax Credit projects to provide PSH and workforce
housing to Salt Lake City and County. Housing Connect can demonstrate extensive experience, capacity, and a
strong commitment to developing and long-term managing extremely-low and low-income housing projects.
Please see Exhibit H for additional information.”
21
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
SITE MAP
PROJECT RENDERINGS
22
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
23
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
OVERVIEW
Developer Perpetual Housing Fund of Utah
LLC
Request Type HDLP Loan – Competitive
Project Type Adaptive Reuse
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $2,650,000
Total Project Cost $39,030,425
RDA Loan to Cost 6.8%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 15 Yr, 15 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations, Expand
Opportunity, Historic
Preservation/Adaptive
Reuse, Transportation
Opportunities, Commercial
Vitality
TIMELINE
Construction Start May 1, 2024
Construction Completion December 31, 2024
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 9%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
41-60%
AMI
<40%
AMI
Studio 40 - 25 15
1 Bed 8 - 6 2
2 Bed - - - -
3 Bed 32 - 30 2
4 Bed 16 - 15 1
Total 96 - 76 20
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $16,960,000
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $6,508,958 16.7%
RDA Loan $2,650,000 6.8%
OWHLF $1,000,000 2.6%
Utility Rebates $76,800 0.2%
LIHTC Equity $27,696,083 71%
SLCO ARPA Grant $598,584 1.5%
Deferred Fee1 $500,000 1.3%
Total $39,030,425 100%
USES
Use Amount % of Cost
Acquisition $16,000,000 41.0%
Hard Costs $15,466,320 39.6%
Soft Costs $1,097,907 2.8%
Developer Fee $2,249,922 5.8%
Financing Expense $1,921,418 4.9%
Contingency $1,686,134 4.3%
Reserves $608,724 1.6%
Total $39,030,425 100%
1 The Developer is committing an additional $625,000 of developer fee from the project to create an equity line of credit so that residents can access their equity prior to a refinance or sale event, for a total of $1,125,000 deferred developer fee.
24
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
RDA APPLICATION NOTES
The RDA, through the City’s American Rescue Act Plan (ARPA) funds, allocated $10 million to the Perpetual
Housing Fund of Utah, LLC to purchase this property for an affordable housing development with a tenant wealth
building program. This $10 million will be used for the purchase of the property that would then allow PHF to
develop additional projects that carry out their goals to provide 1,000 affordable homes that will help families and
individuals build wealth. This is a unique model in which the developer will be contributing their own profits, which
they will share with the tenants of the building. This development also applied for funding through the High
Opportunity Area NOFA. The 515 Tower needs a total of $2,650,000 and if the full amount is received through the
high opportunity area funding, they will not need to request funds through the competitive HDLP process.
PROJECT SUMMARY
From Developer:
“515 Conversion Phase I a mixed-income, sustainable, adaptive-reuse project located on the East side of Salt Lake
City. The project is part of multi-phase, mixed-use project on the site and will be a beacon of affordable housing in
the rapidly unattainable east side of Salt Lake City. The overall project is planned to include a mixed-income
daycare, local retailers, and impact-focused commercial and co-working space. This project is being developed by
Perpetual Housing Fund and all 96 units in this phase will feature a shared-equity model - sharing 75% of the
phase's profits and appreciation with the residents living here. 515 will incorporate an array of amenities that will
benefit the lives of its residents including a fitness center, a clubhouse, a Greenbike station on site (with annual
passes included at no charge), indoor bike storage, a bike-repair station, and shared outdoor space. Located
within walking distance of the project is an elementary school, a core bus route, and a public park. The project will
also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its
tenants. The units will also be built within the criteria for Enterprise Green Communities 2020.”
DEVELOPER SUMMARY
From Developer:
“The project is being developed by Perpetual Housing Fund with Giv Communities as a development consultant.
The team has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-
Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing
projects by the development team include:
Exchange - Salt Lake City
Project Open Phases 1 and 2 - Salt Lake City
Citizens West Phase I - Salt Lake City
Denver Street Apartments - Salt Lake City
Pamela's Place - Salt Lake City
Imagine Jefferson - Ogden
Startup Crossing - Provo
Harris Village Shelter and Permanent Supportive Housing – Tooele”
25
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
SITE MAP
PROJECT RENDERINGS
26
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
27
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
OVERVIEW
Developer Hermes Affordable Services,
LLC
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use 3 Single Family Homes & 1
Duplex
RDA FUNDING REQUEST
Funding Request $3,000,000
Total Project Cost $37,177,859
RDA Loan to Cost 8.1%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 30 Yr, 30 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations,
Transportation
Opportunities, Public Art
TIMELINE
Construction Start October 2024
Construction Completion June 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
1 One 2-bedroom unit will be the property manager’s residence and included as part of their compensation, therefore only 104 units will be rented at the respective AMIs to the public.
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
A8MI
Studio 36 - - 28 8
1 Bed 37 - - 31 6
2 Bed 16 1 1 - 14 1
3 Bed 16 - - 15 1
4 Bed - - - - -
Total 105 1 - 88 16
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $27,479,842
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $11,160,000 30.0%
Senior Debt $1,250,000 3.4%
RDA Loan $3,000,000 8.1%
OWHLF HOME $2,000,000 5.4%
LIHTC Equity $15,772,525 42.4%
State Tax Credit
Equity $2,899,710 7.8%
Deferred Fee $853,659 2.3%
Solar Equity $166,965 0.4%
Rocky Mtn Rebates $75,000 0.2%
Total $37,177,859 100%
USES
Use Amount % of Cost
Land $3,120,100 8.6%
Hard Costs $22,162,722 59.6%
Soft Costs $1,699,723 4.6%
Developer Fee $3,232,424 8.7%
Financing Expense $4,482,474 12.1%
Contingency $2,074,923 5.6%
Reserves $315,493 0.8%
Total $37,177,859 100%
28
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
PROJECT SUMMARY
From Developer:
“2nd Street Apartments will appeal to a wide variety of households and provide larger units that are mostly missing
in the Fairpark Neighborhood. While most of the new affordable and market rate housing in the Fairpark
Neighborhood is providing studio and one-bedroom apartments, 2nd South will also provide two- and three-
bedroom homes. In addition to the variety of apartment sizes, we will appeal to even more households with rents
from 40% of area median income to 60% of AMI.
Located in the Fairpark neighborhood, 2nd South will provide much needed affordable housing in this quickly
transforming part of Salt Lake City. The site is only 1.3 miles from the heart of downtown and 2 miles from the
international airport. The Jackson/Euclid TRAX Sta�on is only a half mile north of the site while multiple bus stops
are a third of a mile to the south along 400S/Poplar Grove Blvd S. Parks and the Folsom Trail are located nearby.”
DEVELOPER SUMMARY
From Developer:
“EXECUTIVE TEAM
Charles A. Schmid
Chief Executive Officer
Charles has been with Chelsea since 1986 and serves as President of Chelsea’s affiliated general contractor,
Emmerson Construction. He applies experience with real estate finance, development, and management to
facilitate the needs of both companies. Charles, a licensed general contractor, has supervised the construction of
more than 8,000 units throughout California and Arizona. With a degree from UC San Diego, he has a thorough
understanding of the life cycle of apartment development, from feasibility analysis through lease-up.
Cheri Hoffman
President
Cheri has been part of the Chelsea development team since 1994 and has participated in the development of
close to 100 affordable apartment communities, involving over $2 billion in financing. She is an authority in
financial modeling incorporating tax credits and tax-exempt bonds, and has extensive experience securing
multiple forms of local, state, federal and private funding sources. She is involved throughout the development
process, from early feasibility analysis to lease up and stabilization. Cheri received her degree in Accounting from
California State University in Fullerton and continued her education with finance studies at California Polytechnic
University in Pomona.
Eric Paul
Chief Financial Officer
Eric has over 20 years of experience in a variety of areas of the real estate industry including real estate investment
and development, finance, construction, and asset management. He oversees financial planning and analysis,
financial reporting, treasury, tax strategy and risk management for Chelsea Investment Corporation, Emmerson
Construction, CIC Management and affiliates. Eric began his professional career at Ernst & Young and most
recently served as Finance Director for Southwest Value Partners. Eric graduated with honors from San Jose State
University where he earned a Bachelor’s in Business Administration; he also holds a Master’s in Accounting from
the University of Virginia. Eric is a Certified Public Accountant and real estate broker.
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
Jim Andersen
Chief Financial Officer
Jim serves as the CFO of Chelsea Investment Corporation. He has over 30 years of experience in a variety of roles
in the Real Estate industry. Proficient in both Financial Management and Development, Jim has served as a
Development Partner and executive for Legacy Partners, Del Mar Development, Trammell Crow Company, and
NMS Properties. In his career, he has sourced, entitled, financed and/or completed several thousand units in
California. In addition, Jimwas Chief Financial Officer for Bay Apartment Communities (predecessor to Avalon
Bay), and Trammell Crow Company. Jim is very active in the industry as a member of ULI and NMHC. He earned
his CPA while at Peat Marwick and Company and graduated from Loyola Marymount University with a Bachelor of
Science in Accounting.
MANAGEMENT TEAM
Heidi W. Mather
Director of Development
Heidi W. Mather has been a real estate professional for over 30 years. Early in her career, Heidi’s responsibilities
included land use planning for the city of San Diego and private sector entitlement processing. For the last 22
years she has focused on market-rate apartment development. Heidi has been responsible for the entire life cycle
of a deal: due diligence, investment approvals, project design, consultant management, the entitlement and public
approval process, permit processing, government and stakeholder interface, capitalization, and loan management.
She has also acted as the Owner’s Representative during the construction and lease-up phases and assisted with
project disposition. Heidi has developed nearly 9,000 homes in California and Arizona represented by a variety of
product types with an aggregate capitalization value in excess of $2.5 billion. With an Urban Studies and Planning
degree from the University of California, San Diego, she has a deep understanding of the multi-family development
process.
Shannon Vanderhei
Capital Transactions Manager
Shannon Vanderhei has over 15 years of experience working for real estate development, syndication, lending, and
property management companies. Her experience includes acquisitions, dispositions, financing, property
management, asset management, construction, rehabilitation, and due diligence. Her role at Chelsea Investment
Corporation includes financing and financial modeling of projects along with managing the closing and conversion
transactions. Shannon earned a B.B.A. in Real Estate and Marketing from the University of Wisconsin at
Milwaukee.
Jeffrey A. Ryan
Senior Development Manager
Jeff has over 23 years of experience in affordable housing development and real estate, working with both non-
profit and for-profit developers. He has managed a range of multifamily projects for large families, mixed-use, and
special needs housing. His experience developing spans across multiple states. As Senior Development Executive,
he leads each project from conception to completion, and his responsibilities include due diligence, entitlements,
design team management, loan closing, and funding applications. Jeffrey earned his B.A. in Political Science and
studied Urban Development Planning at Indiana University-Indianapolis.”
