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HomeMy WebLinkAbout02/19/2025 - Meeting Materials ®1�® 1 S L C C R A COMMUNITY REINVESTMENT AGENCY FINANCE COMMITTEE MEMORANDUM NOTICE OF FUNDING AVAILABILITY (NOFA) FOR AFFORDABLE HOUSING: FY2024-2025 Annual Affordable Housing Funds—Housing Development Loan Program Funding Recommendations Meeting Wednesday, February 19, 2025: 2:00 PM—4:00 PM, Zoom Link(password: 509222) DATE: February 13, 2025 TO: CRA Finance Committee 1. Community Reinvestment Advisory Committee: Amy Rowland 2. Community Reinvestment Advisory Committee: Baxter Reecer 3. Economic Development: Peter Makowski(or alternate) 4. Finance: Mary Beth Thompson(or alternate) 5. Community Reinvestment Agency: Danny Walz (or alternate) 6. Community and Neighborhoods: Tammy Hunsaker(or alternate) 7. Housing Stability: Tony Milner(or alternate) FROM: Marcus Lee, Project Coordinator Austin Taylor, Project Manager Tracy Tran, Senior Project Manager Kate Werrett, Project Manager RE: Finance Committee—Funding Recommendations for the FY2024-2025 Affordable Housing Funds Notice of Funding Availability through the Housing Development Loan Program(HDLP). OVERVIEW: The Salt Lake City Community Reinvestment Agency ("CRA") recently issued a Notice of Funding Availability("NOFA")to solicit applications for approximately$5 million available through the Housing Development Loan Program ("HDLP"). After the release of the NOFA, an additional$710,000 became available for the CRA Board of Directors("Board")to potentially include in the HDLP funding offering. The Board will determine if these additional funds will be incorporated into this round of HDLP applications at an upcoming Board Meeting. Through the HDLP,the CRA intends to commit low-cost financial assistance to projects to incentivize the development and preservation of affordable housing within the city limits. The program provides flexibility to accommodate a wide range of projects that may be dependent upon a myriad of underwriting standards by outside lenders. The Board adopted a policy for FY2024-2025 that required all projects applying for funding through the HDLP to include either deeply affordable housing units or affordable family-sized units with amenities for children in this competitive NOFA. Funds Availability Approximately $5 million is available for affordable housing developments that meet the Threshold Requirements of the HDLP program.This is the second 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. Furthermore, funds from previous HDLP allocations that ®1�® 1 S L C C R A rescinded their funding request may be available to include as an additional funding source. CRA Staff is recommending the Board consider the additional$710,000 in funding for these application requests. The Board will consider this during an upcoming CRA Board Meeting. The HDLP Competitive Funds come from two different categories, as described below: COMPETITIVE FUNDS CATEGORY AMOUNT* CRA Housing Development Loan Program $4,586,859 HOME Community Housing Development Organization Funds** $475,330 TOTAL: $5,062,189 *Note:Amounts are approximate. The total funds available may change after this document has been published. "Note:See Attachment E for additional information on federal requirements associated with these funds. All HDLP loans will be available to selected projects for acquisition,construction and/or development uses. The CRA recognizes that the acquisition, construction, and permanent sources and uses for projects may change by the time a loan closes and that the amount of debt the HDLP loans are subordinated to may vary depending on the status of the projects. Guiding Policy In February of 2021, the Board adopted the Housing Allocation Funds Policy ("Allocation Policy"), which establishes policies for allocating and directing resources for the development and preservation of housing by various funding sources. Highlights of the Policy include: • Housing Funds: The Allocation Policy establishes four housing funds based on fund source. The revenues, expenditures, interest, and payments for each fund source are separately accounted for to ensure the CRA control and oversight to comply with statutory requirements. • Annual Budgeting Process: The Allocation Policy provides that on an annual basis, the CRA 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 allows the CRA 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. In March 2021,the Board adopted the Housing Development Loan Program Policy("HDLP Policy"), which provides low-cost financial assistance to incentivize the development and preservation of affordable housing within Salt Lake City municipal boundaries. The HDLP provides a centralized application, underwriting, and approval process regardless of the fund source. The HDLP Policy includes: • Funding allocations and priorities determined on an annual basis. • 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 may 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. In April 2024, the Board adopted the FY2024-2025 Annual Housing Funding Priorities. Two of these ®1�® 1 S L C C R A priorities were established as the Threshold Requirements for the FY2024-2025 HDLP NOFA: • Deeply Affordable Housing: 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: All projects must include either family-sized units with amenities for children, as approved by CRA staff, and/or deeply affordable units. To meet the CRA'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 HUD. These units will be rent and income deed restricted. • Affordable Family Housing with Amenities for Children: 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 large household sizes that have at least three or more bedrooms and includes family- oriented amenities. o HDLP Implementation: All projects must include either family-sized units with amenities for children, as approved by CRA staff, and/or deeply affordable units. For a development to qualify for these funds, a minimum of 10% of the total residential units shall have three or more bedrooms, shall be income and rent restricted to those earning 60% AMI and below, and shall have amenities for children, as approved by CRA staff. Review and Approval Process Pursuant to the Policy, the CRA Finance Committee ("Committee") is charged with reviewing submitted applications and providing a funding recommendation that will be forwarded to the CRA Board. The Board will make the final determination of funding allocations, after which the CRA will issue a conditional commitment letter to those applications that are selected for funding. The conditional commitment letter between the CRA and the applicant will contain the covenants, terms, and conditions upon which the CRA will provide financial assistance to the proposed project once financial, legal,regulatory, and design approvals are obtained. Summary of Applications An overview of submitted applications in the order received is as