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04/03/2003 - Minutes PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH THURSDAY, APRIL 3, 2003 The City Council of Salt Lake City, Utah met in Work Session on Thursday, April 3, 2003, at 5:30 p.m. in Room 326, Committee Room, City County Building, 451 South State Street. In Attendance: Council Members Carlton Christensen, Van Turner, Eric Jergensen, Nancy Saxton, Jill Remington Love, Dave Buhler, and Dale Lambert. Also In Attendance: Cindy Gust-Jenson, Executive Council Director; David Nimkin, Mayor's Chief of Staff; Gary Mumford, Council Deputy Director/Senior Legislative Auditor; Janice Jardine, Council Planning and Policy Analyst; Lehua Weaver, Council Staff Assistant; LuAnn Clark, Housing and Neighborhood Development Director; Bill Haight, Information Management Services Technology Manager; James Wood, Bureau of Economic and Business Research Interim Director; Chris Gamvroulas, Ivory Homes Land Acquisitions; Russ Watts, Watts Corporation President; Nancy Taufer, Real Estate Associate/Wood Realtor; Tim Funk, Crossroads Urban Center; Jeff Bennion, Fannie Mae Utah Partnership Office Director; Marcie Milligan, Fannie Mae Utah Partnership Office Senior Deputy; Rosemary Kappes, Housing Authority of Salt Lake City Executive Director; Matt Minkevitch, The Road Home Executive Director; Maria Garciaz, Neighborhood Housing Services Executive Director; and Scott Crandall, Deputy Recorder. Councilmember Christensen presided at and conducted the meeting. The meeting was called to order at 5:31 p.m. AGENDA ITEMS #1. REPORT OF THE EXECUTIVE DIRECTOR, INCLUDING REVIEW OF COUNCIL INFORMATION ITEMS AND ANNOUNCEMENTS. No discussion was held. #2. HOLD AN EXTENDED MEETING FOR INVITED GUESTS TO PROVIDE THEIR INPUT ON ISSUES PERTAINING TO HOUSING. View Attachment James Wood briefed the Council with the attached handout. He said the supply of affordable housing needed to be increased. He said the median cost of a new single- family home was approximately $200, 000. He said the cost of an affordable home had risen from $102,000 in 1997 to approximately $133,000 in 2002. He said 55 cities were surveyed regarding impact fees. He said Salt Lake' s $2,400 fee ranked 47th. He said a number of cities provided minimal affordable housing. Councilmember Lambert asked how other cities could be encouraged to address affordable housing. Mr. Wood said cities could provide relief from property taxes and impact fees and consider zoning changes. Councilmember Saxton asked about the disproportionate increase in land and housing costs compared to housing development. Mr. Wood said housing price increases had been driven mainly by land costs. He said low interest rates were helping affordability. Councilmember Love asked if information presented to the Council could be given to the County and other municipalities. Mr. Wood said yes. Councilmember Lambert asked when an affordable home was built, was information available showing if the home was built for a single person or a family. Mr. Wood said that information was not part of the study. Councilmember Turner asked about the affordable housing market with decreasing availability of land. Mr. Wood said condominium conversions, twin homes, and manufactured homes could provide some affordable housing. He said partnerships needed to take place in order to provide housing. He said when interest rates started to 03 - 1 PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH THURSDAY, APRIL 3, 2003 climb affordable housing would be more of an issue. Chris Gamvroulas briefed the Council with the attached handout. He said land was dwindling in the City and re-zoning needed to be considered. He said this would allow more units to be built per acre. He said financial assistance programs needed to be implemented. Councilmember Christensen asked if it was practical for a builder to construct a small number of homes. Mr. Gamvroulas said small subdivisions took as much or more work as large subdivisions. Councilmember Buhler asked about increasing the number of residential building lots through rezoning or redevelopment. Mr. Gamvroulas said large areas of land on the west side of the City were zoned residential with two acre or five acre lots. He said rezoning those properties to 7, 000 square foot lots would increase the City's inventory. Councilmember Turner said his district wanted to rezone commercial properties to residential. He said a lot of commercial properties were owned by developers who felt it was more profitable to have commercial or warehouses. He asked how those properties could be converted to residential. Mr. Gamvroulas said the properties could simply be rezoned to residential. He said he felt the City' s zoning policies needed to be prioritized. Councilmember Lambert asked for more information about grant programs. Mr. Gamvroulas said money was available from Housing and Urban Development (HUD) . He said cities could apply for money which would then be available to qualified buyers. He said revolving loan funds could also be utilized. Russ Watts briefed the Council with the attached handout. He said incentives should be created to encourage housing development. He said developing infill properties would help bring neighborhoods back to the downtown area. He said land prices and parking were barriers which needed to be addressed. Councilmember Saxton said other cities required developers to provide money or land for schools and parks. She asked how Mr. Watts felt about that practice. Mr. Watts said impact fees in Midway, Utah were $14,500 per home. He said since fees in Salt Lake were $2, 400, he felt the City could ask developers to contribute to those types of enhancements. Councilmember Jergensen asked about allowing high density developments on infill lots when surrounding neighborhoods were zoned for single family homes. Mr. Watts said that was a tough political issue and he did not have an answer. He said one issue the City could look at was side-by-side parking. He said other cities provide incentives for single car garages. Councilmember Jergensen said the City needed to address infill development. Mr. Watts said Denver City had a good infill program and the Council could send representatives to meet with their planning department. Councilmember Christensen asked Mr. Watts about the City's approval process. Mr. Watts said a lot of time was needed to get through the process. He said developers had learned to wait until the process was complete before finalizing land purchases. Nancy Taufer briefed the Council with the attached handout. She said zoning and variance requirements needed to be reviewed regarding single-family homes. She said buyer assistance programs worked well in an appreciating market. She said in a down market they hurt buyers and damaged neighborhoods by causing large numbers of foreclosures. 