30
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
SITE MAP
PROJECT RENDERINGS
31
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
32
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
OVERVIEW
Developer 22 Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $2,524,802
Total Project Cost $69,452,555
RDA Loan to Cost 3.6%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 16 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Transportation
Opportunities, Architecture
& Urban Design,
Commercial Vitality, Public
Art
TIMELINE
Construction Start September 2024
Construction Completion July 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) No, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 80 - - 80 -
1 Bed 44 - - 44 -
2 Bed 80 - - 80 -
3 Bed 24 - - 24 -
4 Bed - - - - -
Total 228 - - 228 -
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $52,189,043
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $27,541,202 39.7%
OWHLF $3,000,000 4.3%
SLC RDA $2,524,802 3.6%
LIHTC Equity $30,627,027 44.1%
State Tax Credit
Equity $4,759,524 6.9%
Deferred Fee $1,000,000 1.4%
Total $69,452,555 100%
USES
Use Amount % of Cost
Acquisition $5,710,000 8.2%
Hard Costs $43,906,872 63.2%
Soft Costs $3,225,662 4.6%
Developer Fee $5,636,749 8.1%
Financing Expense $7,889,000 11.4%
Contingency $2,504,272 3.6%
Reserves $580,000 0.8%
Total $69,452,555 100%
33
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
PROJECT SUMMARY
From Developer:
“This phase of the project will include 228 units, all of which will be restricted units. There will be 80 studio units,
44 one-bedroom units, 80 two-bedroom units, and 24 three-bedroom units. The units will be available to tenants
living at 60% AMI or below. The project will provide eighteen (18) "Type A" units for persons with long-term
mobility impairments.”
DEVELOPER SUMMARY
From Developer:
“Jake has over a decade of development, design, and project management experience with public, for-profit, and
nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned
the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects.
Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development
company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements,
and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at
Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all
single-family subdivisions and multi-family tax credit developments.
This work included the acquisition and initial concept planning for a 100-acre master-planned community in
Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a
managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140-
unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development
lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple
Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking
garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the
privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor’s
degree in Business Management, a master’s degree in Real Estate Development, and an Urban Planning
Certificate from the University of Utah.”
34
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
SITE MAP
PROJECT RENDERINGS
35
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
36
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
OVERVIEW
Developer 22 Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $1,569,441
Total Project Cost $45,194,612
RDA Loan to Cost 3.5%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 16 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family Sized Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Family Housing,
Transportation
Opportunities, Commercial
Vitality, Public Art
TIMELINE
Construction Start September 2024
Construction Completion July 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) No, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 45 - - 45 -
1 Bed 30 - - 30 -
2 Bed 45 - - 45 -
3 Bed 24 - - 24 -
4 Bed - - - - -
Total 144 - - 144 -
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $37,095,412
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $17,033,754 37.7%
OWHLF $2,500,000 5.5%
SLC RDA $1,569,441 3.5%
LIHTC Equity $20,011,725 44.3%
State Tax Credit
Equity $3,079,692 6.8%
Deferred Fee $1,000,000 2.2%
Total $45,194,612 100%
USES
Use Amount % of Cost
Acquisition $3,600,000 8.0%
Hard Costs $29,314,459 64.9%
Soft Costs $2,169,453 4.8%
Developer Fee $4,014,863 8.9%
Financing Expense $4,062,000 9.0%
Contingency $1,733,837 3.8%
Reserves $300,000 0.7%
Total $45,194,612 100%
37
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
PROJECT SUMMARY
From Developer:
“22 Communities LLC (22) (Applicant, Sponsor, Developer, Owner) and KTG Holdings, LLC (KTG) acting as the
Sponsor, and Developer, Owner (collectively as "Parties”) are pleased to apply for the April 2024 Private Activity
Bond round for the new construction of The Catherine Phase 1. The Catherine will be a 2-phase 2-building 378
unit apartment project directly southeast of the 1940 W North Temple Trax station at 1881 W North Temple, Salt
Lake City, Utah. Of the 378 units listed above,144 units will be a part of this Phase 2 Application and will be
restricted to incomes at 60% of the Area Median Income (AMI).
DEVELOPER SUMMARY
From Developer:
“Jake has over a decade of development, design, and project management experience with public, for-profit, and
nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned
the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects.
Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development
company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements,
and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at
Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all
single-family subdivisions and multi-family tax credit developments.
This work included the acquisition and initial concept planning for a 100-acre master-planned community in
Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a
managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140-
unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development
lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple
Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking
garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the
privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor’s
degree in Business Management, a master’s degree in Real Estate Development, and an Urban Planning
Certificate from the University of Utah.”
38
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
SITE MAP
PROJECT RENDERINGS
39
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
40
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
OVERVIEW
Developer Developed. By Women. &
Ivan Carroll
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $400,000
Total Project Cost $25,514,260
RDA Loan to Cost 1.6%
PROPOSED TERMS
Interest Rate 1.0%
Term, Amortization 15 Yr, 30 Yr
Repayment Terms Hard
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations,
Transportation
Opportunities, Architecture
& Urban Design,
Commercial Vitality, Public
Art
TIMELINE
Construction Start October 1, 2024
Construction Completion May 1, 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 9%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 10 - - 5 5
1 Bed - - - - -
2 Bed 16 1 - 12 3
3 Bed 20 - - 19 1
4 Bed 6 1 - 4 1
Total 52 2 - 40 10
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $9,715,984
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $3,591,261 14.1%
RDA Loan $400,000 1.6%
Utility Rebates $15,600 0.1%
LIHTC Equity $20,007,399 78.4%
SLCO ARPA Grant $1,000,000 3.9%
Deferred Fee $500,000 2.0%
Total $25,514,260 100%
USES
Use Amount % of Cost
Acquisition $2,420,000 9.5%
Hard Costs $17,298,836 67.8%
Soft Costs $726,690 2.8%
Developer Fee $2,032,901 8.0%
Financing Expense $1,689,432 6.6%
Contingency $998,006 3.9%
Reserves $348,385 1.4%
Total $25,514,260 100%
41
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
PROJECT SUMMARY
From Developer:
“Citizens West 4 completes the Citizens West block, bringing sorely-needed affordable housing with retail and
recreational amenities to a rapidly gentrifying part of SLC. This phase will provide homes for large-household,
multi-generational, refugee, and un-housed populations that have a particularly difficult time finding suitable
housing in our state. This transit-oriented project provides quick access to public transit, employment, and
schools, and is a perfect location for affordable family housing. This phase will provide additional outdoor
recreation amenities such as a sport court and gym while maintaining access to those already built by the previous
phases of the overall project. Together with a local community serving non-profit, the project will build a public-
facing plaza that connects the street outside to the recreational and outdoor uses on the site. The property will be
fully-electric, utilizing high efficiency heat pump technology for space and water heating/cooling. International
Rescue Committee (IRC) will provide access to services for the refugees and formerly homeless individuals living at
the property.”
DEVELOPER SUMMARY
From Developer:
“The project team has successfully completed several 9% tax credit projects including Imagine Jefferson (phases
1 & 2), North Sixth, Startup Crossing, Project Open (phases 1 & 2), and Diamond Rail Apartments (OBA Citizens
West phase 1 ). The owners and developers of the project have a track record of more than a decade in utilizing the
LIHTC program to bring high-quality affordable housing to multiple communities, particularly on the west side of
SLC. Now partnering with Developed. By Women., a non-profit focusing on elevating female decision-making and
ownership in real estate, the team brings a well-rounded, experienced, and diverse background to the project.
Evergreen Management Group (EMG) will do property management, having section 42 compliance experience for
decades on numerous different properties across the state of Utah.”
42
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
SITE MAP
PROJECT RENDERINGS
43
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
44
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
OVERVIEW
Developer Lincoln Avenue Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $3,200,000
Total Project Cost $34,619,153
RDA Loan to Cost 9.2%
PROPOSED TERMS
Interest Rate 1%
Term,
Amortization
Acq: 2 Yr, Balloon or Conversion
Perm: 16 Yr, 40 Yr
Repayment Terms Hard for construction to perm
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Target Populations, Expand
Opportunity,
Transportation
Opportunities, Architecture
& Urban Design
TIMELINE
Acquisition May 1, 2024
Construction Start October 2025
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-
80%
AMI
41-
60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 40 - 7 15 18
2 Bed 15 - 2 4 9
3 Bed - - - - -
4 Bed - - - - -
Total 55 - 9 19 27
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes, 9%
Tax Credits Reserved (Y/N) No
ACQUISITION SOURCES
Source Amount % of Total
RDA -HDLP
Competitive $3,200,000 45.1%
RDA High Opp Funds $2,700,000 38.1%
HASLC Cash $800,000 11.3%
LAC Cash $390,000 5.5%
Total $7,090,000 100%
ACQUISITION USES
Source Amount % of Costs
Acquisition $7,000,000 98.7%
Insurance $40,000 0.6%
Closing Costs $50,000 0.7%
Total $7,090,000 100%
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $21,767,665
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $3,790,000 11.1%
RDA Loan $3,200,000 9.2%
Utility Rebates $142,500 .42%
LIHTC Equity $26,147,384 76.9%
Deferred Fee $1,339,296 3.6%
GP Capital
Contribution $100 0.0%
Total $34,619,280 100%
PERMANENT USES
Use Amount % of Cost
Acquisition $3,900,000 11.3%
Hard Costs $23,888,751 69.0%
Soft Costs $898,000 2.6%
Developer Fee $3,113,699 9.0%
Financing Expense $2,456,398 7.1%
Contingency $0 0.0%
Reserves $362,432 1.0%
Total $34,619,280 100%
45
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
RDA APPLICATION NOTES
This project also applied for $2,700,000 for their Fairmont Heights II project through the High Opportunity Area
HDLP process. Both phases of the project will be located on the same parcel with Phase 1 being built first and
Phase 2 to follow. The developer is seeking an acquisition to permanent financing loan, which means initial funds
would be used to buy the property, but the developer would need to obtain tax credits, financing, and building
approvals within 2 years. If successful, they would be able to convert their acquisition loan to a longer-term
permanent financing loan. If they are not successful, they will be required to pay back the loan at the end of the
acquisition loan term. This project is seeking funding from both sources of funds.
PROJECT SUMMARY
From Developer:
“Fairmont Heights I has engaged the seasoned LIHTC architectural group of Encompass to design a high quality,
cost effective mid rise building (1 building, 2 stories of structured parking and 5 stories of wood constructed units
above the parking deck, serviced by an elevator) that blends well with the surrounding neighborhood, paying
particular attention to the relationship of the ground floor space and the adjacent Fairmont Park. This site is an A+
location for an affordable site. The site presents an incredible opportunity to tie into the neighborhood fabric and
locate housing near transit, employment, recreation and services. Both phases are designed to mirror the
surrounding neighborhood. The project transitions into the neighborhood using elements in both the contemporary
form of the building and the materials that clad its skin. The space on the ground floor along Simpson Avenue and
1100 S will activate the building to the public and bring the design into the neighborhood. The pedestrian nature of
the activities within and the rhythm of the living units help the project feel comfortable.”
DEVELOPER SUMMARY
From Developer:
“Fairmont Heights Apartments, LP is a Utah limited partnership that blends both local and national LIHTC
development experience. Lincoln Avenue Capital (“LAC”) is the project sponsor with national experience in the
development and ownership of affordable housing. LAC was formed in 2016 and currently has a portfolio of over
22,000 units over 20 states across the country. LAC's extensive experience is specific to the development and
acquisition of LIHTC multifamily projects across the US. This includes taking a project from the conceptual stage,
through awarding of tax credits (for LIHTC projects), negotiating agreements with equity investors and lenders,
construction, and final hand off to the property management company, Asset Living/Shelton Residential. LAC is
responsible for the development of affordable multifamily, independent senior living, tax credit acquisition and
rehabilitation. Please see attached 2022 Impact Report for more information on LAC.”