follows: PROJECT DEVELOPER FUNDING REQUEST 1300 South Hermes Affordable Services,LLC $750,000 Left Field Lofts via Chicago Community Development Corporation of Utah $2,475,330 North West Pipeline Housing Assistance Management Enterprise $1,000,000 Flats at Folsom Lincoln Avenue Communities $2,000,000 The Hive on 1 lth Lincoln Avenue Communities $2,000,000 The Gregory Great Lakes Capital $2,000,000 TOTAL FUNDING REQUEST: $10,225,330 AVAILABLE FUNDING: $5,062,189* *Funds from previous HDLP applications may be available to include as an additional funding source. The Board will consider this during an upcoming CRA Board Meeting. This may provide an additional$710,000 in funding. ®1�® 1 S L C C R A Please note,that three applications were withdrawn and are not included in the memo or Attachments. Please refer to Attachment A:Applications Overview for a summary of all applications and Attachment C:Project Summary Sheets for an overview of salient information for each application. Standards of Review As per the HDLP Guidelines("the Guidelines"), applications that met all the Threshold Requirements were evaluated and scored by CRA staff based on the following: I. Alignment with project priorities — projects may qualify for interest rate reductions by meeting project priorities specified in Section 6 of the Guidelines (up to 26 points) II. Content and quality of the project narrative and application(up to 5 points) III. Content effectiveness, and appropriateness of the budget, sources and uses, operating proforma, and related assumptions (up to 5 points) IV. Qualifications and experience of the applicant and development team(up to 5 points) V. The readiness of the project to proceed to construction(up to 5 points) After the Committee has reviewed applications, their recommended funding allocations and application ranking will be forwarded to the Legislative Body for their approval. ATTACHMENTS: A. Applications Overview B. Map of Development Locations C. Project Summary Sheets D. Project Priorities&Interest Rate Reductions E. HOME Funds Requirements ATTACHMENT A:APPLICATIONS OVERVIEW Left Field Lofts via North West Project 2300 South Chicago Pipeline Flats at Folsom The Hive on 11th The Gregory Community Hermes Affordable Development Developer 1215-1225 S 400 W 8 3e0 Address W 1300 S 51-69 Chicago St. 315 East 200 South 16 S 800 W 1116 S Richards St 738 W South Temple r,Loan RDA Request' $ 750,000 $ 2,475,330 $ 1,000,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 $ 10,225,330 Previous RDA Commitments $ - - $ - $ - $ - $ - $ Total RDA Request $ 750,000 2,475,330 $ 1,000,000 $ 2,000,000 $ 2,000,000 $ 2,000,000 $ 10,225,330 Total Project Cost $ 28,412,213 $ 37,585,232 $ 44,791,715 $ 77,133,756 $ 65,081,906 $ 72,863,751 RDA Loan to Cost 2.6% 6.6°h 2.2% 3.0% 3.1% 2.7% 3.4% Average RDA Funding per Unit $ 10,714 $ 23,575 $ 17,857 10,638 $ 11,834 $ 10,695 $ 14,219 Average Other City Funds $ - - $ - $ - $ - $ - $ Interest Rate(w/project priority deductions) 2.0% 2.0% 2.0% 2.5% 2.0% 2.0%1 2.1% Average Term 30 30 40 18 18 18 Repayment Terms Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Financial Metrics 0 Owners'Equity $ - $ - $ $ 100 $ 100 $ $ 200 Tax Credits Applying,4% Applying,4% Applying,Historic Applying,4% Applying,4% Applying,4 Cost per Unit $ 405,889 $ 357,955 $ 799,852 $ 357,094 $ 385,100 $ 389,646 $ 449,256 Average Threshold Requirements Family-Sized Affordable or Deeply Affordable Units Both Both Family-sized Deeply Affordable Both Both Energy Star Score 90. 92 Cord.Of Approval Cord.Of Approval 92 93 92 100%Electric Yes Yes Yes Yes Yes Yes Housing Unit Details E2bd Below 14 14 28 5 8 9 20 13 55 5 7 6 3 3 24 1 7 3 3 14 I&Below 11 22 29 26 33 121 I 1 33 48 82 19 37 2 63 85 29 235 33 24 3 5 3 7 75 7 10 6 3 6 32 %AMI 59 71 12 101 91 90 424 Studio 6 4 10 20 lbd 5 12 19 11 20 67 2bd 4 19 35 17 15 90 3bd 3 7 - 24 19 53 Total 61%-80%AMI 12 44 58 52 64 230 Total Units 70 105 56 188 169 187 Priorities&Interest Rate Reductions Prionties:The five Funding Priorities determined by the FY2024-2025 Annual Housing Funding Priorities include.Family Housing wtAmenities for Children,DeeplyAlhordable Housing,• Opportunity Neighborhood Opportunity.Commercial&Services,and Expand Interest Rate Reductions:Projects receive a r -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 w/Amenities for Children 3 3 3 3 3 Deeply Affordable Housing 3 3 3 3 3 Ownership:Wealth Building Opportunity 3 Neighborhood Commercial&Services 3 3 Expand Opportunity 3 Affordable Housing Preservation Architecture&Urban Design 1 1 1 1 1 1 Missing Middle&Unique Housing Types Mixed-Income Neighborhoods Building Preservation,Rehabilitation,or Adaptive Reuse 1 Neighborhood Safety 1 1 Public Art 1 1 1 1 1 1 Public Space 1 Special Populations 1 Sustainability Transportation Opportunities Weighted Project Priority Total Score 8 10 16 5 8 12 9.8 Average Weighted Project Priority Total Score 8 10 16 5 8 12 Content&Quality:Project Narrative&Application Submittal 4 5 3 4 4 4 Financials:Content,Effectiveness&Appropriateness Completeness(initial submittal) 1.5 1.5 1 1.5 1.5 1.5 Feasibility of Proforma and Sources&Uses(after updates) 2 2 0 2 2 2 Development Team Qualifications&Experience 5 5 5 5 5 5 Project Constmction Readiness 1 1 0 1 1 1 Application Score Total 21.5 24.5 25 18.5 21.5 25.5 22.8 Average Temple St - _2 jd Av - • - South Temple St E R !N -t• h Y w ■ •' «. . 31 I1 EN Fwy 1-g0 �' a-!'1'11s: �4 U.] • , o , !I AV �'�r_ 4' 0 400 S "ll ' " M. 0 RIO .; Lu O C fA } LQ' A r• m �- 00 1 w R — INK Ir a+ W W W •..a.,u r. .n: - ., c -. . ...-- -._ .. _ to O O O L_ ■, 800 Indiana Ave �',_ ,Fd r.; - _ �"' r-'kiwi 14 .._ i -. . � -. , — - �■, ,� .ram IK iA<, I-15 SB 900 S On Ramp • 11 • California Ave - • • - HDLP Application 0 0.15 0.3 1 • 1 • 1.2 ® o SLCCRA ATTACHMENT C: PROJECT SUMMARY SHEETS HOUSING DEVELOPMENT PROJECT NAME: 1 — 1300 South LOAN PROGRAM ADDRESS: 1215-1225 S 400 W&390 W 1300 S OVERVIEW Hermes Affordable Services, LLC HOUSING UNITS HDLP Loan New Construction im Industrial Studio - - - - - - CRA FUNDING REQUEST 1 Bed 24 - 19 52 Bed 38 - - 33 5 • - • - $750,000 3 Bed 8 - - 7 1 • • - $28,412,213 • 2.6% 4 Bed - - - - - Total 70 - - 59 11 PROPOSED TERMS 2 0% CONSTRUCTION DEBT AHEAD OF CRA 30 Yr ' •. Cash Flow Senior Debt $23,038,599 • Subordinate to senior debt PERMANENT SOURCES HDLP THRESHOLDS AND PRIORITIES Sour Amount %of Total LIHTC Equity $10,245,775 36.1% • - • • -- • Both State Tax Credit $4,138,544 14.6% Senior Debt $8,300,000 29.2% 92 Deferred Fee $724,518 2.6% �'. Yes CIC Opportunities • Family Housing Fund V LLC $900,000 3.2% w/Amenities for Children, OWHLF $3,150,000 11.1% Deeply Affordable Housing, CRA HDLP Loan $750,000 2.6% Architecture & Urban Accrued Interest $203,376 0.7% Design, Public Art Total $28,412,212 100% TIMELINE PERMANENT USES • December 2025 •• ' • 110• •, June 2027 Land $4,400,100 15.5% Hard Costs $15,197,055 53.5% LOW-INCOME HOUSING TAX CREDIT Soft Costs $6,483,705 