HomeMy WebLinkAbout04/08/2025 - Meeting Materials
Board of Directors of the
SALT LAKE CITY
COMMUNITY REINVESTMENT AGENCY
AGENDA
April 8, 2025 Tuesday 2:00 PM
Council Work Room
451 South State Street, Room 326
Salt Lake City, UT 84111
CRA.SLC.GOV
BOARD MEMBERS:
Darin Mano, Chair Dan Dugan, Vice Chair
Victoria Petro Alejandro Puy Chris Wharton
Eva Lopez Chavez Sarah Young
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 CRA 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: 10:05:03
Comments:A.
1.General Comments to the Board ~ 2:00 p.m.
5 min.
The CRA Board of Directors will receive public comments regarding Community
Reinvestment Agency business in the following formats:
1.Written comments submitted to the CRA Board offices: 451 South State Street,
Suite 304, P.O. Box 145476, Salt Lake City, UT. 84114-5476.
2.Comments to the CRA Board of Directors. (Comments are taken on any item not
scheduled for a public hearing, as well as on any other CRA 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.Community Reinvestment Agency Business - The CRA Board of Directors
will receive information and/or hold discussions and/or take action on:
1.Approval of Minutes ~ 2:05 p.m.
5 min.
The Board will approve the meeting minutes of February 11, 2025.
2.Resolution: Housing Development Funding Strategy Annual
Priorities Fiscal Year 2025-26
~ 2:10
p.m.
20 min.
The Board will receive a briefing and consider adopting a resolution that would approve
the Housing Development Funding Strategy for Fiscal Year 2025-26 priorities. The
upcoming fiscal year annual Housing Development Funding Strategy priorities include:
deeply affordable housing, family housing with amenities for children, wealth building
opportunities, expanding opportunities, and neighborhood services and commercial
spaces.
3.Informational: Sustainability Consultant Funding Allocation ~ 2:30 p.m.
20 min.
The Board will receive a briefing and consider a straw poll for approval of $100,000 from
the Program Income Fund and Sustainable Technical Assistance Program to procure a
sustainability consultant to research and recommend potential updates to the CRA’s
sustainable development policy. The sustainability consultant activities include but are
not limited to: Cost-benefit analysis of energy rating systems, including Energy Star,
LEED, and Enterprise Green Communities, as well as all-electric and net-zero
requirements; Stakeholder engagement and developer roundtables; and Exploration of
additional pathways for sustainability compliance, including embodied carbon and
renewable energy credits.
4.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.
5.Report of the Chair and Vice Chair TENTATIVE
5 min.
Report of the Chair and Vice Chair.
6.Report and Announcements from CRA Staff TENTATIVE
20 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;
•Staff Announcements;
•Affordable Housing Dashboard Presentation; and
•Scheduling Items.
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:
NONE.
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: Budget for the Community Reinvestment Agency of
Salt Lake City for Fiscal Year 2025-26 -
-
Adjournment
The Board will set the dates of Tuesday, May 20, 2025 and Tuesday, June 3, 2025 at 7
p.m. to accept public comment and consider approving a resolution adopting the final
budget for the Community Reinvestment Agency of Salt Lake City for Fiscal Year 2025-
26.
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.
G.
CERTIFICATE OF POSTING
On or before 5:00 p.m. on Thursday, April 3, 2025, 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.
KEITH REYNOLDS
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@slc.gov, 801-535-7600, or relay service
711.
Item C2
MOTION SHEET
THE COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM: Allison Rowland
Budget & Policy Analyst
DATE:April 8, 2025
RE: RESOLUTION: AFFORDABLE HOUSING FUNDING PRIORITIES FOR FISCAL YEAR 2025-26
MOTION 1 – ADOPT ORDINANCE
I move that the Board adopt the resolution adopting Affordable Housing Funding Priorities for Fiscal Year 2025-26.
MOTION 2 – NOT ADOPT
I move that the Council not adopt the resolution adopting Affordable Housing Funding Priorities for Fiscal Year 2025-26, and
proceed to the next agenda item.