46
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
SITE MAP
PROJECT RENDERINGS
47
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
48
PROJECT NAME: 10 - Project Open 3
ADDRESS: 529 W 400 N
OVERVIEW
Developer Perpetual Housing Fund of Utah
LLC
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant
RDA FUNDING REQUEST
Funding Request $710,000
Total Project Cost $7,170,000
RDA Loan to Cost 9.9%
PROPOSED TERMS
Interest Rate 1.0%
Term, Amortization 18-month
Repayment Terms Balloon Repayment
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing,
Homeownership, Missing
Middle, Transportation
Opportunities, Architecture
& Urban Design, Public Art
TIMELINE
Construction Start July 1, 2024
Construction Completion May 1, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 4 - 4 - -
2 Bed - - - - -
3 Bed 12 - 12 - -
4 Bed 7 - 7 - -
Total 23 - 23 - -
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $5,328,480
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $5,328,480 74.3%
RDA Loan $710,000 9.9%
Utility Rebates $18,400 0.3%
SLCO ARPA Grant $813,120 11.3%
Donated Fee $300,000 4.2%
Total $7,170,000 100%
USES
Use Amount % of Cost
Acquisition $483,000 6.7%
Hard Costs $5,356,350 74.7%
Soft Costs $650,000 9.1%
Developer Fee $300,000 4.2%
Financing Expense $120,000 1.7%
Contingency $250,000 3.5%
Public Art $10,650 0.1%
Total $7,170,000 100%
49
PROJECT NAME: 10 - Project Open 3
ADDRESS: 529 W 400 N
PROJECT SUMMARY
From Developer: Project Open is a transit-oriented, carbon-neutral, mixed-income, development in Salt Lake City’s
rapidly gentrifying Guadalupe neighborhood. It serves as a diverse home to over 200 households that span across
income, family size, and demographic spectrums. Phase 3 of the development looks to further this effort by
developing homes for families at a price-point that is currently not available in Salt Lake City’s market. According
to Kem C. Gardner Institute, the mortgage payment in October 2022 for the median price single-family in the
Wasatch Front Counties was $4,276/month. This is double the payment that is affordable to a family making 80%
of AMI and double the payment amount that new three-bedroom condos in this proposal will provide. This project
will provide 23 new condos and town homes that are affordable to individuals and families making 80% of AMI.
The development team has discounted the land value and eliminated its fees to bring this product to market. We
see this as a demonstration project, showing a path for new construction, for-sale, unsubsidized housing product
that is actually affordable to those currently unable to afford a home.
DEVELOPER SUMMARY
From Developer: The project is being developed by the Perpetual Housing Fund. The team has successfully
developed or consulted on over a thousand affordable housing units utilizing the Low-Income Housing Tax Credit,
OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing projects by the development
team include: Exchange – Salt Lake City, Pamela’s Place – Salt Lake City, Imagine Jefferson – Ogden, Startup
Crossing – Provo, and Harris Village Shelter and Permanent Supportive Housing – Tooele.
The development team also has experience developing for-sale attached housing across the Salt Lake Valley.
SITE MAP
50
PROJECT NAME: 10 - Project Open 3
ADDRESS: 529 W 400 N
PROJECT RENDERINGS
51
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
OVERVIEW
Developer Housing Authority of
Salt Lake City
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant Single-Family Home
RDA FUNDING REQUEST
Funding Request $880,000
Total Project Cost $10,327,863
RDA Loan to Cost 8.5%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 15 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to primary lender
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety
TIMELINE
Construction Start April 5, 2024
Construction Completion June 1, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 34 - 10 19 5
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - -
Total 34 - 10 19 5
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $6,403,275
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $5,013,745 48.5%
RDA Loan $880,000 8.5%
OWHLF $500,000 4.8%
Utility Rebates $21,500 0.2%
Office of Homeless
Services Grant $2,000,000 19.4%
Deferred Fee $462,618 4.5%
Owner Equity $1,450,000 14.0%
Total $10,327,863 100%
USES
Use Amount % of Cost
Acquisition $1,400,000 13.6%
Hard Costs $6,737,937 65.2%
Soft Costs $283,000 2.7%
Developer Fee $929,570 9.0%
Financing Expense $168,742 1.6%
Contingency $393,215 3.8%
Reserves $415,399 4.0%
Total $10,327,863 100%
52
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
PROJECT SUMMARY
From Developer:
“The Housing Authority of Salt Lake City is proposing a new 34-unit apartment complex called Pharos Apartments.
Pharos will have 33 resident units, one live-in managers unit and a dedicated service space/wellness room.
Located just a few blocks from the Jackson/Euclid Trax station and adjacent to the Utah State Fairgrounds, this
property is situated in a growth area that provides easy access to the Downtown corridor. Additionally, this
property is just blocks away from a large Rocky Mountain Power property that is slated for significant retail and
entertainment development. This unique location that is both transit oriented and in an opportunity zone, will
provide residents the convenience of living in close proximity to services, shopping, recreation and employment.
Five of the units at this unique property will be permanent supportive housing with appropriate direct services and
service connections to support a McKinney–Vento homeless population that may have physical or mental
challenges or have a dual-diagnosis. The property will also have 3 ADA units for any residents that may also have
physical or mobility related challenges.
Additionally, the property will serve additional low income and workforce tenants by providing units aimed at the
41-60% AMI population and some units aimed at 61-80% AMI tenants.
The 450 square foot one-bedroom units will be perfectly suited to low and very low-income tenants in the 30-80%
AMI range buy providing an excellent entry into the Salt Lake rental market in an up-and-coming neighborhood
with convenient access to public transportation. The low rent threshold and priority population will allow the
development to directly address several pressing community needs. All apartments will be well equipped with
amenities such as air conditioning, energy star appliances, microwaves and vent hoods, self-cleaning ovens,
garbage disposals, water saving fixtures, ample light and balconies that give each unit some private outdoor space.
Efficient design, ample storage, durable and quality finishes and purposeful community spaces combine to make a
welcoming and healing environment for residents calling the development home.”
DEVELOPER SUMMARY
From Developer:
“Housing Assistance Management Enterprise (HAME) will act as development consultant for the development of
the proposed property. Over the last several years HAME has constructed and managed hundreds of LIHTC
affordable housing units that vary in style, population served and location throughout Salt Lake City. Our familiarity
and knowledge of the local building process will help facilitate the completion of this project. HAME is the
nonprofit affiliate of the Housing Authority of Salt Lake City; an entity that is consistently cited as one of the most
financially sound and well-managed public housing authorities in the U.S.”
53
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
SITE MAP
PROJECT RENDERINGS
54
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
55
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
OVERVIEW
Developer Housing Authority of
Salt Lake City
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant
RDA FUNDING REQUEST
Funding Request $740,000
Previous RDA
Commitment $1,000,000
Total Project Cost $17,424,284
RDA Loan to Cost 10%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 15 Yr, 30 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to primary lender
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety
TIMELINE
Construction Start April 15, 2024
Construction Completion June 15, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 55 6 20 20 9
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - - -
Total 55 6 20 20 9
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $10,315,400
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $9,230,757 53.0%
RDA Loans $1,740,000 10.0%
OWHLF $1,000,000 5.7%
Owner Equity $1,112,634 6.4%
Utility Rebates $39,000 0.2%
Federal Home
Loan Bank $1,000,000 5.7%
SLC Grant $3,000,000 17.2%
Deferred Fee $301,893 1.7%
Total $17,424,284 100%
USES
Use Amount % of Cost
Acquisition $1,700,000 9.6%
Hard Costs $13,995,238 79.0%
Soft Costs $507,676 2.9%
Developer Fee $701,893 4.0%
Financing Expense $66,424 0.4%
Contingency $293,215 1.7%
Reserves $159,838 0.9%
Total $17,424,284 100%
56
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
PROJECT SUMMARY
From Developer:
“The Housing Authority of Salt Lake City is proposing a new 55-unit apartment complex named Book Cliffs Lodge.
Book Cliffs Lodge will feature one-bedroom units for low income individuals that live in an area of Salt Lake City
that has experienced substantial growth in recent years.
The unit mix at Book Cliffs Lodge will be composed of 55 standard one-bedroom units. The development will
provide a mix of 30% up to 80% of AMI rents. The broad range of rent and income targeting will allow the
development to address the community need. Additionally, through the tenant selection plan, the development is
committed to setting aside 5 units for persons experiencing homelessness and 5 units for veterans. All apartments
will be well equipped with amenities such as air conditioning, energy star appliances, microwaves and vent hoods,
self-cleaning ovens, garbage disposals and water saving fixtures.
The project is located at 1159 South West Temple in Salt Lake City, which will provide residents the convenience
of living in close proximity to services, shopping, recreation and employment. The site is within an easy walk to
public transportation, including the Ball Park Station TRAX line, which is 0.3 miles from the site. Additionally, the
site has achieved a walk-score of 83, or "very walkable", which will allow residents to accomplish most errands by
foot if they choose. Within a half mile radius of the site, there are many restaurants, parks, grocery stores, and
numerous employment opportunities.”
DEVELOPER SUMMARY
From Developer:
“Housing Assistance Management Enterprise (HAME) will act as development consultant for the development of
the proposed properties. As the landowner, HAME has/will executed a land lease option for the property and will
oversee the entitlement process as well as provide local support. Over the last several years HAME has
constructed and managed hundreds of LIHTC affordable housing units that vary in style, population served and
location throughout Salt Lake City. Our familiarity and knowledge of the local building process will help facilitate
the entitlement, permitting and plan review processes with the City. HAME is the nonprofit affiliate of the Housing
Authority of Salt Lake City; an entity that is consistently cited as one of the most financially sound and well-
managed public housing authorities in the U.S. Recently, HAME was awarded tax credits in partnership with
Volunteers of America for a special needs renovation project in Salt Lake City.”
57
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
SITE MAP
PROJECT RENDERINGS
58
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
59
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
OVERVIEW
Developer Cowboy Partners
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Commercial
RDA FUNDING REQUEST
Funding Request $4,500,000
Total Project Cost $117,613,798
RDA Loan to Cost 3.8%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 40 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations,
Transportation
Opportunities,
Neighborhood Safety,
Architecture & Urban
Design, Commercial Vitality
TIMELINE
Construction Start June 12, 2023
Construction Completion June 11, 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed - - - - -
2 Bed 96 - 40 34 22
3 Bed 80 - 30 32 18
4 Bed 24 - 8 12 4
Total 200 - 78 78 44
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $27,151,960
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $27,151,960 23.1%
SLCO HTF $6,976,632 5.9%
RDA Loan $4,500,000 3.8%
OWHLF $2,000,000 1.7%
UCNS HOME $1,500,000 1.3%
SLCO HOME $461,000 0.4%
LIHTC Equity $49,577,269 42.2%
State Tax Credit $5,500,000 4.7%
Owner Equity $8,907,464 7.6%
Deferred Fee $11,039,473 9.4%
Total $117,613,798 100%
USES
Use Amount % of Cost
Acquisition $14,900,000 12.7%
Hard Costs $78,932,816 67.1%
Soft Costs $3,268,878 2.8%
Developer Fee $11,039,473 9.4%
Financing Expense $4,637,368 3.9%
Contingency $3,981,412 3.4%
Reserves $853,852 0.7%
Total $117,613,798 100%
60
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
PROJECT SUMMARY
From Developer:
“Liberty Corner is a mixed-use development located on the Northeast corner of the 1300 South 300 West
intersection. The community will feature 200 affordable units with the purpose of providing deeply targeted,
family-sized units. The unit mix will feature a majority of 3- and 4- bedroom units along with 96 2-bedroom units.
All units in the project will have at least 2 bedrooms. Liberty Corner is unique in that it not only provides family
housing units in an urban setting, but includes deeply targeted affordable units, reaching to provide housing at
30% AMI. Liberty Corner is designed for the family. In addition to large, family-sized units, the community will
feature indoor and outdoor amenities and spaces meant to serve a broad range of ages, interests, and needs.