22.8% Developer Fee $2,320,101 8.2% Yes, 4% Public Art $11,250 0.04% • No Total $28,412,212 100% HOUSING DEVELOPMENT PROJECT NAME: 1 — 1300 South LOAN PROGRAM ADDRESS: 1215-1225 S 400 W&390 W 1300 S PROJECT SUMMARY From Developer. "1300 South Apartments will be a single 5 story podium building. The ground floor will provide the leasing office and common areas for the residents along with 54 interior parking spaces. The ground floor common space will include the following: • A 500 SF community room with attached 227 SF warming kitchen for residents to gather for community events and services • 366 SF After School Room • 163 SF Leasing office • 134 SF Property Management office • A mail room and package room inside for the residents' convenience • Community laundry with 10 washers and 10 dryers • 714 SF Bike Storage room with 50 bike spots • Two gender-neutral restrooms • 2 elevators to serve all floors. • In addition to the common spaces, the first floor will contain six two-bedroom units. Floors two through five will be fully residential floors containing six one-bedroom units, eight two-bedroom units and two three-bedroom units for each floor. The building exterior will be attractively designed with a mix of corrugated metal panel, exposed concrete, cementitious panels and stucco to break up the building colors and textures to create a pleasant place for our residents to call home. Building security will be provided with a controlled access system {key FOBs}at entrances to the building and security cameras will be used to surveil the premises. The building will provide one to three-bedroom apartments so we can provide much needed affordable housing to a wide variety of households from singles to larger families. The mix is 24 one-bedroom, 38 two-bedroom, and 8 three-bedroom apartments for a total of 70 apartments. All the units will be restricted to households earning at or below 60%AMI with 11%of the units specifically being reserved for households at or below 30%AMI. The average affordability of the development is approximately 54.43%." DEVELOPER SUMMARY From Developer: "The development team for 1300 South Apartments has decades of experience developing affordable housing using a variety of programs including 9%credits, tax exempt bonds with 4%credits, HOME funds, inclusionary housing, etc. The development entity, Hermes Affordable Services, LLC, has been formed for our Utah projects, including Latitude 1200 South}and our current and future Utah Projects. 1300 South Apartments will be owned by 1300 South UT, LLLP. This entity is a Utah single-purpose entity to own the apartments. The general partner is UT 1300 South, LLC. This entity is the applicant. The member of the LLC is a trust controlled by Charles Schmid. HOUSING DEVELOPMENT PROJECT NAME: 1 — 1300 South LOAN PROGRAM ADDRESS: 1215-1225 S 400 W&390 W 1300 S The developer will be Hermes Affordable Services, LLC. The member of the LLC is the same trust controlled by Charles Schmid that is the sole member of UT 1300 South, LLC, the general partner of the project. The core development team will consist of Charles Schmid, Jason Martin, and Fred Olsen. Combined the team has developed more than 170 affordable projects containing more than 20,000 apartments in California, New Mexico, Arizona, Colorado, Indiana, Illinois, Michigan, and Ohio." SITE MAP J I - . J HOUSING DEVELOPMENT PROJECT NAME: 1 — 1300 South LOAN PROGRAM ADDRESS: 1215-1225 S 400 W&390 W 1300 S PROJECT RENDERINGS CFERABL OF AL D.LS till oil �J Grv=,ra, , IIII„MI, IIII,t A? TRANSFORMER LOCATION OF SOLAR PANEL FDC CONNECTION ARRAY OPERABLE m mows m 1 TOF ALL Df.U.S 4 s-ucc0 CEMr4E IM I I � PANG a d o d d Ir ,,a co i CEME THOUS PANELS BACK E"WE COYCR- �J 7 ] f ONC RE D CONCRETE HOUSING DEVELOPMENT PROJECT NAME: 2— Left Field Lofts LOAN PROGRAM ADDRESS: 51 —69 Chicago Street OVERVIEW TIMELINE 514T104 IQ 11:4 CDC Utah i • I I November 2025 • -• - •- HDLP Loan July 2026 • - •- New Construction • Residential HOUSING UNITS al Market �. ,0. CRA FUNDING REQUESTjj n!i •'' $2,475,330 Studio - - - - - Acquisition: $3,450,000 Construction to Perm: 1 Bed 50 - 5 37 8 $37,585,232 2 Bed 35 - 4 24 7 • . Acquisition: 58.0% 3 Bed 20 - 3 10 7 Construction to Perm: 6.6% 4 Bed - - - - - Total 105 - 12 71 22 PROPOSED TERMS LOW-INCOME HOUSING TAX CREDIT Acquisition:'% Construction to Perm: 2% plyi Yes,4% Acquisition: 3 Yr, Balloon or • Conversion No Construction to Perm: 30 Yr - •. Acquisition: Balloon or ACQUISITION SOURCES Conversion • ' ' Construction to perm: Cash Flow CRA HDLP Loan $2,000,000 58% • Subordinate to permanent senior UETOD Loan $1,105,000 32% debt Owner's Equity $345,000 10% Total $3,450,000 100% HDLP THRESHOLDS AND PRIORITIES ACQUISITION USES Both Land $3,450,000 100% Total __0001 100% • _ Condition of Approval 0'. Yes CONSTRUCTION DEBT AHEAD OF CRA • Family Housing, Deeply Affordable Housing, Senior Debt $24,174,527 Architecture & Urban Design, Neighborhood Safety, Public Art, Special Populations' 1 10 permanent supportive units for households physical disability,5 units for households with a sensory experiencing literal or chronic homelessness,6 units for disability veterans, 10 Type A accessible units for households with a HOUSING DEVELOPMENT PROJECT NAME: 2— Left Field Lofts LOAN PROGRAM ADDRESS: 51 —69 Chicago Street PERMANENT SOURCES Source Amount %of Total Senior Debt $12,100,000 32.2% CRA HDLP Loan $2,000,000 5.3% CRA CH DO Loan $475,330 1.3% OWHLF $2,000,000 5.3% Impact Development Fund $230,214 0.6% Federal LIHTC Equity $14,312,473 38.1% State LIHTC Equity $4,180,000 11.1% Solar Tax Credit Equity $233,625 0.6% 45L Tax Credit Equity $53,400 0.1% Deferred Dev. Fee $1,440,298 3.8% N OI $459,892 1.2% Energy Rebates $100,000 0.3% Total $37,585,232 100% PERMANENT USES 7Hardosts $24,287,225 64.6% sts $5,940,701 15.8% $3,450,000 9.2% Developer Fee $3,050,000 8.1% Reserves $819,306 2.2% Public Art $38,000 0.1% Total $37,585,232 100% PROJECT SUMMARY From Developer: "The proposed project consists of(105) affordable rental units, in a mix of one-, two-, and three-bedroom units serving households earning up to 70%AMI (inclusive units of each type set aside for 30%, 40%, 50%, 60%and 70%AMI. (10) units will be set aside for homeless and/or households with a disability and include voluntary supportive services at no cost to the residents. The project will receive energy star multi-family and Enterprise Green Communities certifications to ensure a sustainable, healthy, and efficient rental home for the residents. The design is proposed as a podium + 5-story building, with podium parking on the ground floor tucked behind a inviting front street facade - inclusive of the main entrance and lobby, along with entry to the garden style apartments. The parking ratio is .50 stalls per unit, encouraging residents to utilize the nearby transit options (bus and TRAX), and also respecting the neighborhood to reduce the property's resident's reliance on on-street parking. There is approx. 