03 - 2 PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH THURSDAY, APRIL 3, 2003 Councilmember Turner asked about homes in his district being used as illegal duplexes. Ms. Taufer said multiple families were pooling resources and illegally occupying single-family homes. She said those situations needed to be addressed through City enforcement. She said she understood the 1995 zoning re-write eliminated duplexes. Councilmember Saxton asked for more information about Ms. Taufer's interpretation regarding duplex zoning. Ms. Taufer said she was involved with properties which in the past had duplex zoning. She said she understood they were not allowed and asked if that was accurate. Janice Jardine said prior to 1995 the R-2 zone allowed single family homes and duplexes. She said the majority of the R-2 zone was changed to permit several single-family designations. Councilmember Lambert asked if a market existed for single owner-occupied units in the Central City area. Ms. Taufer said yes. She said she felt it was important to have one-level structures especially for senior citizens. Councilmember Jergensen asked if increasing property values in the downtown area would create single demographic neighborhoods or could families still afford to purchase and remodel older homes. Ms. Taufer said the avenues were a premium but home prices between 500 East and State Street had been kept affordable. Councilmember Jergensen asked if there was a market for older multi-unit buildings being purchased and converted to single-family or even duplexes. Ms. Taufer said yes but the cost of the property was the key element. Tim Funk briefed the Council with the attached handout. He said the City's community housing plan needed to be updated and clear identifiable goals established. He said housing entities needed to work together to achieve a unified planning process. He said policy planning and resource allocations should be coordinated through the City's Housing Trust Fund or another advisory vehicle. Mr. Funk said the Housing Trust Fund could be funded with a permanent dedicated source. He said an annual amount of Redevelopment Agency (RDA) tax increment monies could be earmarked for allocation. He said affordable housing needed to be preserved and buyers needed assistance in purchasing homes and retaining ownership. He said a workshop was being conducted by his organization to discuss housing issues. Councilmember Jergensen said he understood the ratio between homeowners and renters should be 60/40. He asked Mr. Funk about the ratio. Mr. Funk said the State of Utah had the highest rate in the country at approximately 77%. He said the ratio in Salt Lake was approximately 50/50. He said the current default rate was very high and 77% pushed the limits in terms of homeowners' ability to keep their property. Councilmember Saxton asked about more efficient ways to use housing trust fund monies. Mr. Funk said the entities which made up the trust needed to be unified and understand and support each other. He said some cities used housing trusts to administer all affordable housing issues. Councilmember Turner asked about current figures and goals relating to rehabilitation efforts. Mr. Funk said he did not have the figures with him but they were included in the plan. He said 15-20 years of additional effort were needed to bring the rehabilitation program up to date. He recommended the City hire an additional employee to work specifically on that effort. Councilmember Lambert asked how the City should approach rent subsidies. Mr. Funk said rent subsidies were not practical because state and local governments did not have the necessary resources. He said an annual investment of $500,000 would help people in transitional housing become self-sufficient. 03 - 3 PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH THURSDAY, APRIL 3, 2003 Councilmember Christensen asked about ways to help homeowners rehabilitate their property. Mr. Funk said the City could experiment by giving $2,000 loans to a number of residents. He said the loans could be no interest or interest only or collected when homes were sold. He said the City needed to be creative to encourage people to participate. Jeff Bennion and Marcie Milligan briefed the Council with the attached handout and computer presentation. Mr. Bennion said Fannie Mae Corporation wanted more focus on Salt Lake. He said housing statistics needed to be reviewed on a consistent basis. He said housing opportunity barriers included income restrictions, land costs, and leveraging resources. Mr. Bennion said innovative opportunities included Main Street housing, Gateway redevelopment, and evaluating the City' s housing master plan. He said methods to encourage home ownership included making housing a top priority, leveraging local lender relationships, and marketing downtown living. He said Charlotte, North Caroline had revitalized their community through an effective rehabilitation program and by focusing on housing issues. Councilmember Lambert asked for examples of Charlotte's policies/programs which could be used in Salt Lake. Ms. Milligan said they used land banking, land trusts, acquisition teardowns, new project designs, and new housing bids. Councilmember Turner asked about developing housing on Main Street. Mr. Bennion said the common ratio was 7-10 office workers for every resident. He said in terms of location, Crossroads and ZCMI could be revitalized. He said the Gateway Redevelopment District could be a mixed income development which would create additional reinvestment in the downtown core. He said he felt the focus needed to be on land banking and density issues. Councilmember Saxton asked how the community could take advantage of Fannie Mae programs. Mr. Bennion said communities needed to work through local lenders because they were the primary contact for marketing Fannie Mae programs. Ms. Milligan said the City needed to focus on first-time homebuyer and rehabilitation markets. She said Fannie May had a new rehabilitation product which would help leverage City monies. Councilmember Christensen asked about City government participation in Fannie Mae programs. Mr. Bennion said Ogden City was the first municipality in the country to be a certified Fannie Mae seller service provider. He said through that partnership they were allowed to originate loans and sell them to Fannie Mae. He said developing a proactive partnership with Fannie Mae would help the City accomplish its objectives. Rosemary Kappes said the Housing Authority had recently briefed the Council regarding their annual report. She said the 2003/2004 federal HUD budget did not contain appropriations for Section 8 rental assistance. She