Liberty Corner will also be a sustainable community. The community will promote accessible and equitable
transportation options as the Ballpark TRAX Station is within walking distance, at less than 1/3 of a mile away. In
addition, the community will feature bicycle amenities to encourage alternative means of transportation. The
community will be all electric and achieve Energy Star certification.”
DEVELOPER SUMMARY
From Developer:
“Cowboy Partners is a multifamily developer based out of Salt Lake City, Utah. Cowboy Partners was established in
2001, rebranded from a company that had been developing housing in the Salt Lake Valley since the 1960s.
Cowboy Partners is a recognized leader in the development, construction, and management of affordable housing;
the company has experience in developing luxury, market rate, mixed-income and affordable housing
communities through its development of dozens of communities within Salt Lake and across the State of Utah.
Cowboy Properties, the sister company to Cowboy Partners, operates as the property management company for
these communities. Cowboy Properties has deep experience with multifamily property management, including
affordable housing and compliance, as the sole operator of Cowboy communities for decades.”
61
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
SITE MAP
PROJECT RENDERINGS
62
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
63
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
OVERVIEW
Developer Great Lakes Capital
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant Commercial
RDA FUNDING REQUEST
Funding Request $2,000,000
Total Project Cost $43,204,038
RDA Loan to Cost 4.6%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 16 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to primary lender
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety,
Commercial Vitality, Public
Art
TIMELINE
Construction Start May 1, 2024
Construction Completion January 1, 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 165 - - 138 27
1 Bed 15 - 15 - -
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - - -
Total 180 - 15 138 27
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $32,592,698
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $16,268,000 37.7%
RDA Loan $2,000,000 4.6%
OWHLF $1,903,121 4.4%
SLCO Loan $1,091,590 2.5%
Utility Rebates $90,000 0.2%
LIHTC Equity $20,201,424 46.8%
Deferred Fee $1,382,937 3.2%
45L & ITC Equity $266,976 0.6%
Total $43,204,038 100%
USES
Use Amount % of Cost
Acquisition $3,735,000 8.6%
Hard Costs $25,668,559 59.4%
Soft Costs $1,593,701 3.7%
Developer Fee $3,296,715 7.6%
Financing Expense $6,535,154 15.1%
Contingency $1,415,784 3.3%
Reserves $959,125 2.2%
Total $43,204,038 100%
64
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
PROJECT SUMMARY
From Developer:
“9Ten West has been designed to be energy efficient, transit-oriented, decent, safe, affordable housing. The
project is a single six story building (five stories of wood frame construction over one concrete podium). The
podium contains 31 parking spaces (including ADA and EV chargers), building services, community room (aka
clubhouse), gym, property leasing, maintenance, bathrooms, mailroom, and space for a community service facility
to provide needed services to low-income neighborhood residents. Each of the five residential floors above the
podium will contain 36 residential units (3 one-bedroom and 33 studio units, ranging in size from 250 - 611 square
feet), a laundry room, mechanical rooms, and two elevators. The 2nd floor includes a large Xeriscaped plaza for
resident gatherings and a pet relief area. The project has been designed to utilize non-combustible sources of
energy and will include solar PV panels, will certify under ENERGY STAR and Enterprise Green Community
Standards, and provide residents with needed deeply affordable units in a transit-oriented context.”
DEVELOPER SUMMARY
From Developer:
“Great Lakes Capital is a prominent Real Estate Development and Private Equity Firm with several core
development types including Multifamily, Industrial, Mixed-Use, Flex, Office, Medical & Life Science, and Hotel
Properties. With a core focus on the development of Multifamily, Industrial, and Mixed-Use properties, GLC has
established itself as a leader in these high-growth segments. Since its inception in 2005, GLC has demonstrated
excellence by successfully spearheading billions of dollars' worth of real estate projects. With a current
development pipeline exceeding $923 million, GLC's commitment to innovation and expansion remains
unwavering. Fueling its success are six principals with a cumulative experience of over 170 years, leveraging their
expertise to navigate and execute commercial real estate investments. Having closed deals surpassing $7 billion,
panning various property types, geographies, and economic cycles, GLC stands as a beacon of resilience and
achievement in the dynamic world of real estate development.”
65
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
SITE MAP
PROJECT RENDERINGS
66
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
67
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
OVERVIEW
Developer Alliance House &
Cowboy Partners
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Housing
RDA FUNDING REQUEST
Funding Request $500,000
Total Project Cost $6,017,619
RDA Loan to Cost 8.3%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 40 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations, Missing
Middle, Neighborhood
Safety
TIMELINE
Construction Start August 12, 2024
Construction Completion Spring 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 16 - - - 16
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - - -
Total 16 - - - 16
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $0
PERMANENT SOURCES
Source Amount % of Total
OWHLF NHTF $1,000,000 16.6%
OWHLF HOME $631,864 10.5%
SLC RDA $500,000 8.3%
SLCO HOME $499,848 8.3%
Office of Homeless
Services Grant $2,000,000 33.2%
SLCO HTF Grant $241,000 4.0%
Donations $360,000 6.0%
Donated Developer
Fee $784,907 13.0%
Total $6,017,619 100%
USES
Use Amount % of Cost
Acquisition $0 0%
Hard Costs $4,059,282 67.5%
Soft Costs $517,553 8.6%
Developer Fee $784,907 13%
Financing Expense $218,150 3.6%
Contingency $437,727 7.3%
Reserves $0 0%
Total $6,017,619 100%
68
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
PROJECT SUMMARY
From Developer:
“The housing is open to any person who is a member of Alliance House. Members living in the apartments pay 30%
of income with a one-time allowance of $0 rent for up to six months for those coming out of homelessness or
waiting to be approved for Social Security or other benefits. The building is an old motel that has exceeded its life
expectancy. The Alliance House Board of Directors has approved a campaign to demolish the old building and
construct a new 16 unit deeply affordable complex on the existing property. Cowboy Partners is providing the
development management services on a pro bono basis for the rebuild of the property. THINK Architects has been
engaged to develop the architectural drawings and Bonneville Builders has been retained as the contractor. The
project has been approved by the city planning commission. The new facility will consist of 16 Deeply Affordable
single occupancy units that will be 100% subsidized at 30% of income by Alliance House on a permanent basis.
Eligibility for tenancy will be for those who are members of Alliance House. Membership is open to anyone in the
community with a SPMI. All members living in the 1805 apartments receive intensive wrap around support
services available every day at Alliance House including case management, vocational training, education support,
social support.
DEVELOPER SUMMARY
From Developer:
“Alliance House has owned this specific housing property since 1991. We have been the property managers the
duration of this time. We also own a housing facility at 1736 South Main Street since 2014 that we manage.
Members that live at the 1805 property pay 30% of their income. Members that live at the 1736 property can live
there for up to 6 months rent free. After 6 months we ask for a good faith effort of $50 a month or 30% of income
up to $200 monthly.”
69
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
SITE MAP
PROJECT RENDERINGS
70
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
71
ATTACHMENT E: INELIGIBLE PROJECTS SUMMARY
Ineligible Applications A B C D E
Project Name
Innovation Park at
Liberty Wells Maven Flats Moda Griffin Palmer Court Saltair
Developer Ivory Innovations Rise Development J Fisher The Road Home Valley Behavioral Health
Address 707 S 400 E 777 S 300 E 915 W North Temple 515 E 100 S 107 S 800 W
HDLP Funding Request 1,800,000$ 300,000$ 400,000$ 800,000$ 500,000$
Total Project Cost 24,971,426$ 3,000,000$ 40,957,938$ 60,000,000$ 21,000,000$
INELIGIBILITY REASON
Ineligible Activities:
Requested HDLP funds to
be used for "sleeping
second mortgages"
Did not meet Threshold
Requirements: did not
include family-sized and/or
deeply affordable units
Did not meet Threshold
Requirements: did not
include family-sized and/or
deeply affordable units
Ineligible Activities:
Requested HDLP funds to be
used for "pre-construction
design and soft costs"
Ineligible Activities:
Requested HDLP funds to be
used for "pre-construction
design and soft costs"
72
ATTACHMENT F: PROJECT PRIORITIES AND INTEREST RATE REDUCTIONS
Project priority criteria will be utilized to evaluate applications as well as provide for interest rate
reductions.
CATEGORY POLICY OBJECTIVE BENCHMARK
NOFA
RANKING
WEIGHT*
0.5%
INTEREST
RATE
REDUCTION**
1 Family Housing
Provide opportunities for
families to enjoy the
many benefits of urban
living by encouraging the
development of housing
that is more conducive to
larger household sizes
Project provides at least
15%*** of the total units as
3+ bedroom units AND
includes family-oriented
community amenities, as
approved by RDA Staff.
3 X
2 Target
Populations
Expand the availability of
units for extremely low-
income households and
special populations,
thereby providing
housing options for
individuals or families
that are homeless or at
risk of homelessness
Project sets aside at least
15%*** of the units for
extremely low-income
households (40% AMI or less)
and/or special populations in
partnership with a
governmental or nonprofit
entity
3 X
3 Homeownership
Create opportunities for
those who have
historically rented in the
community to build
wealth and establish
permanent roots through
homeownership
Project is a for-sale product
that will be sold to income
qualified individuals/families
3 X
4
Missing Middle
& Unique
Housing Types
Promote an array of scale
of project types to
diversify the City’s
housing stock/forms and
provide more affordable
living options for
residents
Projects are either a missing
middle housing type (i.e.
townhomes, courtyard
apartments, small-scale
apartments) or a housing type
that is not commonly built:
tiny homes, modular homes,
pre-fab homes, accessory
dwelling units (ADUs)
3 X
5 Sustainability
Achieve green building
and energy conservation
standards to lower
housing expenses,
Projects must be built to Off-
Site Net Zero or On-Site Net
Zero standard as described in
the RDA’s Sustainable
1 X***
73
conserve resources, and
promote resiliency
Development Policy
Resolution.
6 Transportation
Opportunities
Promote a multimodal
transportation network
and ensure convenient
and equitable access to a
variety of transportation
options
Projects must meet two of the
following:
• Includes a car sharing, bike
sharing, or transit pass
program that is widely
available to employees/
residents
• Includes a commercial
project that includes
employee shower, locker,
and bicycle facilities
• Is located within 1/3 mile
walking distance of a TRAX
station or S-Line station
• Implements reduced
parking strategies without
negatively impacting the
neighborhood
• Incorporates majority of
parking within a primary
structure to minimize the
need for a surface parking
lot
1 X
7 Neighborhood
Safety
Utilize the development
of housing to reduce the
number of vacant and
distressed buildings and
lots to reduce crime and
return land to a
productive use
Projects are located within an
active RDA project area and
incorporate documented
Crime Prevention through
Environmental Design (CPTED)
principals
1 X
8 Expand
Opportunity
Provide for
Neighborhoods of
Opportunity by
promoting the economic
diversity of the housing
stock within
neighborhoods
Projects are located within a
High Opportunity Area, which
is defined as an area that
provides conditions that
expand a person’s likelihood
for social mobility as
identified through an analysis
of quality-of-life indicators.