6,500 SF of indoor and outdoor amenity space, including an elevated outdoor space, including a kid play area." HOUSING DEVELOPMENT PROJECT NAME: 2 — Left Field Lofts LOAN PROGRAM ADDRESS: 51 —69 Chicago Street DEVELOPER SUMMARY From Developer. "The development team consists of Community Development Corporation of Utah (CDCU) and BlueLine Development, Inc. (BLD). CDCU is a CHDO and Utah 501(c)(3) non-profit founded in 1990. In addition to building new single and multi-family housing, CDCU rehabilitates existing housing stock and works to revitalize neighborhoods around the state. CDCU also provides critical community services: homebuyer education, homeowner case management, down payment assistance, and mortgage lending. CDCU works to empower those they serve to find housing and achieve financial stability. BLD has completed over 50 tax credit developments utilizing LIHTC, HOME, CDBG, NSP, TCAP, AHP, NAHASDA, Olene Walker, RDA, Section 1602 and 8 programs since it was founded in 2011. BLD is a real estate development company dedicated to creating and sustaining affordable housing that serves the under-served. Their success comes from forming partnerships with local, mission driven organizations and utilizing resources to provide a comfortable, healthy home to those who live on restricted incomes. This project is the fourth project partnership between CDCU and BLD." HOUSING DEVELOPMENT PROJECT NAME: 2— Left Field Lofts LOAN PROGRAM ADDRESS: 51 —69 Chicago Street SITE MAP a PROJECT RENDERINGS ------ ---- HOUSING DEVELOPMENT PROJECT NAME: 3 - North West Pipeline LOAN PROGRAM ADDRESS: 315 East 200 South OVERVIEW HISTORIC TAX CREDITS - - • •- Housing Assistance • • Credits Yes, Historic Tax Management Enterprise (NAME) Credits • HDLP Loan No ' - •- Rehabilitation • Vacant HOUSING UNITS CRA FUNDING REQUESTits7l • . . . • - $1,000,000 Studio 7 - 6 1 1 - • • - $44,701,715 1 Bed 14 - 12 2 - ON •. 2.2% 2 Bed 22 - 19 3 - PROPOSED TERMS o 4 Bed 13 - 7 6 I - 2.0%40 Yr Total 56 - 44 12 - •. Cash Flow, Repayment upon CONSTRUCTION DEBT AHEAD OF CRA sales of units Subordinate to senior debt Senior Debt $23,540,656 HDLP THRESHOLDS AND PRIORITIES _• PERMANENT SOURCES • Family-Sized Units with of Total • - -- • Amenities for Children TIFIA Loan $14,540,656 32.5% _ Bridge Loan $9,000000 20.1% • Condition of Closing CRA Wealth Building $2,000:000 4.5% Yes CRA HDLP Loan $1,000,000 2.2% • Family Housing, Historic Tax Credit $12,183,347 27.2% Ownership, Neighborhood EPA Grant $4,000,000 8.9% Commercial &Services, Deferred Dev. Fee $2,067,713 4.6% Expand Opportunity, Total $44,791,715 100% Architecture & Urban Design, Building PERMANENT USES Preservation Rehabilitation -CA Mill • or Adaptive Reuse, Public Hard Costs $36,478,898 81.4% Art, Public Space Soft Costs $3,637,026 8.1% Developer Fee $4,036,592 9.0% TIMELINE Reserves $389,200 0.9% • March 2026 Public Art $250,000 0.6% • •, • MUOTIM 1 May 2027 Land $0 0.0% Total $44,791,715 100% HOUSING DEVELOPMENT PROJECT NAME: 3 - North West Pipeline LOAN PROGRAM ADDRESS: 315 East 200 South PROJECT SUMMARY From Developer. "The historic Northwest Pipeline building is the anchor of the new development concept. Our plan is to restore the building and repurpose floors 2-8 from its former commercial use to residential. The floor plan layout helps to create a high-quality urban living environment for the new 56 units and the added roof top community space will provide an oasis for residents to take in the City views. We seek to maximize on-site renewable energy and estimate an Energy Star score of over 90. We also considered materiality, social resilience, water conservation and infrastructure as a part of the holistic approach. We aim to create equitable access with high-speed broadband, electric bike fleets and the added benefit of the new bus stop along 200 South. The family friendly design will provide needed wealth building with low-income homeownership models that expand the options already offered in the neighborhood for a wide range of economic strata. Housing options for different family and lifestyle configurations include 1-bedroom, 2-bedroom and 3-bedroom units." DEVELOPER SUMMARY From Developer: "HASLC/NAME is a seasoned real estate developer with over 50 years of expertise and almost 1800 units in its inventory. These apartments offer housing for the homeless, market, seniors, survivors of domestic violence, and those with disabilities." HOUSING DEVELOPMENT PROJECT NAME: 3 - North West Pipeline LOAN PROGRAM ADDRESS: 315 East 200 South SITE MAP o •- IJ '�'•S fill I =.y• Y .Y. i PROJECT RENDERINGS 00 HOUSING DEVELOPMENT PROJECT NAME: 4—The Flats at Folsom LOAN PROGRAM ADDRESS: 16 S 800 W OVERVIEW HOUSING UNITS - - • •- Lincoln Avenue Communities . .. •. - • - •- HDLP Loan ' - •- New Construction Studio 51 - 4 33 14 • Vacant 1 Bed 91 - 19 63 9 2 Bed 46 - 35 5 6 CRA FUNDING REQUEST 3 Bed - - - - - • . ' . • - 1 $2,000,000 4 Bed - - - - - • • - $67,133,756 ' 3.0% Total 188 - 58 101 29 •. • • PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF RDA 2.5% 2.5% Senior Debt $54,171,523 •. Cash Flow PERMANENT SOURCES • Subordinate to permanent debt Source Amount %of Total HDLP THRESHOLDS AND PRIORITIES LIHTC Equity $28,170,212 42.0% State Tax Credit $6,000,000 8.9% • Senior Debt $26,980,000 40.2% Deeply Affordable Units CRA HDLP Loan 2,000,000 3.0% • Owner Equity $100 0.0% _ 92 Operations Cash Flow $933,079 1.4% �'. Yes 45L&Utility Rebates $327,228 0.5% ' Deeply Affordable Housing, Deferred Fee $2,723,138 4.1% Architecture & Urban Total $67,133,756 1 100% 1 Design, Public Art PERMANENT USES TIMELINE • • 6m,7 September 2025 Hard Costs $44,368,969 66.1% lffaMTRUMtrel tufal, MIFIILMM I August 2027 Soft Costs $10,858,310 16.2% Developer Fee $5,651,663 8.4% LOW-INCOME HOUSING TAX CREDIT Acquisition 5,195,000 7.7% • • . • Yes Reserves $1,029,814 1.5% Public Art $30,000 0.0% • No, 4% Total $67,133,756 100% HOUSING DEVELOPMENT PROJECT NAME: 4—The Flats at Folsom LOAN PROGRAM ADDRESS: 16 S 800 W PROJECT SUMMARY From Developer. "Lincoln Avenue Communities("LAC") is proud to present The Flats at Folsom (the "Project"), which is a proposed 4% LIHTC, 188- unit 100%affordable development located just one-half mile from the Gateway and Delta Center of downtown Salt Lake City and directly adjacent to the Folsom Trail. The Project is in "shovel-ready" condition with a full set of buildings plans. The Project has submitted for building permits and all divisions within Salt Lake City's building department with the exception one have approved the plans. LAC will be acquiring the land and building plans from the existing market rate developer, to convert this luxury market-rate apartment project into greatly needed affordable housing for the benefit of Salt Lake Families. The Project was planned to break ground this year with market rents well in excess of our proposed rents. We are proud to be providing high quality and sustainable affordable