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 COMMUNITY REINVESTMENT AGENCY of SALT LAKE CITY
TO:CRA Board Members
FROM:Allison Rowland
Senior Policy Analyst
DATE:April 8, 2025
RE: RESOLUTION: PROPOSED HOUSING DEVELOPMENT FUNDING PRIORITIES FOR
FISCAL YEAR 2025-26
ISSUE-AT-A-GLANCE
This briefing is designed as a follow-up discussion of the CRA Fiscal Year 2025-26 (FY26) Housing
Development Funding Strategy, which the Board considers each year for any potential modifications. The
Funding Strategy guides the three steps below, which are completed as part of the annual CRA budget process:
1. Select annual Housing Priorities.
2. Allocate funding for each Housing Activity [for example, the Housing Development Loan Program
(HDLP), Assistance for Accessory Dwelling Units (ADUs), and Land Acquisition].
3. Allocate projected CRA revenue to each of four Housing Funds (Primary Housing Fund, Secondary
Fund, Westside Community Initiative Fund, and Housing Development Loan Fund).
For FY26, CRA staff proposes maintaining all five of the Housing Priorities adopted by the Board last year, as
shown below.
Threshold Priorities: Deeply Affordable Housing; Family Housing with Amenities for Children.
Other Priorities: Wealth Building Opportunity; Expanding Opportunity; Neighborhood Services and
Commercial Space.
CRA staff plans to provide a proposal for specific funding allocations among the Housing Activities (Step 2 in the
process above and for allocating projected CRA revenue to the four housing funds (Step 3) for the next Board
meeting. The proposals are subject to Board approval as part of the CRA’s annual budget process.
Goal of the briefing: Discuss and consider adopting the proposed Fiscal Year 2025 Housing Priorities.
Item Schedule:
Briefing: April 8, 2025
Set Date: N/A
Public Hearing: N/A
Potential Action: April 8, 2025
Page | 3
BACKGROUND AND ADDITIONAL INFORMATION
A. FY26 Funding Priorities. The annual Priorities are particularly relevant to the Housing Development
Loan Program (HDLP) and its annual Notice of Funding Availability (NOFA) process. The first two
Priorities on the list would again be considered “threshold requirements” for HDLP funding, which means
that at least one of the two Priorities must be met for proposed developments to qualify for HDLP funds. In
addition, each of the four annual Housing Priorities contributes two points to the score calculated in the
NOFA to help assess applications and potentially qualify them for interest rate reductions.
1.Deeply Affordable Housing: For FY26, CRA staff recommend that the Board reduce the income
level needed to qualify for this priority to be affordable to people earning 30% of Area Median
Income (AMI) or less. Reducing this level from 40% AMI or less, as it was in previous years, is
expected to open units to additional individuals and families. It also would align the program with
the standard used in other City programs. For FY25 CRA loans were awarded to projects that will
provide approximately 482 new units priced at 40% AMI or below.
2.Family Housing with Amenities for Children: This priority would remain the same as in
FY25, subsidizing the construction of units with three or more bedrooms in new developments, and
adding the requirement that developments must include “amenities for children.” In FY25, CRA
loans will help provide approximately 79 units with three or more bedrooms.
3.Wealth-Building Opportunities: This priority was expanded in FY24 to incorporate both
Affordable Homeownership and other ideas aimed at helping increase the wealth of low- to
moderate-income residents. In recent years, CRA staff have refined this category to include
supplemental income opportunities, stipends for renters, cooperative housing, and more. Last
month, the Board approved an additional $4 million for the rehabilitation and/or construction of 76
units of as part of the FY25 High Opportunity NOFA.
CRA staff has noted in the past that home ownership projects can fail to qualify for Housing
Development Loan Program funding because CRA funds typically are limited to 10% or less of the
project’s financing sources. Homeownership projects tend to need a larger initial subsidy to reduce
a home’s price to below market value.
Would the Board like to consider the costs and benefits of changing the
percentage of CRA financing allowed for homeownership projects?
Alternatively, the Board could request CRA staff analyze options to address this
limitation based on recent potential projects, and report back to them in a future
meeting.