1 X
9 Architecture &
Urban Design
Encourage housing that is
high-quality, enduring,
and that contributes to
neighborhood context
and livability through
architectural and urban
design best practices
Buildings shall include an
active ground floor use,
significant ground floor glass,
durable building materials and
engaging building entrances
as determined by RDA staff
1 X
10 Commercial
Vitality
Foster a mix of land uses
and unique neighborhood
business districts that
adequately meet the local
community’s needs
Projects are mixed-use and
establish new services, or
underrepresented business
types in the neighborhood
that the local community
identifies as lacking and
desired. These spaces shall be
open to the public and shall
not be spaces that are
exclusive to the development
1 X
11
Historic
Preservation
/Adaptive Reuse
Encourage the
preservation and/or
reuse of buildings to
preserve the character of
neighborhoods
Project acknowledges a
neighborhood’s history and
maintain its unique character
through preservation,
rehabilitation, or repurposing
of historic or underutilized
structures
1 X
12 Public Art
Promote cultural
expression and add to the
experience and value of
the built environment
through art that is
publicly visible or
accessible for all to
experience
Project contributes at least
1.5% of the RDA contribution
towards the installation of art
onsite or towards the RDA art
fund as outlined in the RDA
Art Policy
1 X
*Note: NOFA Ranking Weight: Uses a number (the weight) between 1 and 3 to assess the importance of the funding priority, with 1
being of lower importance and 3 being of the highest importance.
**Note: 0.5% Interest Rate Reductions: While 12 interest rate reductions are available, interest rates can be reduced by a maximum of
2.0%. Please see Attachment B for applicable standard loan terms and conditions.
***Note: Between the two threshold requirements laid out in Section 3.7, if a project includes both family housing units and deeply
affordable units in accordance with this section, the project may receive the interest rate reduction by meeting the second threshold
requirement at a percentage of 10% instead of 15%.
****Note: Sustainability Interest Rate Reduction: As per the RDA’s Sustainable Development Policy, projects built to an Off-Site Net Zero
standard are eligible for a 1% interest rate reduction and projects built to an On-Site Net Zero standard are eligible for a 2% interest rate
reduction.
75
ATTACHMENT G: HOME FUNDS REQUIREMENTS
As part of the FY2023-2024 NOFA, Numerous HUD HOME funds are available. An overview of the
HOME Program is available here: https://www.hudexchange.info/programs/home/home-overview/
and is located within 24 CFR 92.1 of the Code of Federal Regulations.
Details on the different categories of funds are available here:
FUNDS CATEGORY AMOUNT* ADDITIONAL DETAILS
HOME Program Income** $6,939,710 24 CFR 92 (F)
https://www.hudexchange.info/programs/home/home-overview/
HOME ARP Development** $1,501,608 https://www.hudexchange.info/programs/home-arp/overview/
HOME Development Fund** $726,291
24 CFR 92.206(a): https://www.ecfr.gov/current/title-24/subtitle-
A/part-92/subpart-E/subject-group-ECFRf448ea7bbdfb69a/section-
92.206
HOME Community Housing
Development Organization
Funds**
$351,841
Additional Requirements are located here:
• 24 CFR 92.208
• 24 CFR 92.300
• 24 CFR 92.301
*Note: Amounts are approximate. Total available funds may change after this document has been published.
ATTACHMENT H: HDLP FUNDING ALLOCATION RESOLUTION
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Affordable Housing – FY2023-2024 Competitive Housing Development Loan Program
(HDLP) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) 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 RDA 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 based on
funding source (“Housing Funds”).
WHEREAS, the Board has set aside $13,761,164 of Housing Funds for affordable housing
through the RDA’s Competitive Housing Development Loan Program (“HDLP”). The Board may
also allocate an additional $1,665,000, which is the result of loan commitments from FY2022-
2023 that were rescinded. The allocation of funds is contingent upon an application and review
process administered by the RDA to facilitate funding of qualified projects that meet the goals
established by the HDLP.
WHEREAS, through a Notice of Funding Availability (“NOFA”), the RDA administered a loan
application and review process pursuant to the HDLP policy set forth in resolution R-2-2022 (the
“HDLP Policy”) and the RDA’s Housing Funding Priorities for Fiscal Year 2023-2024 set forth
in R-3-2023 (“Funding Priorities”) that resulted in fifteen eligible requests for funding totaling
$27,464,243.
WHEREAS, on February 21, 2024, the RDA’s Finance Committee (“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, RDA staff recommends that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
WHEREAS, following the Board’s approval of the funding allocations and preliminary terms as
set forth on Exhibit B, the RDA shall provide a 24-month conditional commitment period during
78
2
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 RDA, 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, subject to revisions
that do not materially affect the rights and obligations of the RDA 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 Redevelopment Agency of Salt Lake City, this _______
day of March 2024.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Sara Montoya
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
February 29, 2024
79
3
EXHIBIT A: RDA FINANCE COMMITTEE RECOMMENDED COMPETITIVE HDLP
FUNDING ALLOCATIONS
The RDA HDLP Finance Committee recommends that funding be allocated to projects
in order of funding ranking.
80
EXHIBIT A: RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS
The RDA Finance Committee recommends that funding be allocated to projects in the order of Funding Ranking.
PROJECT/APPLICANT ADDRESS
WEIGHTED PROJECT PRIORITY
SCORE/INTEREST RATE REDUCTION*FUNDING REQUEST PRELIMINARY TERMS**
RDA Committed
Funds
Possible Additional
RDA Funds
HOME Program
Income
HOME Development
Fund
HOME ARP
Development
TOTAL FUNDING
RECOMMENDATION
FUNDING
RANKING
Norbridge Court
Artspace
Bumper House
SMH Builders
New City Plaza Apartments
Housing Connect
515 Tower - Conversion Phase I
Perpetual Housing Fund
2nd South Apartments
Hermes Affordable Services, LLC
The Catherine Phase 1
22 Communities
The Catherine Phase 2
22 Communities
Citizens West 4
Developed. By Women. & Ivan
Carroll
Fairmont Heights I
Lincoln Avenue Communities
Project Open 3
Perpetual Housing Fund
Pharos Apartments
Housing Authority of Salt Lake City
Book Cliffs Lodge
Housing Authority of Salt Lake City
Liberty Corner
Cowboy Partners
9Ten West
Great Lakes Capital
Alliance House 1805 Rebuild
Alliance House & Cowboy Partners
TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323
Funds Availability Total Available Recommended Funding Funds Remaining
RDA Committed Funds $4,241,714 $4,241,714 $- Grey box: Applicant qualifies for but doesn't want these funds.
Possible Additional RDA Funds $1,665,000 $1,665,000 $- Black box: Applicant does not qualify for these funds.
HOME Program Income $6,939,710 $6,939,710 $-
HOME Development Fund $726,291 $726,291 $-
HOME ARP Development $1,501,608 $1,501,608 $-
HOME Community Housing
Development Organization Funds $351,841 $0 $ 351,841
Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841
*** While reviewing applications, the Committee took into consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and agreed to maintain their submitted recommendation to fund 515 Tower – Conversion 1 with High Opportunity Area funds. The Committee’s competitive HDLP funding
recommendations incorporate the previously submitted High Opportunity Area recommendation.
Legend:
Target Populations: 3
Missing Middle: 3
Neighborhood Safety: 1
TOTAL: 7
* Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall
be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from Project Priorities met may require Board approval.
NOTE: For all loan awards greater than $899,999, the Sustainable Development Policy requires buildings to be designed to operate without fossil fuels, but it would not restrict the ability to have backup generators for emergencies.
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2023-2024 Housing Development Loan Program ( HDLP) Guidelines. Changes to repayment type may occur ( hard repayment versus cash flow repayment) and shall be
based on requirements listed in the HDLP Guidelines or it required by a senior lender. Changes in repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loan; consideration may be made for other government entity loans if required through their
policies. Funds may be disbursed in a lump sum if required by senior lender(s).
Funding Recommended by Finance Committee
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 4
Family Housing: 3
Transportation Opportunities: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 6
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 10
Target Populations: 3
Expand Opportunity: 1
Transportation Opportunities: 1
Architecture & Urban Design: 1
TOTAL: 6
Family Housing: 3
Homeownership: 3
Missing Middle: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Public Art: 1
TOTAL: 12
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
TOTAL: 10
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 7
8
13
$500,000 $500,000
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 8
Interest Rate: 1.0%
Term: 30 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.5%
Term: 17 year
Amortization: 40 year
Hard Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 15 year
Amortization: 15 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 30 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 1.0%
Term: 15 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.0%
Acquisition Term: 2-year Balloon
or conversion to Permanent:
Term: 16 year
Amortization: 40 year
Hard Repayments
Interest Rate: 1.0%
Term: 18 month
Balloon Repayment
Interest Rate: 2.5%
Term: 15 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 15 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Transportation Opportunities: 1
Neighborhood Safety: 1
Public Art: 1
TOTAL: 3
Target Populations: 3
Commercial Vitality: 1
Historic Preservation/Adaptive Reuse: 1
TOTAL: 5
4
9
12
11
1
10
2
7
14
5
3
10
6
511 W 200 S $895,000 $895,000
$0
$895,000
$3,000,000
$895,000
$0***
$1,000,000
$2,420,000
Family Housing: 3
Target Populations: 3
Expand Opportunity: 1
Historic Preservation/Adaptive Reuse: 1
Transportation Opportunities: 1
Commercial Vitality: 1
TOTAL: 10
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Public Art: 1
TOTAL: 8
269 W Brooklyn Ave
1966 S 200 E
515 E 100 S
934-948 W 200 S
1881 W N Temple
1881 W N Temple
515 W 300 N
1805 S Main St
2557 S 1100 E
529 W 400 N
915 W 200 N
1159 S W Temple
1265 S 300 W
910 W N Temple
$895,000$895,000
$2,650,000
$3,000,000
$2,524,802
$1,569,441
$2,000,000
$500,000
$134,323
$1,000,000
$400,000
$3,200,000
$710,000
$880,000
$740,000
$4,500,000
$1,000,000
$740,000
$1,236,714 $1,530,677
$134,323
$2,420,000
$1,000,000
$400,000 $400,000
$1,000,000
$710,000 $710,000
$47,101 $106,608$726,291
$1,000,000
$1,732,609
$880,000
$740,000
$4,500,000
4
EXHIBIT B: RDA BOARD APPROVED COMPETITIVE HDLP FUNDING
ALLOCATIONS
(To add after Board Meeting)
82
Redevelopment Agency
Budget Amendment #2
Current Appropriation and Project Budgets
NPA: Non-Project Area. Funding does not have a legal or Board directed requirement to be spent within a specific project area.