housing in the North Temple corridor as the need for affordable housing continues to rise. The Project is both family and young-working professional oriented and will offer a range of AMIs (40%, 60%and 70%AMI)with market-rate amenities for families and individuals. Given that this project is fully entitled, LAC is excited for the opportunity to move quickly to begin construction once remaining financing sources are lined up. The Project is designed as a 7-story design, with two elevators for circulation, podium-style building comprised of Studios, 1, and 2-bedroom units. The building will include 5 levels of apartments over two levels of above grade parking. Utilizing a podium style building allows for increased density, leading to more affordable housing units for local families. The site is highly walkable and will provide 147 parking spaces along with complimentary bike storage despite no TSA-UNC parking requirements. We hope living here will be an empowering experience for the future residents. The Flats at Folsom will sit directly on the Folsom Trail, a paved trail connecting the Jordan River Trail and the North Temple FrontRunner Station, helping to bridge east-west connections in the City. The trail is a crucial connector for neighborhood and local businesses. The City has invested significant funds into the revitalization of the abandoned Folsom rail line with the goal of balancing preservation and new development directly on the trail. The Flats at Folsom helps the City achieve that goal and will provide residents with a connection for access and recreation. This Project has an opportunity to be a catalyst for the area as the North Temple Neighborhood and Folsom Trail continue on their path towards revitalization and we look forward to the opportunity to provide families with high-quality, safe, centrally located housing. The City of Salt Lake has also completed final designs for the City Creek daylighting project, which has been described as "a thread of water coming through a linear park". The focal point of the three-block daylighting project will be at the eastern edge south of the tracks. The first exhibit below is directly adjacent to the east of our proposed Project and will include a pond and gathering area. The second exhibit below details the proposed trail improvements south of the site. HOUSING DEVELOPMENT PROJECT NAME: 4—The Flats at Folsom LOAN PROGRAM ADDRESS: 16 S 800 W -j1j!1--Itf 1,00 Main Pla t The Flats at Folsom 416 . :.:.. 1l gan w to goo Amenities will include two courtyards one designed with a picnic area, the second for an elevated lounging and leisure area with dedicated open space for residents to relax comfortably. These courtyards are market quality and allow residents to take full advantage of the space. There is one additional rooftop courtyard on the 7th floor granting residents a great view of Salt Lake City and the Wasatch Range. Within the building there will also be amenities such as a fitness center, mail room, package room, clubroom, and even a pet cleaning spa. These ground floor amenity exteriors are also largely glass to promote our mixed use and community engagement intent. HOUSING DEVELOPMENT PROJECT NAME: 4—The Flats at Folsom LOAN PROGRAM ADDRESS: 16 S 800 W Units will feature stainless steel energy star appliances, top of the line WaterSense toilets and plumbing fixtures, balconies, walk-in closets, linen closets, stackable washer and dryers available for rent and Class A interior finishes (including white shaker cabinets, quartz or granite countertops with luxury vinyl flooring). The Flats at Folsom's combination of common area amenities and the in-unit amenities will provide a Class-A feel while providing safe and affordable homes for Salt Lake City working families." DEVELOPER SUMMARY From Developer. "Developer: Since our founding in 2016, LAC, the Project Sponsor, has been driven by a commitment to provide individuals and families with quality, sustainable, and affordable homes. In just seven years, we have seen significant growth as we continue to grow our portfolio. As one of the nation's fastest growing developers, investors, and operators of affordable housing, we now proudly own and operate over 27,000 affordable units in 28 different states. Additionally, LAC has expanded its development team with senior members who have significant experience with new construction. Currently we have over 3,000 units of new affordable housing under construction. Development experience in Utah: LAC recently received its first LIHTC and SLC RDA fund allocation in the state of Utah. This was awarded to the Fairmont Heights 9% LIHTC project in which Rusty Snow, a Partner at LAC, and the Housing Authority of SLC are committing to develop a 55-unit, income averaged development qualifying project for seniors located in the heart of the Salt Lake City Sugar House neighborhood. Rusty Snow has led the development of other LIHTC projects in Utah and will be a Secondary Applicant to The Hive on I Ith Project team to assist in the development by utilizing his Utah expertise. Property Manager: The Project will be managed by Seldin, who also manages a number of LAC properties in the Mountain West States. We have an extremely strong relationship with Seldin and are thoroughly impressed with their work with lease-up, management and compliance. Seldin manages over 6,500 units of affordable housing in 10 states. Design Team: KTGY(architect), Kier Construction Corporation (general contractor), and Anderson, Wahlen & Associates, Inc. (civil engineer). LAC is appreciative to have such a strong design team on the Project who are all active in affordable housing within Utah. Each of these firms are highly regarded professionals in their respective fields with a track record to back it up. The Project is ready to proceed to design review and permit submittal; it is zoned, designed, and priced by our general contractor. The Project will close in Q3 of 2025 and will take 24- months to complete construction." HOUSING DEVELOPMENT PROJECT NAME: 4—The Flats at Folsom LOAN PROGRAM ADDRESS: 16 S 800 W SITE MAP PROJECT RENDERINGS ,Y HOUSING DEVELOPMENT PROJECT NAME: 5 -The Hive on 11th LOAN PROGRAM ADDRESS: 1116 S Richards St OVERVIEW HOUSING UNITS - - • •- Lincoln Avenue Communities . .. •. - • - •- HDLP Loan ' - •- New Construction Studio - - - - - • Commercial 1 Bed 116 - 11 85 20 2 Bed 23 - 17 3 3 CRA FUNDING REQUEST 3 Bed 30 - 24 3 3 • : ' - • - $2,000,000 4 Bed - - - - - • • - $65,081,906 ' 3.1% Total 169 - 52 91 26 PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF CRA 2.0% �Senior2. Debt $52,378,354 •. Cash Flow PERMANENT SOURCES • Subordinate to permanent debt HDLP THRESHOLDS AND PRIORITIES 7Senior uity $27,520,099 42.3% Credit $6,000,000 9.2% ebt $25,720,000 39.5% Both Deferred Dev. Fee $2,645,658 4.1% CRA HDLP Loan $2,000,000 3.1% _ 93 Operations Cash Flow $890,370 1.4% �'. Yes 45L&Utility Rebates $305,680 0.5% ' Family