said other housing programs involving HUD funding were slowly dissipating. She said there was a real need for affordable housing in Salt Lake. She said there was a strong movement in the City for homeownership and the Council needed to be cautious in developing housing policies. Ms. Kappes said the Housing Trust Fund had the most flexibility and recommended the City put more money into the fund. She said other issues the Council needed to consider included: land banking, density bonuses, zero lot line setbacks, cost of fire truck turn-a-rounds, mixed-income and mixed-use developments, guarantee bonds, absentee landlord enforcement, incentives for absentee landlords to sell their land to the City or non-profit organizations, crime control, and neighborhood grocery stores. Councilmember Turner asked why senior citizen housing worked in his area but not in 03 - 4 PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH THURSDAY, APRIL 3, 2003 others. Ms. Kappes said there was an affordability factor and some neighborhoods did not support dense housing structures. Councilmember Jergensen asked how to deal with difficult infill properties. Ms. Kappes said a political decision could be required when community wishes did not coincide with affordable housing needs. Councilmember Lambert asked about sustaining the Housing Trust Fund balance and raising additional revenue. Ms. Kappes said she did not have a good answer but felt the best approach was through the RDA. She said increasing building fees might cause developers to go to other communities. She said she did not think the Council wanted to raise taxes. Councilmember Love asked about down payment assistance programs and land banking. Ms. Kappes said more assistance programs were needed and the Council should aggressively pursue land banking if funding was available. Matt Minkevitch said he felt the increased demand for their services was a symptom of affordable housing barriers. He said over 1, 600 single men and women came to the shelter last year. He said many were employed and wanted to rent affordable housing and recommended the implementation of a tenant based rental assistance program. Councilmember Saxton asked if the HOME program was better utilized would the City be able to get more funding. Mr. Minkevitch said no. Councilmember Buhler asked about operation of the overflow shelter in Midvale, Utah. Mr. Minkevitch said the shelter operated during the winter months based on available funding which typically lasted until March. Councilmember Buhler asked about participation by the County and other cities regarding the homeless effort. Mr. Minkevitch said the State and County provided critical financial support. He said other municipalities participated to a lesser degree through their community development block grant programs. He said Salt Lake County Home provided funding for the tenant based rental assistance program. Councilmember Buhler asked about monetary assistance from government entities versus providing actual housing units or shelters. Mr. Minkevitch said building additional shelters throughout the valley would not be cost effective. He said some housing units were available through help from the Utah Housing Corporation. He said they worked with private developers to establish set-aside units. He said set-aside units were effective in helping people move from shelters into affordable housing. Councilmember Christensen said the City' s housing plan talked about establishing one four-plex in every Council district for transitional housing. He asked if it was more effective to provide a complex or assist through rental subsidies. Mr. Minkevitch said he would take the question back to his group but he felt it would be more effective to place people in affordable housing than construct more shelters. Councilmember Christensen asked how long people remained in shelters before moving to transitional housing. Mr. Minkevitch said the average length of stay for a family was 81 days. He said the typically timeframe for men was 76 days. He said a lot of men stayed only 20 days but some stayed longer. Maria Garciaz briefed the Council with the attached handout and a computer presentation. She said Neighborhood Housing Services (NHS) targeted blighted neighborhoods and developed strategies to reverse the decline. She said NHS participated in non- traditional lending and used federal designations to attract funding. She said NHS supported mixed income housing. Ms. Garciaz said housing barriers included high loan rate denials, credit problems, 03 - 5 PROCEEDINGS OF THE CITY COUNCIL OF SALT LAKE CITY, UTAH THURSDAY, APRIL 3, 2003 City regulations, length of time required to process applications, lack of funding, concentration of low-income developments, and neighborhood perceptions. Ms. Garciaz said large developments needed to provide mixed-income and mixed-use incentive and create retail. She said live-work developments provided an affordability factor and employer incentives were needed. She said methods to encourage and enable home-ownership included down payment assistance, flexible financing, credit education and counseling, and pre/post homebuyer education. Councilmember Christensen said there had been discussion about the growing default rate and asked what experience NHS had with their loan portfolio. Ms. Garciaz said there were more foreclosures and delinquencies over the past two years than any time in the previous 26 years. She said the current situation was primarily due to predatory lending and new products which superficially inflated the cost of housing. Councilmember Turner asked about NHS returning to his area. Ms. Garciaz said the demand for their services was growing from West Capitol Hills, Glendale and Poplar Grove communities. She said NHS was considering satellite offices but money was the driving factor. Councilmember Jergensen asked with reference to the Pugsley Street development, how the City could work more closely with NHS and other organizations in rehabilitating existing homes. Ms. Garciaz said organizations needed to develop strong partnerships with the City. She said the Pugsley property was acquired by the RDA and sold through the bidding process to NHS at an affordable rate. She said borrowing money from the City allowed NHS to renovate and sell homes at an affordable price. She said prices ranged between $105,000 and $135,000. Councilmember Christensen asked about the working relationship between NHS and the City. She said there were challenges but they would continue to work with the City. Councilmember Saxton asked in looking at past projects, what the City could have done differently to help address problems and community issues. Ms. Garciaz said she felt it would be beneficial for the City and NHS to look at