Status Appropriation Fund Program Region Project Budget
Available FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 5,220,186.00
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD Unallocated 1,902,535.00
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 3,680,056.00
Available Total 10,802,777.00
Rescope FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000002 100 S Underground Powerlines 388,981.00
PRJ-000071 Depot District Environmental Remediation 200,000.00
PRJ-000072 Station Center Shared Parking 275,639.00
PRJ-000073 Central Station 414,121.00
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000068 SL Mattress Warehouse 86,064.62
Release Total 1,364,805.62
In Use FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000017 Artspace Stormwater Relocation 200,000.00
PRJ-000063 Station Center Design 331,313.11
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD PRJ-000054 Station Center Vision & Implementation Plan 434,696.00
FY23-DD-Other Housing-DD Depot District Other Housing DD PRJ-000064 Home Inn Rio Grande Maintenance 23,292.68
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000017 Artspace Stormwater Relocation 320,127.53
PRJ-000068 SL Mattress Warehouse 5,644.00
In Use Total 1,315,073.32
Total 13,482,655.94
Proposed Budget Changes by Appropriation
Appropriation Fund Program Region Current Budget Change Proposed Budget
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 7,030,240 (6,498,927)531,313
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD 434,696 - 434,696
FY23-DD-Other Housing-DD Depot District Other Housing DD 23,293 - 23,293
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD 1,902,535 (1,902,535)-
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA 411,836 (86,065)325,772
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 3,680,056 (3,680,056)-
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD - 1,000,000 1,000,000
FY23-DD-Commercial Property Disposition-DD Depot District Commercial Property Disposition DD - 5,498,927 5,498,927
FY23-PIF-Commercial Property Disposition-DD Program Income Fund Commercial Property Disposition DD - 1,601,073 1,601,073
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD - 301,462 301,462
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements DD - 86,065 86,065
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD - 3,680,056 3,680,056
Total 13,482,656 - 13,482,656
New Project:
Station Center Property Disposition & Site Work
RDA-FY23-DD-Commercial
Property Disposition-DD
5,498,927
RDA-FY23-DD-Infrastructure
Improvements-DD
1,000,000
RDA-FY23-PIF-Commercial
Property Disposition-DD
1,601,073
Proposed Appropriation
Station Center Property
Disposition & Site Work
8,100,000
New Project
New Project:
Depot District Infrastructure, Design, Construction, & Site Work
RDA-FY24-DD-Infrastructure
Improvements-DD
3,680,056
RDA-FY23-PIF-Infrastructure
Improvements-DD
301,462
RDA-FY23-PIF-Infrastructure
Improvements-DD
86,065
Proposed Appropriation
Depot District Infrastructure,
Design, Construction, & Site
Work
4,067,583
New Project
Workday Worktags & the RDA Budget
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or
geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Appropriation
Cost Center FundFiscal Year Program Region
Appropriations & Project Budgets
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to spend
when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval to
use these funds for specific loan projects.
Funds not awarded to projects roll
forward to the next year, unless
reappropriated by the Board.
Project Budgets
All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project budgets
may have multiple appropriations.
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Redevelopment Agency Funds
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required), Secondary
Housing (supplemental), Agency Operations (defined by interlocal
agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide), unless
otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERINMENDENHALL
Mayor
MARY BETHTHOMPSON
Chief Financial Officer
RDABOARDTRANSMITTAL
___________________________________Date Received: ________________
Mayor Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO:Salt Lake City RDA Board DATE: March 4, 2024
Alejandro Puy, RDA Chair
FROM:Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Director
SUBJECT:RDA Budget Amendment #2, FY 2023-24
SPONSOR: NA
STAFF CONTACT:Greg Cleary, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 535-6461 or
Erin Cunningham (801) 535-7246
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: The Administration recommends that subsequent to a public hearing,
the RDA Board adopt the following amendment to the FY 2023-24 adopted budget.
BUDGET IMPACT:
The Second Amendment will not affect the Agency's overall budget total. Its purpose is to
reappropriate several project budgets and reallocate funds previously appropriated at a program
level and into two new project budgets.
REVENUE EXPENSE
RDAFUND $ 0.00 $ 0.00
TOTAL $ 0.00 $ 0.00
EXECUTIVE SUMMARY:
This amendment proposes the reappropriation of budgets previously earmarked for various
projects and reallocating program-level appropriations into two new projects. Identified project
budgets are either complete with surplus funds or more effectively integrated into larger projects.
It is recommended that program-level appropriations, including "Station Center Infrastructure
Funds" and "Depot District Infrastructure Funds," be appropriated to two (2) new projects.
The amendment maintains the total budget of appropriations but alters their distribution. There is
a total of $10,802,277 in appropriations not currently allocated to projects. Additionally, there
are five project budgets available for reappropriation, totaling $1,364,806. The combined total of
$12,167,583 is proposed for allocation to two new projects.
The staff memo, included below, outlines greater details of project reallocations, and provides
additional staff analysis.
A summary document outlining the proposed budget change is attached (Attachment C). The
Administration requests this document be modified based on the decisions of the Board.The
budget amendment contains one item in section D Housekeeping Items:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. RDA Budget Amendment 2 Resolution
B. Budget Amendment 2 Staff Memo
C. Budget Amendment Summary
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Second Budget Amendment for Fiscal Year 2023-2024
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2023-2024.
WHEREAS, on June 13, 2023, the Redevelopment Agency (RDA) Board of Directors
(Board) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2023,
and ending June 30, 2024, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final annual budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final annual budget of the
RDA, as approved, ratified and finalized by the Board on June 13, 2023.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the annual budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this day of , 202 , to be effective upon adoption.
________________________________
, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE:March 4, 2024
PREPARED BY:Erin Cunningham, Financial Analyst
RE:RDA Budget Amendment #2, FY 2023-2024
REQUESTED ACTION: Discussion and approval of Budget Amendment #2
BUDGET IMPACTS:The Second Amendment will not affect the Agency's overall budget total. Its
purpose is to reappropriate several project budgets and reallocate funds previously appropriated at a
program level and into two new project budgets.
EXECUTIVE SUMMARY: This amendment proposes the reappropriation of budgets previously
earmarked for various projects and reallocating program-level appropriations into two new projects.
Identified project budgets are either complete with surplus funds or more effectively integrated into larger
projects. It is recommended that program-level appropriations, including "Station Center Infrastructure
Funds" and "Depot District Infrastructure Funds," be appropriated to two (2) new projects.
The amendment maintains the total budget of appropriations but alters their distribution. There is a total
of $10,802,277 in appropriations not currently allocated to projects. Additionally, there are five project
budgets available for reappropriation, totaling $1,364,806. The combined total of $12,167,583 is
proposed for allocation to two new projects.
ANALYSIS & ISSUES:
The Agency is in the process of transitioning to the City's new Enterprise Resource Planning (ERP)
software, Workday. In shifting to the new system for project funding, it becomes imperative to recognize
that the financial plan for each project must align with designated appropriations. Each appropriation
encapsulates details necessary for legal spending, thus ensuring compliance with regulations and policies
to which the Agency must adhere. These appropriations represent pools of money set aside for specific
purposes, each governed by clear rules regarding expenditure. The elements of each appropriation include
the Department (Cost Center), Fiscal Year, Fund, and Project Area (Region). As funds from these
appropriations are assigned to various projects, the remaining balance within each appropriation will
decrease.
Previously, the Agency possessed the flexibility to allocate funds directly from available funding sources
to projects. With the adoption of the new system, the Agency's overall budget is perceived as a collection
of these appropriations, necessitating that all project budgets derive their funding from them. This
arrangement precludes the possibility of projects maintaining their own, independent budgets. The
structure now adopts a two-tiered approach: the comprehensive budget comprising all appropriations, and
the individual project budgets that must be funded in accordance with these appropriations.
Reallocation of Appropriations
This budget amendment pertains to the redistribution of funds formerly designated as "Station Center
Infrastructure Funds" and "Depot District Infrastructure Funds." The table below illustrates the current
appropriations. The amendment proposes to reappropriate funds from two categories:
Appropriations with the "Available" status are not currently tied to any projects. Staff is seeking
to reallocate $10,802,777 of these appropriations to support two (2) new projects described
below. Appropriations and Project Budgets with the "Rescope" status are intended to be detached
from their existing assignments and rescoped to support the same two (2) projects. This
$1,364,805.62, combined with the amount above totals $12,167,583
Status Appropriation Project Budget
Available Prior Year Balances through
FY23-DD-Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 5,220,186.00
Prior Year Balances through
FY23-PIF-Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 1,902,535.00
RDA Key Changes FY24-DD-
Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 3,680,056.00
Available Total 10,802,777.00
Rescope FY23-DD-Infrastructure
Improvements-DD
Capital Project: PRJ-000002 100
S Underground Powerlines 388,981.00
Capital Project: PRJ-000071
Depot District Environmental
Remediation 200,000.00
Capital Project: PRJ-000072
Station Center Shared Parking 275,639.00
Capital Project: PRJ-000073
Central Station 414,121.00
FY23-PIF-Infrastructure
Improvements-NPA
Capital Project: PRJ-000068 SL
Mattress Warehouse 86,064.62
Rescope Total 1,364,805.62
Total 12,167,583
which are outlined in the table below.
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
District
Commercial Property
Disposition
RDA-FY23-DD-
Commercial Property
Disposition-DD
0 5,498,927 5,498,927
Infrastructure
Improvements
RDA-FY23-DD-
Infrastructure
Improvements-DD
0 1,000,000 1,000,000
Program
Income
Fund
Commercial Property
Disposition
RDA-FY23-PIF-
Commercial Property
Disposition-DD
0 1,601,073 1,601,073
Total
0 8,100,000 8,100,000
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
District
Infrastructure
Improvements
RDA-FY24-DD-
Infrastructure
Improvements-DD 0 3,680,056 3,680,056
Program
Income
Fund
Infrastructure
Improvements
RDA-FY23-PIF-
Infrastructure
Improvements-DD 0 301,462 301,462
RDA-FY23-PIF-
Infrastructure
Improvements-DD (from
NPA) 0 86,065 86,065
Total 0 4,067,583 4,067,583
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget.
2. Approval of the Fiscal Year 2023-2024 Budget Amendment #1.
ATTACHMENTS:
1. Supplemental Slides.
Current Appropriation and Project Budgets
NPA: Non-Project Area. Funding does not have a legal or Board directed requirement to be spent within a specific project area.
Status Appropriation Fund Program Region Project Budget
Available FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 5,220,186.00
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD Unallocated 1,902,535.00
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 3,680,056.00
Available Total 10,802,777.00
Rescope FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000002 100 S Underground Powerlines 388,981.00
PRJ-000071 Depot District Environmental Remediation 200,000.00
PRJ-000072 Station Center Shared Parking 275,639.00
PRJ-000073 Central Station 414,121.00
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000068 SL Mattress Warehouse 86,064.62
Rescope Total 1,364,805.62
In Use FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000017 Artspace Stormwater Relocation 200,000.00
PRJ-000063 Station Center Design 331,313.11
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD PRJ-000054 Station Center Vision & Implementation Plan 434,696.00
FY23-DD-Other Housing-DD Depot District Other Housing DD PRJ-000064 Home Inn Rio Grande Maintenance 23,292.68
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000017 Artspace Stormwater Relocation 320,127.53
PRJ-000068 SL Mattress Warehouse 5,644.00
In Use Total 1,315,073.32
Total 13,482,655.94
Proposed Budget Changes by Appropriation
Appropriation Fund Program Region Current Budget Change Proposed Budget
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 7,030,240 (6,498,927)531,313
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD 434,696 -434,696
FY23-DD-Other Housing-DD Depot District Other Housing DD 23,293 -23,293
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD 1,902,535 (1,902,535)-
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA 411,836 (86,065)325,772
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 3,680,056 (3,680,056)-
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD -1,000,000 1,000,000
FY23-DD-Commercial Property Disposition-DD Depot District Commercial Property Disposition DD -5,498,927 5,498,927
FY23-PIF-Commercial Property Disposition-DD Program Income Fund Commercial Property Disposition DD -1,601,073 1,601,073
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD -301,462 301,462
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements DD -86,065 86,065
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD -3,680,056 3,680,056
Total 13,482,656 -13,482,656
New Project:
Station Center Property Disposition & Site Work
RDA-FY23-DD-Commercial
Property Disposition-DD
5,498,927
RDA-FY23-DD-Infrastructure
Improvements-DD
1,000,000
RDA-FY23-PIF-Commercial
Property Disposition-DD
1,601,073
Proposed Appropriation
Station Center Property
Disposition & Site Work
8,100,000
New Project
New Project:
Depot District Infrastructure, Design, Construction, & Site Work
RDA-FY24-DD-Infrastructure
Improvements-DD
3,680,056
RDA-FY23-PIF-Infrastructure
Improvements-DD
301,462
RDA-FY23-PIF-Infrastructure
Improvements-DD
86,065
Proposed Appropriation
Depot District Infrastructure,
Design, Construction, & Site
Work
4,067,583
New Project
Workday Worktags & the RDA Budget
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or
geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Appropriation
Cost Center FundFiscal Year Program Region
Appropriations & Project Budgets
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to spend
when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval to
use these funds for specific loan projects.