Housing with Owner Equity $100 0.0% Amenities for Children, Total $65,081,906 100% Deeply Affordable Housing, Architecture & Urban PERMANENT USES Design, Public Art � �• ' ' Hard Costs $44,449,941 68.3% TIMELINE Soft Costs $8,846,640 13.6% • September 2025 Acquisition $5,300,000 8.1% • •, August 2027 Developer Fee $5,521,234 8.5% Reserves $934,092 1.4% LOW-INCOME HOUSING TAX CREDIT Public Art $30,000 0.0% Yes Total $65,081,906 100% No, 4% HOUSING DEVELOPMENT PROJECT NAME: 5-The Hive on 11th LOAN PROGRAM ADDRESS: 1116 S Richards St PROJECT SUMMARY From Developer. "Lincoln Avenue Communities("LAC") is proud to present The Hive on 11th (the "Project"), which is a proposed 4% LIHTC, 169- unit 100%affordable development located just one-half mile north of Smith's Ballpark. LAC has been working and investing in the Project for a year to bring forward a development that is near `shovel-ready'. The Project is family oriented and will offer a range of AMIs (40%, 60%and 70%AMI) along with Class A amenities for families and individuals. The Project is designed as a 7-story, podium-style building comprised of 1, 2, and 3-bedroom units. The building will include five levels of apartments over two levels of above grade parking. Utilizing a podium style building allows for increased density, leading to more affordable housing availability for local families. The site is highly walkable and will further provide 148 parking spaces along with complimentary bike storage, despite no MU-8 parking requirements. We hope living here will be an empowering experience for the future residents. This project has the opportunity to be a catalyst for the area as Ballpark District continues on its path to revitalization and we look forward to the opportunity to provide families with high-quality, safe, centrally located housing. Project amenities will include two 2nd floor rooftop courtyards—one designed with an active use in mind for residents featuring a covered dining area and multiuse area with a flex lawn and landscaped space. The second will be slightly more passive and will provide for an elevated lounging and leisure area with dedicated open landscaping space for residents to enjoy. We will also have a clubroom with kitchenette that will adjoin the 1st rooftop courtyard. These courtyards are on par with the best market rate developments in Salt Lake and allow residents to take full advantage of the space. Outside of the structured parking garage, the first two floors will feature amenities such as a leasing center, resident recreational lounge with a kitchenette, fitness center/yoga studio, community laundry, mail room, parcel room and bike room. These ground floor amenity exteriors are also largely glass to promote our mixed use and community engagement intent. Units will feature stainless steel energy star appliances, top of the line WaterSense toilets and plumbing fixtures, balconies, walk-in closets, linen closets, stackable washer and dryers available for rent and Class A interior finishes (including white shaker cabinets, quartz or granite countertops with luxury vinyl flooring). The Hive on 11ths combination of the common area amenities and the in-unit amenities will provide for a Class-A feel, while providing a safe and affordable home for Salt Lake City working families. DEVELOPER SUMMARY From Developer. "Developer: Since our founding in 2016, LAC, the Project Sponsor, has been driven by a commitment to provide individuals and families with quality, sustainable, and affordable homes. In just seven years, we have seen significant growth as we continue to grow our portfolio. As one of the nation's fastest growing developers, investors, and operators of affordable housing, we now proudly own and operate over 27,000 affordable units in 28 different states. Additionally, LAC has expanded its development team with senior members who have significant experience with new construction. Currently we have over 3,000 units of new affordable housing under construction. HOUSING DEVELOPMENT PROJECT NAME: 5-The Hive on 11th LOAN PROGRAM ADDRESS: 1116 S Richards St Development experience in Utah: LAC recently received its first LIHTC and SLC RDA fund allocation in the state of Utah. This was awarded to the Fairmont Heights 9% LIHTC project in which Rusty Snow, a Partner at LAC, and the Housing Authority of SLC are committing to develop a 55-unit, income averaged development qualifying project for seniors located in the heart of the Salt Lake City Sugar House neighborhood. Rusty Snow has led the development of other LIHTC projects in Utah and will be a Secondary Applicant to The Hive on I Ith Project team to assist in the development by utilizing his Utah expertise. Property Manager: The Project will be managed by Seldin, who also manages a number of LAC properties in the Mountain West States. We have an extremely strong relationship with Seldin and are thoroughly impressed with their work with lease-up, management and compliance. Seldin manages over 6,500 units of affordable housing in 10 states. Design Team: KTGY(architect), Kier Construction Corporation (general contractor), and Anderson, Wahlen & Associates, Inc. (civil engineer). LAC is appreciative to have such a strong design team on the Project who are all active in affordable housing within Utah. Each of these firms are highly regarded professionals in their respective fields with a track record to back it up. The Project is ready to proceed to design review and permit submittal; it is zoned, designed, and priced by our general contractor. The Project will close in Q3 of 2025 and will take 24- months to complete construction." HOUSING DEVELOPMENTPROJECT NAME: LOAN PROGRAM ADDRESS: 1116 S Richards St SITE MAP -r n - do r f PROJECT _ ��� �� III g I .I � � ,■� I I! � I I !1 III II ��, ,f t . E•. :I HOUSING DEVELOPMENTPROJECT NAME: LOAN PROGRAM ADDRESS: Richards b } - FT �II ,,��, �• �I �gl ,� I I I��� 'r _ III I I n .II II!� !I III p� ,p!I il!ul`u°;'' ,� ��i�a III! I• i i ql � III II � _ � III II � _!IIIIi �� - 3.11�,�,I!II!!Il�ul!�R9�!�.�l�i:il w �••! I! I! II! 11! !1� II! !II ' ' � !H !II !I !I !• �.�! I! I! II! `� �!!� !r !1. II! gl �■�_� u! IIIIi .� "!/: !II !I g ��.� i��i ,I q ill t■� � � t!! �! t■� !II II! 1-�!� !u !��I;�,! �■t_ IL I! I! !�I! ��■�! I! I! II! �L 3! � �1. � �■t, u!: , - ..!1. !II !I II !