potential properties together. She said the City needed to be positive in developing projects and help find necessary resources. Ms. Garciaz said she understood there were government restrictions and City money could not always be used on NHS projects. She said it would be helpful if the City could land bank without government dollars and create a pool of funds which were not restricted by HUD. She said the City needed to work with developers to address community needs, identify City and developer resources, and identify restrictions. Councilmember Lambert asked how the City could streamline requirements and processes. Ms. Garciaz said she did not have a specific answer but felt the biggest challenge was the inconsistencies between City departments. She said she wanted to get everyone in the same room to discuss what NHS was not doing right or what they needed to do in order to expedite the process. The meeting adjourned at 8:08 p.m. sc 03 - 6 ,4lMfS • Table 1 New Residential Construction in Salt Lake City 1997 to 2002 Category Number of % of Affordable Units Units Total Residential Units Built 2,300 --- Number of Affordable Units 1,000 100.0% Single-family 145 14.5% Manufactured Housing 30 3.0 Twin Homes 26 2.6% Condominiums and Town Homes 0 0.0% Apartments 801 80.0% Source: Construction Monitor and Bureau of Economic and Business Research, • University of Utah. Table 2 Distribution of New Single-family Construction by Price 1997 to 2002 Category Number of Units % of Units Total New Single-family Units 984 100.0% Under$100,000 32 3.3% $100,000 to $150,000 241 24.5% $150,000 to$200,000 315 32.0% $200,000 to$250,000 240 24.4% $250,000 to$300,000 81 8.2% Over$300,000 75 7.6% Source: Construction Monitor and Bureau of Economic and Business Research, • University of Utah. SALT LAKE CITY COUNCIL HOUSING ISSUES Full Range of Housing New home construction, both single family and multi-family in the in the housing stock Diverse "traditional" neighborhoods Parks New Schools Safe Does not mean architectural dictates by the municipality • • Salt Lake City Single Family Permits 1990-2002 riw SALT LAKE CITY —P—To d S:n0e Fmnily Peemiv Single Family Permits —e-1..e�y xon,�, 300 4 r A� t z30 rc m 4 t 1 d zoo 156 15G •363 50 .. 328 128 �62 � 2,5 • i 22 100 69 G6 63 50 39 22 23 1� ly 0 1990 1991 1992 1993 1994 1993 1996 199'1 1998 1999 2000 2001 2002 • • • Single Family Permits in $ Volume SALT j•A CI <> Ton S;nge Fm:ly Pe.m:cc IM Single Family Permits 1 $so.00 '�r c 545.00 � a l $40.00 r t fsstq $35.00 33aam. SSx90 $30.00 Wfa5.44 57+4.9 $23.00 52542 Enxr h7 $20.00 . $15.00 saasa $>z.yr 5xoza Eio.aa $10.00 99.63 99.56 $j.oO 37.02 Ey.']2 E6.35 9226 $5 5319 so So.92 33.36 0 (y ~ $0.00 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 • a Barriers Geography Zoning and Policies Physical Constraints Access Utilities 1 Water Table ! • Opportunities Re-zone properties currently developed at lower densities ri Zone properties currently undeveloped for residential Re-developments like Riverpark • • • 7 Methods to Encourage New Home Ownership .a,vs,o-..q,,ww"'XoL,";„4•eidd}nu�AmnFi't�Sc49;h��y i� � of '( ��'�" � Solve inventory pproblem Target areas for Utah HousingFinancing Grants - Lehi City ro ram p g Financing programs for cityemployees - Police Fire, others • • • • Watts Enterprises Residential Development Corporation 4/2/03 City Experience Project Location Year Units Value Value Marketing Parking 1-5 Built per Unit Conditions per Success Unit Ratio Amberly 900 E. 1995 105 9,100,000 100,000 Fair 1.38 2 Village 525 So. (2-3 bdrm.) Trolley 800 E. 1998 89 (2- 10,300,000 110,000 Good 1.67 5 Regent 150 So. 3 Condos bdrm.) The Club 150 So. 1999 49 12,400,000 275,000 Fair—Poor .5 2 Condos 300 E. (1,2,3 bdrm.) Almond 150 N. 2003 34 (2- 13,800,000 575,000 Poor 2 1 Street Almond 3 Townhomes Street bdrm.) • Federal 1100 1995 35 15,800,000 1,100,000 Fair N/A 5 Pointe Avenue/ Lots Shriners Barriers Land Price • Density • Unit bonuses • Developer contributes to amenities, parks, public facilities or enhancements Parking • Adjust requirements • Contribute to common parking areas • Encourage public to use mass transit by not providing parking • • Create common parking on site /off site 1 City Tools that Affect Home Ownership: • Density • Parking requirements The use of City Tools could provide the following: • Empowers the City to create more affordable housing. • Does not burden the city with special programs or additional public tax assessments. • Encourage the private sector to engage in providing affordable housing at all levels. • The private sector is the only frugal and successful way to promote housing. • _,. ,7:4' ..• 4..,• . - ; - 1, 1 1 :.... • a , 01 WAi. 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OO '.." ri BATH 18 O ` ALMOND STREET UNIT'F' 1- LAUNDRY uPl L LOWER LEVEL L j❑ O j SCALE:1/8"=1'-0' _I.\ REC. CI CLOSET 30ORTH ALMOND STREET,SALT LAKE CITY,UTAH 84103 / MARKETED BY TSATTS GROUP/DEVELOPED BY WATTS ENTERPRISES/KEVIN WATTS ARC•TS ALMOND STREET A <C) BEDROOM UPPER LEVEL I OPEN CyOg� BEDROOM El', O O 1. IAF-r 11111111 1CLOSET OPEN 300 NORTH ALMOND STREET r SALT LAKE CITY,UTAH 84103 BOB WHITNEY L r 205-7111 OR 272-7111 L J I GREG WATTS I J 205-7400 OR 272-7111 MARKETED BY THE WATTS GROUP DEVELOPED BY WATTS ENTERPRISES KEVIN WATTS ARCHITECTS S • • ALMOND STREET ATOP MARMALADE HILL egga'Gtc� , 41G 1 bile ALMOND STREET A EXERCISE LOWER LEVEL STORAGE 276 S.F. jr CLOSET LAUNDRY MECHANICAL CLOSET o O a CLOSET I CLOSET C L CLOSET 'N L STUDY"Q BEDROOM — 300 NORTH ALMOND STREET - 111 RECREATION ROOM SALT LAKE CITY,UTAH 84103 BOB WHITNEY _3 I►-J��+I t 205-7111 OR 272-7111 GREG WATTS 205-7400 OR 272-7111 MARKETED BY THE WATTS GROUP BALCONY DEVELOPED BY WATTS ENTERPRISES KEVIN WATTS ARCHITECTS S ALMOND STREET ATOP MARMALADE HILL I -O <<c`cc G�j4r %(//V, Vila'' --\ -- Zi --. T�`/� 0 . ...i? -a---a - ALMOND STREET D BATH g I0 Q MAIN LEVEL OSTUDY GARAGE 5 BEDROOMS - - _i� 4 BATHS ENTRY STUDY CLOSET r POWDER ROOM C,OSIfT MAIN LEVEL 1564 SQ.FT. -I �- O 0 I f-----1 UPPER LEVEL 1140 SQ.FT. -,---\.,--- /-- LL _ _ H I �L / VPVPANTRY LOWER LEVEL 1504 SQ.FT. MASTER SUITE OPTIONAL STORAGE 420 SQ.FT. ni J TOTAL FINISHED 4628 SQ.FT. ..p I FINISHED GARAGE 448 SQ.FT. GREAT eQ ROOM L Q' C - - g ■ KITCIEN I■ ■I -- I I■ DINING.I YTy 5`—"'—? I 300 NORTH ALMOND STREET 711Trrrrra-1 M. SALT LAKE CITY,UTAH 84103 BALCONY BOB WHITNEY 3 a Al 205-7111 OR 272-7111 ,.••* GREG WATTS lip rD 205-7400 OR 272-7111 A MARKETED BY THE WATTS GROUP •••••••••••• D D DEVELOPED BY WATTS ENTERPRISES KEVIN WATTS ARCHITECTS • 0 • ALMOND STREET ATOP MARMALADE HILL ` Uyay_ 7 { ] r 1 ALMOND STREET D 1 -� UPPER LEVEL ,______ _ O BA Ermi TH o 4_,1 1= I— O r <7 BATH BEDROOM `- OPENLI —71 0 ---- -L_,,. �I LOFf �Ol ^y 1 CLOSET CLOSET I K____ -{ -i CLOSETI � _C 1 ____ I 1 I I BEDROOM OPEN n 1 I\ STREET SALT 300 LAKENORTH CITY,ALMOND UTAH 84103 ,.. 