Funds not awarded to projects roll
forward to the next year, unless
reappropriated by the Board.
Project Budgets
All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project budgets
may have multiple appropriations.
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Redevelopment Agency Funds
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required), Secondary
Housing (supplemental), Agency Operations (defined by interlocal
agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide), unless
otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
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2
P R O J E C T U P D A T E : J A P A N T O W N S T R E E T
March 19, 2024
Project Background
The West Quarter Project
The Japantown Design Strategy
Board Involvement & Requirements
Outcomes & Accomplishments
Current Status & What’s Next
IN THIS PRESENTATION
THE WEST QUARTER PROJECT
Project Background / Flow of Funds
2018 State legislation slated $15M in
Transportation Funds for Regionally Significant
Parking Structure.
SL County and the Ritchie Group requested the
creation of Block 67 Project Area and that the
Agency pass through the Transportation Funds.
The Agency would reimburse SL County on behalf
of the Ritchie Group via tax increment from
Developer’s parcels within Project Area.
SL County would use the repaid funds for a
Revolving Loan Fund to continue to fund
Regionally Significant Transportation Projects.
Block 67 North Project Area Map
THE WEST QUARTER PROJECT
Alignment with Downtown Master Plan
Increased density and housing stock
downtown
Incorporation of midblock walkways into
downtown through Agency funded projects
Mixed-use development and retail spill out
onto sidewalks
Creation of a sports and entertainment area
Parking for Delta Center, Salt Palace, and
surrounding uses
Partnering with Salt Lake County for long
term viability of the Salt Palace
Providing access to good jobs
Rendering
Japantown Community Concerns
History of Urban Renewal & Historic Japantown
Salt Palace Impacts
West Quarter Design
Good neighbor concerns for Church functions & festivals
Board Actions (July 2018)
Resolution adopting Block 67 boundary survey and
authorization of a draft Project Area plan for Block 67
Request for Agency staff to facilitate discussions with the Ritchie
Group, Salt Lake County, and the Community about mitigating
the impacts of the proposed Block 67 development on the
Community.
Facilitation Process
Agency staff establishes working group
Main outcomes emerge:
(1) “Wish list” of physical improvements for Japantown Street
(2) Developer proposed changes to West Quarter project
JAPANTOWN STREET BACKGROUND
November 2018 Agency Staff Board Memo Graphic of West Quarter
Project & Japantown Street Paths Forward
Agency staff proposes two paths to address the concerns and
implement the ideas identified through the facilitation process:
Focus One: Mitigate potential impacts of the development &
move the West Quarter project along in a timely manner,
including proposed design changes and connectivity to
Japantown Street.
Focus Two: Articulate a vision for Japantown Street, including
establishing a Working Group and partnering with a design
consultant to create collaborative vision for Japantown Street.
Board Actions (Dec 2018 - Dec 2019):
Approved identified mitigation steps to move West Quarter
project forward
Adopted a resolution expressing support for the proposed
visioning process and finalizes $100,000 in CBD placemaking
funds for consultant
Additionally, the Board conducted a straw poll for the City
Council to vote to amend the Downtown Master Plan to
recognize Japantown
Approved City and County Interlocal Agreements
Approved West Quarter Tax Increment Reimbursement
Agreement
JAPANTOWN STREET BACKGROUND
BOARD REQUIREMENTS FOR PARTICIPATION
Project Requirements:
Midblock walkway
Public parking stalls
Phase II conditions
Considerations for Japantown
Tax increment set aside of 10% for
Japantown Street improvements
Japantown Requirements:
Design Improvements
Setback for NW corner
Parking garage knock out panels
Loading functions moved within building
Good Faith Conditions
Trash pickup
Deliveries/festivals
Retail along 100 South
Landscaping along 100 South
Adjacent Property Improvements
Regrade, repave, connect storm drains
SLBT & JCC parcels
Create connection between Japantown
Street and West Quarter Project
Agency partners with GSBS Architects
Extensive engagement process (2020 - 2021)
Started with “wish list” from facilitation
process
Identified community Captains &
Subcommittee
Outcomes:
Japantown vision, goals, & design
guidelines
Community priorites
Preferred street design
Phasing
Preliminary budget estimate
JAPANTOWN DESIGN STRATEGY
JAPANTOWN DESIGN STRATEGY
Preferred concept identifies Community priorities
including functionality, safety, and place making
Phase Progression: Each phase builds on itself, so
as each phase is funded the improvements made
in the previous phase do not need to be removed
Each phase builds towards the final vision
Each phase includes elements of each type of
prioritized improvement so that the Community
may see tangible progress in each area as early as
the first phase, and throughout each phase.
Preliminary estimates roughly $7.5M+ (2020)
JAPANTOWN DESIGN STRATEGY
Phases 1 through 3 of the Japantown Design Strategy
JAPANTOWN DESIGN STRATEGY
Existing Funds in Action:
$250,000: Design Documents Phase 1-3 with GSBS
Convening committee of City Departments for
overall coordination
$100,000: Public Art
Working with Arts Council
Alignment with potential implementation
Proposed Funds for Next Steps:
Budget FY25 Request
$100k Construction documents, Phase I
$300k public art
Project Area Tax Increment
Ongoing:
Community partnership
Tabling at Nihon Matsuri Festival (Sat., April 27)
Features & Awards
STATUS UPDATE
Board Members, Agency Staff, & Community Members sharing the Japantown
Design Strategy at the Obon Festival, July 2022
THANK YOU
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
REDEVELOPMENT AGENCY STAFF MEMO
DATE: March 1, 2024
PREPARED BY: Erin Cunningham
RE: Status Report on RDA Commercial Loan Portfolio
REQUESTED ACTION: Written Briefing
RECOMMENDATION: N/A
BUDGET IMPACTS: None
EXECUTIVE SUMMARY: Semiannually, the RDA provides an update to the Board on the status of
the RDA’s commercial loan portfolio. This report identifies the following:
• New loans approved between July 1, 2023 and December 31, 2023
• Remaining amount in the existing portfolio
• Outstanding principal for the Revolving Loan Fund
• Any delinquencies
ANALYSIS & ISSUES:
One new loan was approved for $2 million to the Front Climbing Club owned by Rocky Ventures, an S
Corp 100% owned by Dustin Buckthal. This loan is currently paused and has not been disbursed.
New Loans Approved July 1, 2023 – December 31, 2023
Fund Borrower Resolution Date Approved Amount
Revolving Loan Fund Rocky Ventures, Inc. R-37-2016 2/12/2023 $2,000,000.00
Total New Loans $2,000,000.00
Available to lend as of December 31, 2023
Fund Program Amount
Revolving Loan Fund Commercial Revolving Loans 2,719,280
State Street Commercial Revolving Loans 500,000
Granary District Commercial Adaptive Reuse Loans 882,176
Total 4,101,456
Outstanding Loan Balances as of December 31, 2023
Fund Number of Loans Balance
Revolving Loan Fund 15 26,652,931
PREVIOUS BOARD ACTION: N/A
ATTACHMENTS: None
DEPARTMENT OF FINANCE
POLICY AND BUDGET DIVISION
451 SOUTH STATE STREET, ROOM 238
PO BOX 145467, SALT LAKE CITY, UTAH 84114-5455 TEL 801-535-6394
ERINMENDENHALL
Mayor
MARY BETHTHOMPSON
Chief Financial Officer
RDABOARDTRANSMITTAL
___________________________________Date Received: ________________
Mayor Erin Mendenhall, Executive Director Date sent to Council: ___________
______________________________________________________________________________
TO:Salt Lake City RDA Board DATE: March 4, 2024
Alejandro Puy, RDA Chair
FROM:Mary Beth Thompson, Chief Financial Officer
Danny Walz, RDA Director
SUBJECT:RDA Budget Amendment #2, FY 2023-24
SPONSOR: NA
STAFF CONTACT:Greg Cleary, Budget Director (801) 535-6394 or
Mary Beth Thompson (801) 535-6403 or
Mike Burns (801) 535-6461 or
Erin Cunningham (801) 535-7246
Danny Walz (801) 535-7209
DOCUMENT TYPE: Budget Amendment Resolution
RECOMMENDATION: The Administration recommends that subsequent to a public hearing,
the RDA Board adopt the following amendment to the FY 2023-24 adopted budget.
BUDGET IMPACT:
The Second Amendment will not affect the Agency's overall budget total. Its purpose is to
reappropriate several project budgets and reallocate funds previously appropriated at a program
level and into two new project budgets.
REVENUE EXPENSE
RDAFUND $ 0.00 $ 0.00
TOTAL $ 0.00 $ 0.00
EXECUTIVE SUMMARY:
This amendment proposes the reappropriation of budgets previously earmarked for various
projects and reallocating program-level appropriations into two new projects. Identified project
budgets are either complete with surplus funds or more effectively integrated into larger projects.
It is recommended that program-level appropriations, including "Station Center Infrastructure
Funds" and "Depot District Infrastructure Funds," be appropriated to two (2) new projects.
The amendment maintains the total budget of appropriations but alters their distribution. There is
a total of $10,802,277 in appropriations not currently allocated to projects. Additionally, there
are five project budgets available for reappropriation, totaling $1,364,806. The combined total of
$12,167,583 is proposed for allocation to two new projects.
The staff memo, included below, outlines greater details of project reallocations, and provides
additional staff analysis.
A summary document outlining the proposed budget change is attached (Attachment C). The
Administration requests this document be modified based on the decisions of the Board.The
budget amendment contains one item in section D Housekeeping Items:
A. New Budget Items
B. Grants for Existing Staff Resources
C. Grants for New Staff Resources
D. Housekeeping Items
E. Grants Requiring No New Staff Resources
F. Donations
G. Council Consent Agenda Grant Awards
I. Council Added Items
ATTACHMENTS:
A. RDA Budget Amendment 2 Resolution
B. Budget Amendment 2 Staff Memo
C. Budget Amendment Summary
PUBLIC PROCESS: Public Hearing
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO__________
Second Budget Amendment for Fiscal Year 2023-2024
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY AMENDING THE FINAL BUDGET OF THE RDA FOR FISCAL
YEAR 2023-2024.
WHEREAS, on June 13, 2023, the Redevelopment Agency (RDA) Board of Directors
(Board) adopted the final budget of the RDA, effective for the fiscal year beginning July 1, 2023,
and ending June 30, 2024, in accordance with the requirements of Section 17C-1-601.5 of the Utah
Code.
WHEREAS, all conditions precedent to amend the RDA's final annual budget have been
accomplished.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
1. Purpose. The purpose of this resolution is to amend the final annual budget of the
RDA, as approved, ratified and finalized by the Board on June 13, 2023.
2. Adoption of Amendments. The budget amendments shown on Exhibit A as “Board
Approved” are hereby adopted and incorporated into the annual budget of the RDA.
3. Filing of copies of the Budget Amendments. The Salt Lake City Finance
Department, on behalf of the RDA, is authorized and directed to certify and file a copy of said
budget amendments in the office of the Finance Department, the RDA, and the office of the City
Recorder, which amendments shall be available for public inspection.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, Utah,
this day of , 202 , to be effective upon adoption.