�■t. ! III � !II. l II II. _ I I. II! 11� —• .: . '�, �' ��1 �e , HOUSING DEVELOPMENT PROJECT NAME: 6—The Gregory LOAN PROGRAM ADDRESS: 738 W South Temple OVERVIEW Great Lakes Capital HDLP Loan HOUSING UNITS.New Construction , ,, , IndustrialIffit Studio 72 - 10 48 14 It, CRA FUNDING REQUEST 1 Bed 62 - 20 29 13 • : ' - • - $2,000,000 2 Bed 25 - 15 7 3 • - • $72,863,751 3 Bed 28 - 19 6 3 2.7/o 4 Bed - - - - - PROPOSED TERMS Total 187 - 64 90 I 33 2.0% CONSTRUCTION DEBT AHEAD OF CRA 18 Yr •. Cash Flow • Subordinate to senior debt Senior Debt $59,500,000 HDLP THRESHOLDS AND PRIORITIES PERMANENT SOURCES Sour Amount . of • . • _ _ LIHTC Equity $36,310,090 49.8% Both Senior Debt $27,233,000 37.4% • • , • CRA HDLP Loan $2,000,000 2.7% 92 OWHLF NHTF $2,000,000 2.7% �'. Yes OWHLF HOME $2,000,000 2.7% ' Family Housing Utility Rebates $56,100 0.08% w/Amenities for Children, Deferred Dev. Fee $3,028,561 4.2% Deeply Affordable Housing, 45 L& ITC Equity $236,000 0.32% Neighborhood Commercial Total $72,863,751 100% &Services, Architecture& Urban Design, USES Neighborhood Safety, '• of.QWt Public Art Land Costs $3,528,000 4.8% Hard Costs $44,353,102 60.9% TIMELINE Soft Costs $17,490,105 24% • January 2026 Developer Dev. Fee $6,081,099 8.3% 14TsTiMrirRtr@1 Dial, • - January 2028 Reserves $1,381,445 1.9% Public Art $30,000 0.04% LOW-INCOME HOUSING TAX CREDIT Total $72,863,751 100% - Yes, 4% PMR. ;n4__ No HOUSING DEVELOPMENT PROJECT NAME: 6—The Gregory LOAN PROGRAM ADDRESS: 738 W South Temple PROJECT SUMMARY From Developer. "The Gregory will be a 187-unit, 100%affordable family housing project. The all-electric building is designed to meet EGC and ENERGY STAR certifications. Located along the Folsom Trail, the transit-oriented community connects residents to Jackson/Euclid (0.2 mile) & North Temple (0.5 mile) TRAX stations, providing public transit access throughout the Wasatch Front. Key Features: 100%Affordable Family Housing with 28 3-bedroom units LIHTC Income Averaging to include units from 30-80%AMI 100% Electric Building with Enterprise Green & ENERGY STAR certifications Clubhouse, gym, two outdoor amenity spaces (with play area for children) 63 garage parking stalls and bicycle storage space" DEVELOPER SUMMARY From Developer: "Great Lakes Capital is a real estate developent and private equity firm uniquely positioned to add value to investments through development and opportunistic investment across the real estate spectrum and throughout the capital structure. Headquartered in Granger, Indiana, GLC develops across a diverse set of asset classes to ensure fungibility to micro and macro markets- including mixed-use, multifamily, hospitality, industrial and medical office." HOUSING DEVELOPMENT PROJECT NAME: 6—The Gregory LOAN PROGRAM ADDRESS: 738 W South Temple SITE MAP tL ., PROJECT RENDERINGS IIMII/ � 0� HOUSING DEVELOPMENT PROJECT NAME: 6—The Gregory LOAN PROGRAM ADDRESS: 738 W South Temple a a - „-.---; ... a ME P 3 1 Smlh EleVatim -13 -ICI 7r it 1 r - r-. r-rr r 7!I I 41 4 West Elevation � � ,� illl►ul Notes Fj I o Unit Summary c In11 1 S L C C R A ATTACHMENT D: PROJECT PRIORITIES &INTEREST RATE REDUCTIONS Project Priority criteria will be utilized to evaluate applications and provide for interest rate reductions. In phased projects,the Project Priorities are eligible only for the phase in which the Project Priority is present. CATEGORY •• •: , WEIGHT* RATE ----- KING INTEREST- -------------------- i� . • Housing for Provide opportunities for Project provides at least 15%***of the families to enjoy the total units as 3+bedroom units AND Everyone: many benefits of urban Affordable includes family-oriented community 1 Family Housing living by encouraging the amenities as approved by RDA Staff. 3 X with Amenities development of housing that is conducive to larger These units should be marketed for for Children household sizes tenants with children. Expand the availability of units for extremely low- Everyone:Housing for income households, Project sets aside at least 15%*** of 2 Deeply thereby providing housing the residential units for extremely 3 X p y Affordable options for individuals or low-income households(earning 40% Housing families that are AMI or less). homeless or at risk of homelessness Create opportunities for The project provides opportunities for those who have tenants to build wealth through models that involve for-sale housing product, Ownership: historically rented in the shared equity profit-sharing 3 Wealth Building community to build , 3 X Opportunity wealth and establish cooperative housing,community land permanent roots trusts,stipends for renters,cooperative through homeownership housing,etc.The project is for income- qualified individuals/families. Projects are mixed-use and establish commercial spaces within the Foster a mix of land uses development. Projects will promote and unique Neighborhood neighborhood business various neighborhood-serving 4 Commercial& commercial spaces,such as daycares, 3 X Services districts that adequately restaurants, and retail spaces.The meet the local community's needs commercial spaces shall be open to the public and shall not be exclusive to-the-development- Provide affordable housing within areas with The project is located within the 5 Expand access to resources that RDA's High Opportunity Area map. 3 X Opportunity may improve a person's Please refer to Attachment D. chances of upward economic mobility. At least 50%of the project involves Affordable preserving(through a formal 6 Housing To preserve existing mechanism such as a deed restriction) 1 X Preservation affordable housing either naturally occurring affordable housing or deed-restricted affordable ins n I S L C C R A CATEGORY POLICY OBJECTIVE BENCHMARK RANKING INTEREST WEIGHT* RATE REDUCTION" housing where the restriction is nearing expiration. --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- The project meets design regulations in 21A.37 of the SLC Zoning Ordinance for the applicable zoning district and exceeds at least one of the standards To promote high-quality by 10%. architecture that For projects within a zoning district that Architecture& enhances the public does not require projects to meet 7 realm,strengthens the design regulations,buildings shall 1 X Urban Design neighborhood's unique g q include an active ground floor use character,and uses fronting all public rights-of-way, enduring materials significant ground floor glass fronting all public rights-of-way,durable building materials,and engaging building entrances as determined by RDA-staff- To acknowledge a Building neighborhood's history and maintain its unique The project will preserve, rehabilitate, Preservation, character through or repurpose an existing structure for 8 Rehabilitation, 1 X or Adaptive Preservation, housing that contributes positively to Reuse rehabilitation,or the surrounding neighborhood. repurposing of historic or underutilized structures Expand the availability of At least 15%of the units support Housing for units for special underserved tenant populations,such Everyone: populations,thereby as persons with disabilities,seniors 9 providing housing options 1 X Special and/or special populations.These Populations for individuals or families services are to be in partnership with that may otherwise be a governmental or nonprofit entity. underserved Promote a variety of The overall scale of the project is project types and scales either a missing middle housing type Missing Middle to diversify the City's (i.e.:townhomes,courtyard 10 & Unique housing stock/forms and apartments,small-scale