4- a LI / L / . -a . BOB WHITNEY — —, 20571110R2727111 I rr.. GREG WATTS 205-7400 OR 272-7111 MARKETED BY THE WATTS GROUP DEVELOPED BY WATTS ENTERPRISES KEVIN WATTS ARCHITECTS • • • ATOP „w,.,,o, . 1, �� 00 MECHANICAL o t ALMOND STREET D 1 H LOWER LEVEL LAUNDRYL ' 1 OPTIONAL STORAGE xU 4?A RE r--1 ')1.\ CLOSET 0 RAT --- ��-L O_, I CU3SET I 3' I I RF[RFg7TON ROOM BEDROOM BEDROOM 300 NORTH ALMOND STREET -=LMILE4 / � I SALT LAKE CITY,UTAH 84103 IIIIIIII BOB WHITNEY BALCONY 205-7111 OR 272-7111 - a GREG WATTS 205-7400 OR 272-7111 MARKETED BY THE WATTS GROUP DEVELOPED BY WATTS ENTERPRISES KEVIN WATTS ARCHITECTS • • • ALMOND STREET BOB WHITNEY 205-7111 OR 272-7111 / GREG WATTS 205-7400 OR 272-7111 ATOP MARMALADE HILL 1 o I I 1 c Afram _ 13' ., S i i DINING - BALCONY I_-_ __ 1 f J)l I 7 I I \�/I 20' I) N000 no ,01 , KITCHEN LIVING oh_ 1 I ( 1. U U CL. r 20' 1 a, O POWDER f GARAGE ALMOND STREET UNITE' COAT 177 f „� MAIN LEVEL ril `� �� 8. SCALE: 1/8"=1'-0" A N P IIII 1 STUDY - FLOOR AREA 0- MAIN 1097 S.F LOWER 1591S.F. r -� __._ ___r____i_____c TOTAL 2688 S.F. /� 1 _�. GARAGE 494 S.F. PORCH —71 IL 3•RTH ALMOND STREET, SALT LAKE CITY, UTAH 84103 / MARKETED BY hAIlS GROUP / DEVELOPED BY WATTS ENTERPRISES / KEVIN WATTS ARC•TS ALMOND STREET BOB WHITNEY 205-7111 OR 272-7111 / GREG WATTS 205-7400 OR 272-7111 ATOP MARMALADE HILL C cCn�. .�cs - 7�7 l �G vwGGv�� 1 I I II le G(r %V vila- 13' DECK BEDROOM T I . 16' r ' , I �� T MASTER CLOSET _'0 BATH-\ ' O 9(-- ---%. L UP 1 CLOSET 17' O O BATH O REC. ALMOND STREET UNIT 'E' MECH. LOWER LEVEL Eo co K___ .-... - / LAUNDRY STORAGE 1 3•RTH ALMOND STREET, SALT LAKE CITY, UTAH 84103 / MARKETED BY SIATTS GROUP / DEVELOPED BY WATTS ENTERPRISES / KEVIN WATTS ARCSTS ALMOND STREET BOB WHITNEY 205-7111 OR 272-7111 /GREG WATTS 205-7400 OR 272-7111 ArDR MARMALADE HILL 27 • I- on 1ss 13.5' ' BALCONY AJ OO l J R KITCHEN v 13.5' ' ' ' - , LIVING r. b. "DINING" C D Q 0 0 0 19' C ® D ( W` V u ift DN1 D` POWDEL CL ALMOND STREET UNIT'F' = ° 13.5' ' MAIN LEVEL )r STUDY SCALE:1/8"=1'-0" LF=A COAT C D - GARAGE FLOOR AREA i MAIN 1081 S.F LOWER 1542 S.F. I rENTRYL--A A H TOTAL 2623 S.F. GARAGE 476 S.F. 3.RTH ALMOND STREET,SALT LAKE CITY,UTAH 84103 / MARKETED BY IATTS GROUP/DEVELOPED BY WATTS ENTERPRISES/KEVIN WATTS ARCSTS ALMOND STREET BOB WHITNEY 205-7111 OR 272-7111 /GREG WATTS 205-7400 OR 272-7111 ATOP MARMALADE Dill T 4 . . 1 - - S 1 13.5. BALCONY 13.5'' MASTER ❑ BED ROOM 74 O JP :33ATH I ❑ CLOSET OMECH. 0 \ 0 BATH 78 ` ALMOND STREET UNIT'F' LAUNDRY URJ — j LOWER LEVEL � - O SCALE:1/8"=1'-0" REC. ,_�u f--1 CLOSET - 31RTH ALMOND STREET,SALT LAKE CITY,UTAH 84103 / MARKETED BY•ATTS GROUP/DEVELOPED BY WATTS ENTERPRISES/KEVIN WATTS ARCarTS CENCT • ••AMM EASEYENNT • \oaicare '/ III —'------- ----—-------- •\- ', 0.a3 acre, 32\ ---.-1 c3,3_____73 avas —} 0.89 acre. 35 34 -- - 0.52 •aae 10.57 e \ , l 31 3 '•'-•. UNG a "(63 _—\ \ P ocre �'��• --'--25, 0.624e •of 4 22 O7oaaa. 26 0.59 aae f] 7 "9—9 -•.�- 600 as • MINIM .78 acre, 19 � .--- `', 0.67 aae. -tTA_- .7. R //13 ((;; —— `4\* 0.18a.. 17 e �as e.a PAIN vsvpr e.� 10.57are ( 11 rio 51 I 6.5.aae 9 15 I 1—__J I oa .` 57 ocr 1 111 0.66 as 16 _ _ 0.55 acre '-'--) I cwsc Arr__ A _ ___._. —____ acre C 1---- �"_.IOC ^ruo'c. 18.56 -��" ar m MOM�CASPIKIII rra niu ......, . 0.57 cre 6 ` 14 i�, 1 _______t f ..-__` ` 0,55 i_______-6 . acres 0.76 acres -- 1 \_...0.543..r. T _- ryy ✓' �y 0.55 oa W.72 ul��� �•�- •yam' _ -': '•;YP[ N l� �—r.�—^--s—_ ."---_..,.___ --.1 W E \-._.%----_ ----- —_--�-i AP •fio rAumZ -- a �. ert[PAIN[A50IpT $ FEDERAL POINTE A Ci i71L1- PRIVATE COMMIJNITY THE CLUB CONDOMINIUMS 1150 SOUTH 300 EAST,SALT LAKE CITY,UT Standard Features *tat. INTERIORS A Traditional style interiors and exteriors with extensive wood and crown moldings A Hardwood kitchen flooring HELAUB A General Electric appliances—microwave,stove,oven,dishwasher and disposal A Washer/dryer hookups A I0'ceilings A Traditional archway interior design features A Jetted tubs with separate shower in master bath A Full-length mirrors in all baths ■C■______■C■■■ oonrok rEMIE7■ �■■ A Ceramic tile entry ways LLaAe ■r■■■o■■■■■ NNE,,,;, A Spacious walk-in closets ■_ ■■■■■ A Prewired for TV cable and telephone ■■■■■■■MIR�TBW7 A Gas fireplaces ■■L Emmons A Fire sprinkler system A Elegant secured entry and lobby A Elevator L A Private balcony deck with each condominium A Gas heating and central air conditioning MARKETED BY THE WATTS GROUP EXTERIORS 801-278-15601801-272-7111 A Bronze standing seam metal roof system A Double pane insulated windows GREG WATTS 560-7051 OR A Interior garden court yard A Brick and stucco exteror,with bronze metal roofing for minimum maintenance BOB vsHITNEY 580 7810 A Secured covered parking A Drive-up turnaround entry area A Exterior of buildings and landscaping maintained by condominium homeowners association ALL PRICES AND PLAN SPECIFICATIONS An SUBJECT 1O CHANCE WITHOUT NOTICE. • 1 4411Z -, TRECLUB Plan A .. THE CONCORD .1 211OO O �[ 01 1 Bedroom / 1 Bath / 872 sf MNTM C� Plan A 'i := 1 MASTER BEDROOM I illt Y lum r—-�— ox I El O RALCO Y 00 KITCHENED , • ALI GREAT ROOM �' 1 ter%:: PANTRY -- ---- FP. THE CLUB CONDOMINIUMS 150 SOUTH 300 EAST,SALT LAKE CITY, UTAH WAITS CORPORATION,272-7111 The Club Condominiums/Square Footage and Price May Change Without Notice. cL J; fr • • • 444.4, THE(CUB Plan B THE CONCORD P ----- Ai& LL,A 1 Bedroom / 1 Bath/ 872 sf IIP �` GREAT ROOM tC',<c Plan B 71 I KITCHEN D. 0 • 7———— Ai ) BALCONY I Q Luo. MAS T b<BEDROOM li.:( .11T- 0� 000 1 1 11 Pi BAIN i f THE CLUB CONDOMINIUMS 150 SOUTH 300 EAST,SALT LAKE CITY,UTAH WAITS CORPORATION,272-7111 The Club Condominiums/Square Footage and Price May Change Without Notice. AIL JIi W_ • • u (� iT I FP. i T R V 1�B I JENTRY GREAT ROOM ! �_ 0 ��LN Y THE CAMBRIDGE GO rpii. 'WA I 2 Bedrooms / 2 Baths/ 1066 sf qc KITCHEN ;i, I u 111E11 L.——— PAMIR( -, ' I J o-' � [aB TM II T BEDROOM I 01 r I----- laji 0 Ell�1-C 14.FIJRCeE J ii__ I--g ..r. \--' Vid . THE CLUB CONDOMINIUMS 0 • 150 SOUTH 300 EAST,SALT LAKE CITY,UTAH 0 "g"T" WATTS CORPORATION,272-7111 MASTER BEDROOM The aub Condom niums/Square Footage and Price May Change Without Notice. O r • • 0 e..e4 Plan A wAw THE CLUB El � r -p o � �1�i • O Lili1 W II THEL ANCASTER ���.-.