________________________________
, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
2
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting
_________________________________
Erin Mendenhall, Executive Director
Attest:
_________________________
City Recorder
3
EXHIBIT A TO RESOLUTION
[Attach Board’s Final Approved Budget Amendment]
REDEVELOPMENT AGENCY of SALT LAKE CITY
SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
STAFF MEMO
DATE:March 4, 2024
PREPARED BY:Erin Cunningham, Financial Analyst
RE:RDA Budget Amendment #2, FY 2023-2024
REQUESTED ACTION: Discussion and approval of Budget Amendment #2
BUDGET IMPACTS:The Second Amendment will not affect the Agency's overall budget total. Its
purpose is to reappropriate several project budgets and reallocate funds previously appropriated at a
program level and into two new project budgets.
EXECUTIVE SUMMARY: This amendment proposes the reappropriation of budgets previously
earmarked for various projects and reallocating program-level appropriations into two new projects.
Identified project budgets are either complete with surplus funds or more effectively integrated into larger
projects. It is recommended that program-level appropriations, including "Station Center Infrastructure
Funds" and "Depot District Infrastructure Funds," be appropriated to two (2) new projects.
The amendment maintains the total budget of appropriations but alters their distribution. There is a total
of $10,802,277 in appropriations not currently allocated to projects. Additionally, there are five project
budgets available for reappropriation, totaling $1,364,806. The combined total of $12,167,583 is
proposed for allocation to two new projects.
ANALYSIS & ISSUES:
The Agency is in the process of transitioning to the City's new Enterprise Resource Planning (ERP)
software, Workday. In shifting to the new system for project funding, it becomes imperative to recognize
that the financial plan for each project must align with designated appropriations. Each appropriation
encapsulates details necessary for legal spending, thus ensuring compliance with regulations and policies
to which the Agency must adhere. These appropriations represent pools of money set aside for specific
purposes, each governed by clear rules regarding expenditure. The elements of each appropriation include
the Department (Cost Center), Fiscal Year, Fund, and Project Area (Region). As funds from these
appropriations are assigned to various projects, the remaining balance within each appropriation will
decrease.
Previously, the Agency possessed the flexibility to allocate funds directly from available funding sources
to projects. With the adoption of the new system, the Agency's overall budget is perceived as a collection
of these appropriations, necessitating that all project budgets derive their funding from them. This
arrangement precludes the possibility of projects maintaining their own, independent budgets. The
structure now adopts a two-tiered approach: the comprehensive budget comprising all appropriations, and
the individual project budgets that must be funded in accordance with these appropriations.
Reallocation of Appropriations
This budget amendment pertains to the redistribution of funds formerly designated as "Station Center
Infrastructure Funds" and "Depot District Infrastructure Funds." The table below illustrates the current
appropriations. The amendment proposes to reappropriate funds from two categories:
Appropriations with the "Available" status are not currently tied to any projects. Staff is seeking
to reallocate $10,802,777 of these appropriations to support two (2) new projects described
below. Appropriations and Project Budgets with the "Rescope" status are intended to be detached
from their existing assignments and rescoped to support the same two (2) projects. This
$1,364,805.62, combined with the amount above totals $12,167,583
Status Appropriation Project Budget
Available Prior Year Balances through
FY23-DD-Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 5,220,186.00
Prior Year Balances through
FY23-PIF-Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 1,902,535.00
RDA Key Changes FY24-DD-
Infrastructure
Improvements-DD
Capital Reserve - Infrastructure
Improvements -{Holding
Account}- 3,680,056.00
Available Total 10,802,777.00
Rescope FY23-DD-Infrastructure
Improvements-DD
Capital Project: PRJ-000002 100
S Underground Powerlines 388,981.00
Capital Project: PRJ-000071
Depot District Environmental
Remediation 200,000.00
Capital Project: PRJ-000072
Station Center Shared Parking 275,639.00
Capital Project: PRJ-000073
Central Station 414,121.00
FY23-PIF-Infrastructure
Improvements-NPA
Capital Project: PRJ-000068 SL
Mattress Warehouse 86,064.62
Rescope Total 1,364,805.62
Total 12,167,583
which are outlined in the table below.
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
District
Commercial Property
Disposition
RDA-FY23-DD-
Commercial Property
Disposition-DD
0 5,498,927 5,498,927
Infrastructure
Improvements
RDA-FY23-DD-
Infrastructure
Improvements-DD
0 1,000,000 1,000,000
Program
Income
Fund
Commercial Property
Disposition
RDA-FY23-PIF-
Commercial Property
Disposition-DD
0 1,601,073 1,601,073
Total
0 8,100,000 8,100,000
Fund Program Appropriation
Current
Budget Change
Proposed
Budget
Depot
District
Infrastructure
Improvements
RDA-FY24-DD-
Infrastructure
Improvements-DD 0 3,680,056 3,680,056
Program
Income
Fund
Infrastructure
Improvements
RDA-FY23-PIF-
Infrastructure
Improvements-DD 0 301,462 301,462
RDA-FY23-PIF-
Infrastructure
Improvements-DD (from
NPA) 0 86,065 86,065
Total 0 4,067,583 4,067,583
PREVIOUS BOARD ACTION:
1. Approval of the Fiscal Year 2023-2024 Budget.
2. Approval of the Fiscal Year 2023-2024 Budget Amendment #1.
ATTACHMENTS:
1. Supplemental Slides.
Current Appropriation and Project Budgets
NPA: Non-Project Area. Funding does not have a legal or Board directed requirement to be spent within a specific project area.
Status Appropriation Fund Program Region Project Budget
Available FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 5,220,186.00
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD Unallocated 1,902,535.00
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD Unallocated 3,680,056.00
Available Total 10,802,777.00
Rescope FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000002 100 S Underground Powerlines 388,981.00
PRJ-000071 Depot District Environmental Remediation 200,000.00
PRJ-000072 Station Center Shared Parking 275,639.00
PRJ-000073 Central Station 414,121.00
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000068 SL Mattress Warehouse 86,064.62
Rescope Total 1,364,805.62
In Use FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD PRJ-000017 Artspace Stormwater Relocation 200,000.00
PRJ-000063 Station Center Design 331,313.11
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD PRJ-000054 Station Center Vision & Implementation Plan 434,696.00
FY23-DD-Other Housing-DD Depot District Other Housing DD PRJ-000064 Home Inn Rio Grande Maintenance 23,292.68
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA PRJ-000017 Artspace Stormwater Relocation 320,127.53
PRJ-000068 SL Mattress Warehouse 5,644.00
In Use Total 1,315,073.32
Total 13,482,655.94
Proposed Budget Changes by Appropriation
Appropriation Fund Program Region Current Budget Change Proposed Budget
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 7,030,240 (6,498,927)531,313
FY23-DD-Infrastructure Studies and Planning-DD Depot District Infrastructure Studies and Planning DD 434,696 -434,696
FY23-DD-Other Housing-DD Depot District Other Housing DD 23,293 -23,293
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD 1,902,535 (1,902,535)-
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements NPA 411,836 (86,065)325,772
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD 3,680,056 (3,680,056)-
FY23-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD -1,000,000 1,000,000
FY23-DD-Commercial Property Disposition-DD Depot District Commercial Property Disposition DD -5,498,927 5,498,927
FY23-PIF-Commercial Property Disposition-DD Program Income Fund Commercial Property Disposition DD -1,601,073 1,601,073
FY23-PIF-Infrastructure Improvements-DD Program Income Fund Infrastructure Improvements DD -301,462 301,462
FY23-PIF-Infrastructure Improvements-NPA Program Income Fund Infrastructure Improvements DD -86,065 86,065
FY24-DD-Infrastructure Improvements-DD Depot District Infrastructure Improvements DD -3,680,056 3,680,056
Total 13,482,656 -13,482,656
New Project:
Station Center Property Disposition & Site Work
RDA-FY23-DD-Commercial
Property Disposition-DD
5,498,927
RDA-FY23-DD-Infrastructure
Improvements-DD
1,000,000
RDA-FY23-PIF-Commercial
Property Disposition-DD
1,601,073
Proposed Appropriation
Station Center Property
Disposition & Site Work
8,100,000
New Project
New Project:
Depot District Infrastructure, Design, Construction, & Site Work
RDA-FY24-DD-Infrastructure
Improvements-DD
3,680,056
RDA-FY23-PIF-Infrastructure
Improvements-DD
301,462
RDA-FY23-PIF-Infrastructure
Improvements-DD
86,065
Proposed Appropriation
Depot District Infrastructure,
Design, Construction, & Site
Work
4,067,583
New Project
Workday Worktags & the RDA Budget
Worktags allow for tracking of costs, revenues, and other operational metrics across different dimensions like departments, projects, or
geographic locations. The Redevelopment Agency’s budget utilizes the following Worktags:
Cost Center: Represents a specific department, unit, or division within an organization that is responsible for certain costs. The RDA is a cost center.
Fiscal Year: The original year the funds were appropriated.
Fund: Used to categorize and segregate financial transactions based on the origin of the funds, which is crucial for accurate financial reporting and compliance. The
RDA has Project Area, Housing, Multi-Use, and Operations funds, with various legal and policy-related requirements that need to be monitored.
Program: Enables the segregation and monitoring of financial data, which represents a specific pool of money that needs to be tracked for various legal, policy, or
Board-directed initiatives related to RDA programs. The Program Worktags are designed to fit within program hierarchies such as Housing, Commercial, Infrastructure,
and Operations programs.
Region: Segments expenses based on location, which for the RDA is usually a Project Area. Not all expenses will be associated with a project area, which means this
Worktag may not always be used.
Appropriation: Combines the elements of Cost Center, Fund, Program, and Region into a single, comprehensive identifier, with the fiscal year as a prefix.
Appropriation
Cost Center FundFiscal Year Program Region
Appropriations & Project Budgets
Operations Appropriations
Annual appropriations for operational
expenses. Considered approved to spend
when appropriated. If not spent or
encumbered by the end of the fiscal year,
drops to fund balance. Typically, these
would be for RDA operating expenses.
Occasionally may be associated with a
project budget (for example, an office
remodel).
Capital Reserves Appropriations
Appropriations for programs that carry
forward each year. For instance, in the
Housing Development Loan Program, a
set amount is allocated for loans. Staff
will request additional Board approval to
use these funds for specific loan projects.
Funds not awarded to projects roll
forward to the next year, unless
reappropriated by the Board.
Project Budgets
All project budgets must pull from
appropriations. Once project budgets have
been approved by the Board, the Agency can
move forward with spending. Project budgets
may have multiple appropriations.
Each appropriation supports either the operations of the Agency or projects associated with its various programs.
Redevelopment Agency Funds
Project Area Funds
Must be used within the boundaries of the project area, except for
revenues transferred to Primary Housing (legally required), Secondary
Housing (supplemental), Agency Operations (defined by interlocal
agreements), or other legal reasons.
•Central Business District (CBD)
•Block 70 (B70)
•Depot District (DD)
•Granary District (GD)
•North Temple (NT)
•North Temple Viaduct (NTV)
•Stadler Rail (SR)
•Northwest Quadrant (NWQ)
•State Street (SS)
•9 Line (9L)
•Block 67 North (B67N)
Housing Funds
May be used anywhere in the City, unless otherwise directed by the
Board, except for the WCI, which must be used west of I-15.
•Primary Housing (1H)
•Secondary Housing (2H)
•Housing Development Fund (HDF)
•West Side Community Initiative (WCI)
Multi-Use Funds
Can be used across project areas (and potentially city-wide), unless
otherwise directed by the Board.
•Program Income Fund (PIF)
•Revolving Loan Fund (RLF)
Agency Operations Fund (OPS)
•Receives transfers in from other funds to fund the Agency’s
operational expenses.
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