apartments) 1 X Housing Types provide more affordable or a housing type that is not commonly built,including:tiny homes, modular living options for homes, pre-fab homes,accessory residents dwelling units(ADUs). For projects not located within the in promote mixed RDA's High Opportunity Area (see income developments, Attachment D for a map),the project 11 Mixed-Income economically integrated has a mix of affordable(60%AMI or 1 X Neighborhoods communities,and housing opportunities below) housing units and at least 10% for low-income residents market-rate units. Market-rate units shall be non-deed restricted. ins n I S L C C R A CATEGORY POLICY OBJECTIVE BENCHMARK RANKING INTEREST WEIGHT* RATE REDUCTION" Projects are located within an active Utilize the development RDA project area (see Attachment E of housing to reduce the for RDA Project Area Map)and the number of vacant and project redevelops property that is 12 Neighborhood distressed buildings and significantly distressed or causing a 1 X Safety nuisance,as evidenced by crime data lots to reduce crime and from Salt Lake City Police return land to a productive use Department.NOTE: Documentation of crime data must be included in the initial application submittal to qualify. Promote cultural Project contributes at least 1.5%of expression and add to the RDA contribution towards the the experience and value of the built installation of art onsite or towards 13 Public Art environment through art the RDA Art Fund as outlined in the 1 X visible or RDA Art Policy. Inclusion of Public Art that is publicly accessible for all must be shown in the project budget submitted with the initial application. experience To promote community amenities providing The project includes a significant opportunity for social amenity open to the public and interaction;support adjacent to a public right-of-way that 14 Public Space cultural events; promote is privately maintained and not 1 X neighborhood identity; otherwise required by City Code.An reinforce neighborhood easement must be recorded to ensure character;walkability public access in perpetuity. and connectivity. Promote environmentally Projects must be built to Off-Site Net sustainable development Zero or On-Site Net Zero standard as 15 Sustainability projects to lower housing described in the RDA's Sustainable 1 X expenses,conserve Development Policy Resolution. This resources,and improve includes all components of the resiliency development, not just common areas. Projects must meet TWO of the following: • Includes a car sharing,bike sharing, or transit pass program that is widely Promote a multimodal available to employees/residents. transportation network . Includes at least two electric vehicle 16 Transportation and ensure convenient charging stations available for public 1 X Opportunities and equitable access to use.An easement must be recorded a variety of to ensure public access in perpetuity. transportation options . Includes the construction of a shared parking garage within%mile of a light rail stop that is a parking structure with additional stalls that ®1® I S L C C R A ------ POLICY OBJECTIVE REDUCTION"WEIGHT* RATE are made available to offsite neighboring properties. . The developer coordinates with the city or another relevant entity to enhance multi-modal transportation infrastructure within the project's vicinity.NOTE:This coordination must be initiated and documented prior to HDLP application submission to qualify. *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 16 interest rate reductions are available, interest rates can be reduced by a maximum of 2.0%.Please see Attachment C 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:Sustoinability 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. ®1 1 S L C C R A ATTACHMENT E: HOME FUNDS REQUIREMENTS As part of the FY2025 NOFA,HUD HOME Community Housing Development Organization Funds(CHDO) are available.An overview of the HOME CHDO Program is available here: https://www.hudexchan eg info/programs/home/topics/chdo/#policy-guidance-and-faqs" Details on the HUD HOME CHDO funds are available here: FUNDS CATEGORY AMOUNT* ADDITIONAL DETAILS Additional Requirements are located here: •HOME Community Housing 24 CFR 92.208 $475,330 24 CFR 92.300 Development Organization Funds . 24 CFR 92.30 *Note:Amounts are approximate. The total available funds may change after this document has been published. The RDA and the City reserve the right to provide separate loan document agreements for the HUD HOME CHDO funds and the RDA funds. The HDLP Policy and guidelines will apply to the extent that it does not conflict with HUD HOME CHDO rules. A CHDO(Community Housing Development Organization)is a nonprofit, community-based organization that develops affordable housing for low-income individuals. To be designated as a CHDO, the organization must meet specific requirements set by the U.S. Department of Housing and Urban Development(HUD), including having a mission focused on housing, significant representation from the community it serves,and the capacity to carry out housing projects. CHDOs are eligible to receive federal HOME Investment Partnerships Program funds,which help them build,rehabilitate,or manage affordable housing. To be considered a CHDO,a nonprofit must meet the following requirements: 1. Legal Status: The organization must be legally organized under state law as a nonprofit and have a tax- exempt status under IRS Section 501(c)(3)or 501(c)(4). 2. Mission: The organization's primary mission must be the provision of affordable housing for low-and moderate-income people. 3. Board Composition: At least one-third of the board must represent low-income community residents, with no more than one-third of the board members being public officials or employees of the government. 4. Capacity and Experience: The organization must demonstrate the capacity to carry out affordable housing development activities, either through staff with relevant experience or by contracting professionals. 5. Accountability to the Community: The CHDO must maintain accountability to low-income community residents through a formal process for obtaining input, such as holding public meetings or having community representatives involved in decision-making. 6. Independence: The organization must not be controlled by,or be a subsidiary of,a for-profit entity. 7. Service Area:The CHDO must focus its activities in a specific geographic area,such as a neighborhood or city, and demonstrate an ongoing relationship with the community it serves. Meeting these criteria allows a nonprofit to apply for CHDO designation and qualify for special HOME funds to support affordable housing projects. If you meet the above requirements and wish to become a CHDO please email Dennis.Rutled eg &slc.gov to complete an application packet to be considered a CHDO.If you already are a CHDO please note that you must resubmit for CHDO qualification each year.