- BEDROOM I2 Bedroom / 2 Baths / 1150 sf Ni �� Plan A ENTRY ow% NE. ■■M IEEE Rin T KITCHEN / \ GREAT ROOF II■-■■■ ii. tam Immm MAM MI hum:: MASTER BEDROOM 11 I 0 • II I THE CLUB CONDOMINIUMS i i Q II 150 SOUTH 300 EAST,SALT LAKE CITY,UTAH `- ] o o DW I =Q WKrrs CORPORATION,272-7111 The Club Condominiums/Square Footage and Price May Change Without Notice. Cif -4 O ■ •N4 Plan B Tnt CCLUB r-- I O O 1 H.aFn+ \/ ■ THE LANCASTER 2 Bedroom / 2 Baths / 1150 sf L_ O MASTER BEDROOM Plan B PANTRY -- --- 1/eat I /jf FP. , 0j O KITCHEN . . GREAT ROOM I _ D'L- L ,pl o ^l s SAL.NV I ENTRY �irli " •A75 , 1 I Tv I -- BEDROOM •II ■ � MEC H. THE CLUB CONDOMINIUMS O BA'" 150 SOUTH 300 EAST,SALT LAKE CITY,UTAH , ,IA 0 _ I _ j WATTS CORPORATION,272-7111 The Club Condominiums/Square Footage and Price May Change Without Notice. CL 41 • trr i A -1 4�4 r---; CDA D1 II II THE Ctr$ ��TM I� I ° ° THE HAMPTON g 3 Bedrooms / 2 Baths/ 1650 sf BATH B IN,_EDROOM I1(� II NK■ • �A BEDROOM/LIBRARY LI ENTRY THE CLUB CONDOMINIUMS r- oxl O O BALGGNY 150 SOUTH 300 EAST,SALT LAKE CITY,UTnx KITCHEN CDC aWATTS CORPORATION,272-7111 1'�1 The Club Condominiums/Square Footage and Price May Change Without Notice. GREAT ROOM S9 8 Y 8 � :1G-� FP. P�mY L_J L J; 1 91 ... '" 0 . < ly . ....' ..,...p, ,- , le '1 ---, - -...,?....., ,!. , ,,,,,,,_ . - -ut.NV 111 - kik, . i .ameti OP .,_ ''' / .. ..- -LailfaillW . - ..' 111111 . Watts 1 1 CORPORATION • ._ - ' -s ' -• ', ',.',...,*, *if' . - .. • • I/ r., / , YX-101P,5%•14eit / 7/ , \ , r,/ ,, 4 / g I .. • I r 1 . ,t, ,,,,, 0.0., \ \ I. f s ' I t 1 -4--:,.4 ,• i ! -4"/./ \ ,_ 1, 1 i'1, 1 1 4 - • :--- , i r!.- , \ '‘...A , „ \ , • ; I ks, <-' , ‘ ....,,,, ... 4'‘....- ,_.... 1 I. ili v el if Unie.............,.....„........... , , 1:3101111110( - :1 rdletn.E9F.' PC 10, ."' pl' IP, sig- J., ii _ -•., — .k . _..... I- . . " i f . t -- .4 dia , _ „, •• k.4 dm" CHASE • , Two of the leading names in mortgages are right in your own back yard. , , �en you select Chase, you're guaranteed a variety of mortgage _«s programs to meet your individual needs. '� rPlus, you'll meet experienced mortgage specialists like Sharla Ellis and Tom • Alder who will personally work with1r you from application through closing — Sharla J. Ellis beginning with helping you select the Thomas M.Alder Vice President Vice President Jumbo Mortgage Specialist right mortgage. District Office Manager Whatever your mortgage needs — construction, permanent financing, jumbo or conforming loan amounts, fixed- or adjustable-rate mortgages— call Sharla or Tom for a free consultation, today. 2180 South 1300 East, Suite 580 Salt Lake City, UT 84106 (801) 466-1792 • (800) 732-9416 Fax:(801) 466-1890 CHASE.The right relationship is everything.su • CHASE MANHATTAN MORTGAGE CORPORATION All loans are subject to credit and property approval. Program terms and conditions are subject to change without ri notice. Not all products are available in all states or for all loan amounts.Other restrictions and limitations apply. o s,„ ©1997 The Chase Manhattan Corporation.R01 P LENDER 4M,, ....„,.. ., A,,.. .:4„.„....... .. k j4 Ill' 1 • I 4 v: 4 y 1101 CIrtts CORPORATION CONSTRUCTORS/CONSTRUCTION MANAGEMENT 5200 south Highland Drive salt Lake City, Utah 84117.801-272-7111• Fax 801-272-4658 email: kwa@xmimion.com 03/27/03 THU 14:42 FAX 801 467 9947 WOOD REALTORS f j002 V REALTOR Attention: Janice Jardine Salt Lake City Council FAX: 535-7651 FACT FINDING MEETING APRIL 2,2003 Barriers To Providing A Full Range of Housing The zoning changes in 1995 have prohibited duplex, three-plex and four-plex development within the city limits. This has pushed potential buyers or investors(people wishing to owner occupy one unit and rent the other units)to look outside the city for areas to build newer units. There are vacant lots throughout the city that do not meet the requirements necessary to build on them. Often they are blights on the neighborhood they are in and would better serve the community if they were allowed to be developed. I know the city is required to grant a variance and with that,has to find a hardship. Generally I understand the hardship is the size or configuration of the lot. This issue is not easily resolved but would be an area that would bring newer housing that would enhance the neighborhoods they are in. • Financing is difficult to obtain in areas where residences have been encroached on by commercial/industrial properties. Subsequently as the properties come up for sale it is hard to maintain them as owner/tenant occupied properties. On the positive side, there are many programs available to encourage home ownership. I've included in my information some sources that provide monies to people needing help obtaining funding. Each has their own requirements and would take too much time to go over this evening. The downside of some of these programs is that in order to keep the programs funded,the seller participates in costs and this has resulted in overinflated prices. If the economy is depressed and people buying in this price range lose their jobs,they have no equity and as we are seeing in many neighborhoods, foreclosures increase. For families with stable jobs and incomes there is a wide range of financing available and even with the increase of the price of homes in the Salt Lake Valley,the interest rates have kept housing affordable. Nancy Taufer Wood REALTOR®Inc. Office: 467-6000 Cell: 808-9099 UL2022 South 2100 East • Salt Lake City, Utah 84108 • Phone(801) 467-6000 ML 03/27/03 THU 14:43 FAX 801 467 9947 WOOD REALTORS lj003 Down Payment Assistance *Community Development Corp 501 E 1700 S, Salt Lake City,UT 84105 Phone: (801) 994-7222 (2)$2,500 GRANTS available for South Salt Lake Currently Nothing currently for Salt Lake City proper Contact: Elaine Jensen www.slcdc.org *Salt Lake Neighborhood Housing 622 W 500 N, Salt Lake City, UT 84116 Phone: (801) 539-1590 $2,000 grants available Area: 1000 North to 1700 South,and 300 West to Redwood Road Contact: Jennifer Child-Loan Manager *These are actual Block Grant Community Development Loans subsidized by the Federal Government. The loans are recorded as a junior lien to the mortgage and bear no interest and no payments. The loan is forgiven after the buyer occupies the home for 15 years. The Curtilage Fund 136 South Main, Suite A-200, Salt Lake City,UT 84101 Phone: (801) 534-1559 Contact: Brad Giles bradgiles@email.com Neighborhood Gold Phone: (801)205-6680 Fax: (888)627-3025 Contact: Heidi Thorn heidi@neighborhoodgold.com Amy Laster amy@neighborhoodgold.com The Nehemiah Program www.getdownpayment.com (801) 553-2664 Fax: (801)553-3109 Contact: Angela Romeril The 3 non-profit agencies above procure funds from the seller. On an FHA transaction the sales price would need to include a seller contribution equal to 3%plus the agency's transaction fee which varies from a flat$500 up to 1%of the sales price. Tim Funk Comments to the SLC Council 4/ 0 3 / 0 3 1) Barriers Update and activate the city community housing plan. Engage full range of city entities - the City Council , HAND, the RDA, homeless providers, the City Housing Authority - in a more unified planning process that creates more of a common vision on how city policy and resources are directed towards providing a full range of housing. Set clear, identifiable and well discussed goals for the kind and cost of housing wanted. Policy planning and resource allocation of all types should/could be coordinated through the City Housing Trust. 