4.Expand Opportunity. This Priority indicates the Board’s continued support for expanding
affordable housing in Eastside neighborhoods, in accordance with the CRA’s High Opportunity Area
Map.
5.Neighborhood Services and Commercial Spaces. This Priority supports neighborhoods by
promoting the construction of commercial spaces, like retail, food services, and daycare.
Does the Board wish to modify any items on the proposed list of FY26 Priorities? If not, a
strawpoll may be in order.
B. Limitations of the Project Scoring Process. In a 2023 discussion, CRA staff noted a limitation in the
extent to which annual Priorities are reflected in specific projects proposed by staff to the Board for funding.
The highest-ranking Priorities are not necessarily incorporated in project submissions more frequently than
Page | 4
other priorities, because of “other important review standards besides the priorities that projects are
evaluated against such as having other sources of financing secured.” These review standards are
contained in the 2021 NOFA guidelines and application handbook, as follows:
a. Alignment with project priorities.
b. Content and quality of the project narrative.
c. Qualifications and experience of the applicant and development team.
d. Content, effectiveness, and appropriateness of the budget, sources and uses, operating
proforma, and related assumptions.
e. The readiness of the project to proceed to construction.
f. Any and all content regarding building and site design.
Some Board Members have suggested that re-evaluation of the review standards could reveal ways
to address how this apparent mismatch between the more heavily weighted Priorities and other
review standards may be remedied, and how to expand opportunities for CRA funding to a wider
variety of developers. The Board may wish to ask CRA staff how each review standard is
weighted, whether failing to fully meet any standard results in automatic rejection of
an application, and other related questions. Alternatively, the Board could request
CRA staff conduct a deeper analysis of these issues and report back to them in a future
meeting.
C. Board Prerogatives. After adopting the annual Housing Development Funding Strategy, the CRA Board
retains the option to make policy changes among adopted housing Activities or budget allocations at any
time during the year. In addition, the Board reviews and considers each specific loan project proposal before
it may be approved for funding, and it can suspend any adopted policies under special circumstances for a
specific project proposal.
D. Sustainability. All HDLP applicants must comply with the CRA’s Sustainable Development Policy. It
requires all new construction and rehab projects receiving $900,000 or more in funding to provide the
following:
•Energy Star score of 90 or more
• 100% electric (no on-site fuel combustion)
• Participation in Salt Lake City’s Energy Benchmarking Program
E. Background. The guiding polices for the annual Affordable Housing Strategy are the Housing Allocation
Funds Policy and Housing Development Loan Program (HDLP) Policy, which were adopted by the Board
in 2021. As outlined in these policies, CRA staff prepares a proposed Strategy—including a resolution and
funding allocations—for the Board’s consideration and approval. During the broader City budget discussions
(typically in May) the Board would finalize the funding amounts in the Strategy.
1.Housing Allocation Funds Policy. The Housing Allocation Funds Policy sets up four housing
funds: Primary; Secondary; Housing Development Fund; and Westside Community Initiative. CRA staff
account for the revenues, expenditures, interest, payments, and repayments for each fund source
separately. The annual budgeting process laid out in the policy includes the Housing Development
Funding Strategy. Per policy, the Strategy includes:
a. a projected revenue amount proposed by CRA staff to be allocated to the Housing Funds, and
Page | 5
b. a proposed funding allocation among the Housing Activities (for example, gap financing loans,
property acquisition) approved annually by the Board.
2.Housing Development Loan Program (HDLP) Policy. The Housing Development Loan
Program (HDLP) Policy defines one of the four typical Activities used to implement the Annual
Priorities: the Housing Development Loan Program. The purpose of this program is to provide low-cost
financial assistance to incentivize the development and preservation of affordable housing in Salt Lake
City.
POLICY QUESTIONS
1.Would the Board like to begin a preliminary discussion of funding allocations related to the
Housing Activities to simplify discussions during the broader budget discussions in May?
The Board could consider discussing this funding by speaking in terms of percentages of the total amount.