2 Innovation Activate the City Housing Trust Fund. Fund the fund with a permanent dedicated source. Earmark a definite amount of RDA tax increment monies to the fund for affordable housing. Incorporate inclusionary zoning options that encourage an affordable housing mix and provide a source of trust fund revenue. Investigate ways that a dedicated source and/or RDA revenues can be used leverage an increased revenue stream. • 3) Home-ownership Make sure the aspiration for ownership matches the capacity to get and keep it. There is a large number of those at the lower end of income scale who, for various reasons will be better off as renters. Their needs are often overshadowed by the popularity of the ownership option. 4) Family housing Hang on to what you've got. -Preserve at-risk affordable housing, especially those units with Section 8 contracts. -Double the city rehab program, especially in the neighborhoods with the greatest need. The mayor's staff has proposed an Housing Leadership Initiative featuring land-banking as a way of focusing housing and economic development efforts. This should be investigated further. • u^ FL. JK • AVERAGE JOB SALARIES AND AFFORDABLE HOUSING COSTS IN SALT LAKE-WEBER Job Description Average %AMI %AMI Affordable Rent Affordable Salary* 1 Person 4 Persons (30%of income) Home** General Assistance Recipient 3,132 10 7 78 SSI Recipient 6,624 22 15 166 TANF Recipient-Family of 4 6,660 22 16 167 Farmworker-Crop,Nursery 13,820 35 24 346 Fast Food Cook 14,570 36 25 364 55,000 Maid,Housekeeping Cleaner 15,710 39 27 393 Waiter/Waitress 15,900 40 28 398 Child Care Worker 16,010 40 28 400 60,000 Janitor 18,060 45 32 452 Teacher Assistant 18,240 46 32 456 Dental Assistant 19,350 48 34 484 Preschool Teacher 19,380 48 34 485 Bank Teller 19,480 49 34 487 School Bus Driver 20,150 50 35 504 75,000 Retail Salesperson 20,800 52 36 520 Home Health Aide 20,890 52 37 522 Hairdresser,Cosmetologist 21,080 53 37 527 Security Guard 21,940 55 38 549 Office Clerk,General 22,510 56 39 563 85,000 Baker - 23,040 58 40 576 0 EMT,Paramedic 23,800 59 42 595 Lecislator(elected official) 23 900 50 42 598 90 000 Secretary 24,340 61 43 609 Construction Laborer 24,650 62 43 616 Ticket Agent 26,560 66 46 664 100,000 Real Estate Sales Agent 28,720 72 50 718 108,000 Property Manager 30,020 75 ' 52 751 Licensed Practical Nurse 30,110 75 • 53 753 Fire Fighter 30,270 76 53 757 114,000 Auto Mechanic 31,820 80 56 796 Carpenter 32,990 82 58 825 124,000 Machinist 33,330 83 58 833 Child,Family Social Worker 33,990 85 59 850 128,000 Truck Driver,Tractor-Trailer 36,870 92 64 922 Police,Sheriff Patrol Officer 37,940 95 66 949 140,000 Elementary School Teacher 38,010 95 66 950 Postal Service Mail Carrier 38,180 95 67 955 Commercial Pilot 39,800 100 70 995 150,000 Electrician 40,530 101 71 1013 Plumber,Pipefitter,Steamfitter 40,880 102 71 1022 News Reporter,Correspondent 41,670 104 73 1042 156,000 Accountant,Auditor 44,090 110 77 1102 166,000 "Bureau of Labor Statistics,US Dept.of Labor.2001 "'based on 30%of income,7%interest Fair Market Rents(US HUD 10/2001):SL/Weber 1 BR=490 2BR=568 3BR=1003 4BR=1175 • Average Home Sale Price,Salt Lake(Utah Asssoc.Realtors,2001)=$181,080 Information provided by Crossroads Urban Center,1/03 • • • Fannie Mae Uta ., „ . ..,,,, ,„ ,, ,..„ ,,„„..,,....,.. .. ..„.„, b Partnership Office -viitli suP x .,,,,,,,,, --,,,,„4,, ,,,,,...., ,,,,,,,,„,,,,,;‘-44 7,44, .4, „,-,...N .,,,' ,•et,,,,,, ,-,okkir, ,:iti.;„ ,,,.:„,,,,,,,,,,,.,;:, ,-,41:,..„ , ,,,zi.,,,,F,- . , 10,...,..v,...; mot . x ^ y Pres entation at the Salt Lake City Council Housing Fact Find Meeting ,gat,!.ekt,,,, 1,4,kie ,,,,t, d,, -,,,,, ,: By ,,,,,,,,,,,,,,,,,„,„,.,„,,m,„, ,..„,,, ,..-N,tA e4.;* ,,714,:,,, ,,, &4 . 65-4.*F0,::e.. -:-,,,:*;„ .5. :;;;;,,,,,,e,,,,,*,,,,,,fattl ,,,i,,,,, Jeff Bennion April3, 2003 • • r r h,,, ,,„ ..,„....., ..„ „...„.„ ,„ „,,, ,,,,,,,,,„,„ ..,,,,, ,,,,,,,, ,,„,,,,,,,,, o We Ar e r ♦ Fannie Mae was created by Congress in 1938 to bring stability to the U.S. housing market. • In 1968, Fannie Mae became a privately owned A..4 and managed corporation listed on the New York g M?k 6- . Stock Exchange. ♦ By law, Fannie Mae can only deal in home w mortgages, and our primary focus is on mortgages f for low-and moderate-income families. • • • r , ,,„,„,,,,,,..,,,4,i,„„4,6,,, to:,..:, ,,,iii .1;:. :11,,,:;,v CoreBusiness i,-,-,:*c.:,,,,?,x:;,..,..,,„:4,,.,. ,i,,,r Our � ♦ Bu in Single-FamilyHome mortgages from y g �� � banks credit unions and other on inators g ,-,0,110:,,,,, ,,! .:,sivz:tt,. ♦ Buying Multi-Family Apartment Mortgages iniTip ,-,i;, ,,x.,44,..4:,, from our 28-Designated Lenders w.w, ; ♦ Creating Lending programs and products for 33 l unders erved communities, ethnic groups, �` a rofessions an ecial needs o ulations p p pp ♦ Packa in mort a es for sale as Mort a e- g g gg gg �� � '�°` ��� Backed Securities in the Debt Markets • Workingwith man communit artners to y yp ex and the availabili of affordable housingp ty • • • nw k L hrAre ocat ...,,,,ilij,A,E,;,)I$'447,,. ed „:„.„-_,,,,,,7,,, ,,,,,;:o ee r d4 Fannie Mae's corporate office is located in Washington DC. We also have five region % offices & 54 Partnershipoffices: t".!S.°. , y y., , w 5„€;, �`➢ ^"'*y,'�:T„a,fir, ,f',-;,,,,,,,,;,,,,A.,,,,,,,„.r„ erjrn Q. , •% , N . Regional Iite: :r,'"� �� f:4'�w yr?r« vr' ;¢,,$a� c wr"a),,.;;,F,'`'�,s`. ,i p 1 :,,,,,'.„'r*a',; ��., 'F',% : ;,1,>,�', iy,,t ";'"'Y.,„'%ter`•" t'"�•nv? 'r' ..,, • • offe,>,J,rY:2° �` ;'^. ;i. ��,. ,�'„ 't t:, ,,,,,'L'' r4u" F ""�i;',, u s, a3y„1 �,• ;7a'«_ w»,;� .ir.: ;,� ,,,,. *;1:. "t��-�..« sa�Kj;«vw ,�«,''L + � -!�� c -0 fi ' �ladeI, h�a ac. .",,,,""'','; iµ„ ' ,r.' "«�` ' _ „�, `ice;: a '.. K. wr- �" vtin,, wiFY� ,».✓ �,,°y;�.s�5:., "f "n:C"S' � ,!Fit "c` �\. l'''Po,:i.''',,AL=1109:1Np, ,0241:;:.: �'„'R n�y -34'..,,y,m le;4 4"-`. -'"; k,,,. P °�'i,ii'',@' t a1",D,w„";M^�. „µa" xY q „.:,,,,',:A 1TX4 d'''°y,.'S'k`,q'w�r"y, �, ,vAyfr,,,�' xea&" "z° ,``""• °:: vpa' "«#,�"i'~,#,'+, auk> y'&,. !`j ?",''Y�rk,x, D ' i ;rtF" :tu j �? 'ryik'` � �2�.� .�3 ' �� .`,�"y�i„ °y�8y""" i"j,:,,,,,,,r. ��k✓.s v t b,:, • 3" �,' „M.�• u`� �",Y'x. ,k ., ",',th`�hRmt*=i n.Y,s" 'i,E' t jt ' py .td ryNx ;r':.•s�i � v; ,"t*;js. «` K�Eca'..,-•,a.,t 'rE;E',l - ^ ~T. „' ith. to.tern Re tonal " y :.,,, t' ,, ice-Atlanta k�y y�, e@Sf sp",%•✓sY' _ r�nx:r cti<� Eyi:.,>r ,,"_ ys n'\ � f IL^ roy/��C E l�If ('' 0 S • ads ` ,t., ,,,, , _.. ...... „P '''.4t44..v.,,k,• Fannie Mae ' s Recent Salt Lake City ,v.,„.,.,,„,...,.,„..,4,,f,1,t\,,,,,,-v� � � Multi-FamilyHousingInvestment ,,,,,...... 4.11:0,.4, volf*, :4:$ ...,. ,,,,,4-0.A.14, 040,141 ivi.f4...4* ♦ Olympic Housing ,,,,„„ <�,k, — North ate Apts. . Y,,,,v1 at the Gateway-330 units 9 ^ � �' 12.5 m",tt,-- , ,„,„„, illion in LIHTC Investment , .„ ,fr, , ,,t^',;,,44, 'i ; � y • $ 18.5 million in Long-term Mortgage ,,„,....,,,,,e,-...eigin- — Jefferson School Apts. 84 units ,^'k '30 ' • $3 .4 million in Long-term Mortgage 4l �. • • ,,,,,,,,,,,,,,„,,,,,,,,„, x. ,.., , Fann�e Mae ' s Recent Salt Lake City„p„.,.,.,..... „,,,,,,,4 � �� ��� 7�: Multi-FamilyHousing Investment „,,,, .....„2,, ...„.„ :,,.,,,,,,t,„. ,...„, ,,,0:-'1,1 1 1:41:::**; w ♦ Fromthe beginningof 2000 to March 31 2003 , we have financed, or refinanced 9 "4.13 •,,,,,,,,,,.„ #,,,,,, . ,-� a roximatel 1 742 units in 13 different ,,,f„, ..... .., rt;11'.0,N; pp Y in Salt Lake Cityat a total projects b as investment of a roximatel $67 million. p 6 .; pp Y 1Someof theprojects include : ♦ ,,,, -„,,,,....:,,,: ,„,„ � ,. — Raintree, Riverbend Greenpointe, Brockhaven7- ' `� �� Driftwood Heritage Gardens, Kensington, Sunset Towers, and the Covey • • Current Statistics ♦ Po ulatio n p - 1990: 159,936 — 2000: 181 ,743 ♦ Households/Housin Units 141,04. g xV4ritZm — 1990• 66,657 • 2000: 77,05 4 ° Ar ♦ New Housin Units g - 1997-2002: 2,319 -dp � ♦ New Affordable Housing Units k \ f - 1997-2002: 1 ,002 • � , .. Barriers to Providing a Full Range o Housln ',,,,.,,,,.,,,-4/,,.*k,z,'-4.,,.,:,„..,.,..,„-,.„,.A.,,,..„t„,I1,.,:,,-,;4,,.,,..t,,,„,,..p.,t,,,-.,,„.,,,,,,,.,t.-,,,7,:...e...„,.„„,,,,,,,,,-i,°,.,,,...,,A,,.„,,„..,..,..,,.j„.4,„,.,p,.„',.,„,,!,lf,,.,-.,i.,,,w,,,.,,,„;,.,,,,,,-.e.,,,„.,,-„.,.i.,„.,,,,.;,,,„,.,.,ys,,.,„:-,l.,.,.I..,,;,,,4,..,,-.,,„‘,.,,,,,,,>,4„,„,,,,,..„,,-,.,,...,.,„,I..,t0.4,.,,,.,4,,,,,„,,.z,I,.,,,,,-,„,.,,.,,,:.,.r„-,i.,,,,,r14,,,.,t..„,„.,4t,,.,,,4,.„,:,:.„..,,,t,,:,V:„,.,,r,„-,„,,),„,,%-,,‘e,,,,.,,4,,.t,,,6„-.,,,,,',..„....6,>,..l„„*,,„,„-.,3.,.,t*,,„,„...,Z,5s1„0 i,,,,,::,*;:,,.,.,i„-,,.,i,„t,,.'.„4t,„-:,:4)„..-,-.,,kr,,-:1,.,,.,-,,,„,,i,.,.*,-,,,e,,0,4,e,4,„1,„,.,,e,„...,t,.s", ,,,,t-,,..,.:,..,*,t,"'•:V;„,-.,,,,,„,.„4..',/4t4k..v.,a ,L.,-:—,r„A.'.;., ... ♦ Land Cost ,. 4.;„N1,.,,0,,,„ ,' .,. ., . ' — Available Land pry a AvallableBuil d l. n v s �mdv, ♦ Construction Cost o ' r ,w�',r yx. x — New/Rehabilitation ` Y0n� are I ncome Restricted ♦ Housing Moniesµa 9 � FinancingVehicle RDA has historicall rat from HAND (Housingand been sea e p Neighborhood Development 0 • .T ..dgevHm - a Barriers ••t Prov1 i n ,,,,,,,,,,,,,,,,,, ,,,,,,,, g„ , ,.'5.,'" Full RangeHousing a r.„.,,„..,, . .,,,„,,z, 47,,,,,,,,te,:, t r7i;:gtA' ....,,,,...„ ,, ,,,,,,„.... ♦ RDA has historic„,,,...... „„,,,..,,,,,,,„ -,,„,-,_.„, ,,,,,,„ ally been focused on o, ,.„..*:4 )..4,,,,,,,k,., com,,,,,,,.„,,,,,„. m-4-44,0 mercial,r. ir,,Fo-A'', ,,,,,,r,„..., propertyredevelo ment ,„„.:i..c.*-1,i ,04,4;: p a,,„,,,„,„,,. . ♦ Housing,,,, ,,.. ,,. . „,„,, , Development/Redevelopment,v....,,,,, ,, ,,,,4, � - ,,,,141,x' is likelyto be at least as oIn forward, k = ,p � ., -4.1 important as„ .., commercial/retail i, mi ,,,,„,,,,,,,,,,,,471.-„,,,,,,, �€ redevelopment R 4 p • 0 .:::,: 111 t„ :P" • ' ' sf 3n !' N or InnovationOpportunitiesa ; 1 ♦ Treme ndous opportunity for Innovation .� — Gateway Redevelopment District — Urban Core Main Street Housing — Recent urchase of SRO Properties - Potential for Faith-Based Partnership with local �y �'.�'-syra= . "` Churches — City 14(4 Centre Condominiums/Mortenson y 3 Court/Providence Place/Emigration Condominiums — Evaluate Housing Master Plan within the context of the Planning Dept. 's General Plan i 0 .„.,.....„‘_..........„..._...,....F..,.......„,..,..,4....,.„..,.,...,.,..-•.„, ,,,,,,„..,,,,.,.. - -..--,,,,,,, Methods to Encourage Home Ownership,,... ,..„...:,...,, ,,,..„ --„...„.,,,,,.,..,`41,-,i: ,, ,,, ----,,, ,- .. ,....-„,.. :, _.,... .. ,..,,,,...„,..R,„,,,, ,,,,,,,,..-„,:,. .... .„...,....,%, ,..,,,„:„ ,.,.....„ , k ♦ Leverage Local Lender....1,,..,-_,..-p),,,:,-..,,,,,,,47, Relationships to �� , � . � � expand marketing and outreach ,,,,,,,,,,,, .,-,,,,,,..., . ,, , ,„..„..,,,,,,,, „,,,,,„.....,...„., . „.....,.. ♦ Market downtown living In a big way ..„....4.,• .c..,•...,,,,,„. ,1,,,. ,, , ♦ CommunityLand Trust , . . ,,,,,..: ,...,, ,,,,,-,, ,,.,:c.. j ♦ Cult ivate Proactive Housing Development ..„,„...„.„..„....,,, Agenda S �1', • • r „.. Methods to EnableFamil x,,,,,.„,„.,.., Housing For A IncomeLevels ,,,t•..,„, , tu, ♦ Determine whic• h inc• ome levels you are --e ,.....„1'' X ..ktV4 • 40,4, ,,,, *44....„ 4,,,,,„.„4,,i4 01, a„,.. ,o,,,- ,,,,,.,- 4.,,,,.,•,,:,,, comfortable servin ,,,,,,,,....„ ,. -„,..„,,, ,..,-..„ eA,,,,,,,, ._.,,,,,,,,, , ♦..„ 80 to/ , ,,,„,.. 120 percent of AMI is an underserved �� ��� t- ,, market ,,,,, 4,. Allo �� �� ♦ Current Interest Rate Environment i• s very a favorable for Home Ownershipix,,, .....- .A,-, 1. : ♦ Make Housing a TopPriority-tel.r.,,,,, 10 -,... .1 4`4104., P'14 S tudy Communities. - that have e e ctive• ly revitalized Charlotte, NC S I 5 Methods tAif Family s9 • forHousing Levels PktitP ♦ Evaluate Current Zoning Practices • • Well Planned Density and Quality Design 204' 1� 47fi;10,:. : should be rewarded c.Y�� �Y. R ��a Ai �F�'kSp • SL NEIGHBORHOOD HOUSING SERVICES - Salt Lake Neighborhoods xehr,nain� Neiuhbut'hootl.. . . One Bloch at a I iou. _1 C'UltUilUFltt, hiiu'•( ['mate R Otl-(>ru f it V( S .ilissioti Who We • 26 Year Track Record of Success ' • House-by-house.block-by-block • Homeownership emphasis • Attract private reinvestment • Partnership-residents business,government • CHDO-Community Housing Development Organization • CDFI-Certified Development Financial institution • CDE-Community Development Entity • National consultant for revitalization strategies • HUD Certified Counselor • 1 • 1 HS Revitalization Strategies • Non-traditional lending • Mixed-Income Housing ; :,,e • Economic development & Commercial revitalization • Resident Leadership 44 _ a' • Community 4 Development • YouthWorks Barriers to pros a full range of housing • P ce^., Ne cc s • gn ;oar a s a ves to c e'y cap - so,atte'eu • No. ny ,.ck ya'a Opportunities for Innovation • Create m xea-ncc,,.e.-cenuves&`,. .. oocrturt:es • M,xed !:n. e!is acve' ,eats is ng e • I_IvelV\.,cf"K oeve�:o • Negotiate tclo!oy ncent,ves (West sac Pa ce s:a,.,,., - - KUTV •.VV art? _ 3.-- • 2 • Methods to encourage enable home-ownership • Dove-Pay^•'ent Assistan e • F ex•b-e uo to 1 O5',,. • 2,eveoo cco�;nts to . savings • C, edt & -s .-g Educat on Methods to enable lamik housing for all income levels • C'ur'en. ..'mac`.co .D •DDS no sate}ha, ,. es 100°!.AV a"o above rotas.no-s : °E :: De • v ca a n • 5-DS es clea1 em ' \ea-:r'co^e aeve',00n e'n s _ Sl NEIG ISORHOOD HOUSING SERVICES Salt Lake Neighborhoods Rebuild in" \ciohhorhood' One Block at a into. %i st c(ut\!rt;I = _ _ c_r'[7nh +li it i a,+ 5ttt(..cors • 3