For example,
x% for the Housing Development Loan Program (HDLP)
y% for Assistance for Accessory Dwelling Units (ADUs)
z% for Land Acquisition
2.Does the Board wish to be informed of updated balances in each of the four Housing Funds
before making decisions about allocations? The Board also may wish to ask about the plan
for dealing with any surpluses or shortfalls in actual revenue compared to the revenue
estimates. Will the CRA staff return to the Board for authorization to make changes to the
amounts allocated to each Activity, for example, through budget amendments?
3.The Board may wish to ask for an update from CRA staff on guiding policies for the
Westside Community Initiative.
:
SALT LAKE CITY REDEVELOPMENT AGENCY
SWORN STATEMENT SUPPORTING CLOSURE OF MEETING
I, _ , acted as the presiding member of the Community Reinvestment Agency of Salt Lake City,
which met on ________________________in an electronic meeting pursuant to Salt Lake City Proclamation.
Appropriate notice was given of the Community Reinvestment Agency meeting as required by §52-4-202.
A quorum of the Community Reinvestment Agency was present at the meeting and voted by at least a two-thirds vote, as
detailed in the minutes of the open meeting, to close a portion of the meeting to discuss the following:
§52-4-205(l)(a) discussion of the character, professional competence, or physical or mental health of an
individual;
§52 -4-205(1)(b) strategy sessions to discuss collective bargaining;
§52-4-205(l)(c) strategy sessions to discuss pending or reasonably imminent litigation;
§52-4-205(l)(d) strategy sessions to discuss the purchase, exchange, or lease of real property, including
any form of a water right or water shares, if public discussion of the transaction would: (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;
§52-4-205(l)(e) 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) if 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;
§52-4-205(1)(f) discussion regarding deployment of security personnel, devices, or systems; and
§52-4-205(1)(g) 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.
Other, described as follows:
The content of the closed portion of the Community Reinvestment Agency meeting was restricted to a discussion of the
matter(s) for which the meeting was closed.
With regard to the closed meeting, the following was publicly announced and recorded, and entered on the minutes of the
open meeting at which the closed meeting was approved:
(a)the reason or reasons for holding the closed meeting;
(b)the location where the closed meeting will be held; and
(c)the vote of each member of the public body either for or against the motion to hold the closed meeting.
The recording and any minutes of the closed meeting will include:
(a)the date, time, and place of the meeting;
(b)the names of members Present and Absent; and
(c)the names of all others present except where such disclosure would infringe on the confidentiality
necessary to fulfill the original purpose of closing the meeting.
Pursuant to §52-4-206(6), a sworn statement is required to close a meeting under §52-4-205(1)(a) or (f), but a record by
tape recording or detailed minutes is not required; and Pursuant to §52-4-206(1), a record by tape recording and/or
detailed written minutes is required for a meeting closed under §52-4-205(1)(b),(c),(d),(e),and (g):
A record was not made
A record was made by: Electronic recording Detailed written minutes
I hereby swear or affirm under penalty of perjury that the above information is true and correct to the best of my
knowledge.
Presiding Member Date of Signature
Darin M Mano (Apr 11, 2025 12:12 MDT)
Darin M Mano
Darin Mano
April 8, 2025
4
4
4 4
Apr 11, 2025
Sworn Statement template - CRA - Updated
April 2025
Final Audit Report 2025-04-11
Created:2025-04-08
By:Michelle Barney (Michelle.Barney@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAOoNjmnsdXxe0kUnQwjX-YQ8YpwlWoboK
"Sworn Statement template - CRA - Updated April 2025" History
Document created by Michelle Barney (Michelle.Barney@slc.gov)
2025-04-08 - 9:09:25 PM GMT
Document emailed to darin.mano@slc.gov for signature
2025-04-08 - 9:39:57 PM GMT
Email viewed by darin.mano@slc.gov
2025-04-08 - 10:52:33 PM GMT
Signer darin.mano@slc.gov entered name at signing as Darin M Mano
2025-04-11 - 6:12:11 PM GMT
Document e-signed by Darin M Mano (darin.mano@slc.gov)
Signature Date: 2025-04-11 - 6:12:13 PM GMT - Time Source: server
Agreement completed.
2025-04-11 - 6:12:13 PM GMT