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HomeMy WebLinkAbout03/05/2025 - Meeting Materials MAYOR ERIN MENDENHALL DANNY WALZ Executive Director Director fllfl 11111\I\f\ SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY REINVESTMENT ADVISORY COMMITTEE MEMO DATE: February 28, 2025 PREPARED BY: Tracy Tran, CRA Senior Project Manager Browne Sebright, CRA Project Manager RE: FY 2025-26 Housing Development Funding Strategy EXECUTIVE SUMMARY: The Salt Lake City Community Reinvestment Agency("CRA")Housing Allocations Funds Policy("Funds Policy") establishes guidelines for allocating and directing resources for the development and preservation of housing by funding source. Additionally,the CRA's Housing Development Loan Program("HDLP") Policy creates a program that centralizes the application, underwriting, and approval process across all funding sources,providing a one-stop-shop for community partners to access gap financing for the development and preservation of affordable housing. Both policies contemplate that annually,prior to the annual budget process,the CRA shall present to the CRA Board of Directors ("Board")a Housing Development Funding Strategy("Funding Strategy")that includes: • A projected amount of revenue to be allocated to each Housing Fund for the upcoming fiscal year (approved as apart of CRA budget) • Proposed housing funding priorities ("Funding Priorities") for the upcoming fiscal year(approved as separate resolution) • Proposed funding allocations for specific housing activities (i.e. gap financing loans,property acquisition, etc.) for the upcoming fiscal year(approved as apart of CPA budget) This memo reviews the Funding Priorities and housing activities adopted in Fiscal Year 2024-2025 ("FY 25) as well as the proposal for Fiscal Year 2025-2025 ("FY 26"). The projected revenue to be allocated to each of the four Housing Funds (Primary Housing Fund, Secondary Housing Fund,Westside Community Initiative Fund and Housing Development Fund) as well as allocations of funding to each housing activity will be brought back to the Board as a part of the annual budget discussion. CRA staff is seeking feedback from the Reinvestment Advisory Committee ("RAC")regarding the proposed Funding Priorities and housing activities as described in this memo. BACKGROUND: FY 2024-2025 Annual Housing Funding Strategy Progress/Outcomes—Last year,the Board adopted five housing funding priorities to guide funding decisions for the rest of the fiscal year: deeply affordable housing, family housing with amenities for children,wealth building opportunities, expand opportunity, SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET,ROOM 115 WWW.SLC.GOV•WWW.CRA.SLC.COM P.O.BOX 145518,SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240•FAX 801-535-7245 and neighborhood commercial and services. Progress has been made to further each of these priorities as follows: Priority Objective Activities Implementation Impact/Status Deeply Affordable Expand the • HDLP • Threshold CRA released a$5M Housing availability of units for requirement for Notice of Funding extremely low-income HDLP, higher Availability("NOFA") households, thereby weighted score in through the HDLP to providing housing HDLP; Dedicated fund affordable options for individuals funds for deeply housing or families that are developments. The homeless or at risk of affordable units total units funded will homelessness. be available after the Deeply affordable CRA Board reviews housing is generally the funding defined as housing allocations for the affordable to those competitive HDLP earning 40% of the applications. area median income AMI or below. Family Housing with Provide opportunities . HDLP • Threshold CRA released a$5M Amenities for for families to enjoy . Property requirement for NOFA through the Children the many benefits of acquisition/ HDLP, higher HDLP to fund urban living by disposition weighted score in affordable housing encouraging the . Residential Wealth HDLP developments and a development of $3.2M NOFA to fund affordable housing Building Pilot Residential Wealth P Building Residential Wealth that is more rogram ng NOFA Building proposals in conducive to larger October 2024. The household sizes(3 or total units funded will more bedrooms)and be available after the includes amenities for CRA Board reviews children. the funding allocations for the competitive HDLP and Residential Wealth Building NOFA Applications. Wealth Building Facilitate the ability of • Residential Wealth • Residential Wealth Through the City's Opportunity low-moderate income Building Pilot Building NOFA American Rescue Act households to build Plan ARPA funds, wealth through Program Higher weighted CRA Staff closed on • HDLP score in HDLP the$10M to the different pathways, • ADU Financing • ADU Financing such as Perpetual Housing homeownership, Program Program NOFA Fund of Utah, LLC supplemental income • Other Partnerships • Funding for (PHF), to purchase a opportunities, renter Perpetual Housing property and carry 2 stipends, cooperative Fund tenant wealth out a tenant wealth housing, and other building program building initiative on wealth-building . Funding for the subject property. models. NeighborWorks PHF has committed Shared Equity to developing an Workforce Housing additional 1,000 wealth building units program within Salt Lake City. CRA staff released a $3.2M NOFA for Residential Wealth Building Pilot Program in October 2024. The total approximate number of units funded will be available after the CRA Board reviews the proposed funding allocations for the Residential Wealth Building NOFA. CRA staff released a NOFA for an ADU Financing Program in July 2024. The Board approved, in December 2024, the selection of an organization that will run the ADU Financing Program. Approximately 15 ADUs over the next two years are anticipated to be funded through this program. CRA staff are working to deploy a$2.1 M appropriation to NeighborWorks Salt Lake for Shared Equity Workforce Housing for the 3 acquisition of two properties to be developed for affordable,for-sale housing. Expand Opportunity Provide affordable HDLP Higher weighted CRA released a$5M housing within areas score in HDLP NOFA through the that have access to HDLP to fund resources that may affordable housing improve a person's developments and a chances of upward $3.2M NOFA to fund economic mobility as Residential Wealth identified on CRA's Building proposals in High Opportunity October 2024. The Area map. total units funded will be available after the CRA Board reviews the funding allocations for the competitive HDLP and Residential Wealth Building NOFA applications. Neighborhood Promote an array of HDLP Higher weighted CRA released a$5M Commercial and commercial spaces score in HDLP NOFA through the Services that support the HDLP to fund neighborhood, such affordable housing as daycares, developments and a restaurants, and retail $3.2M NOFA to fund spaces. Residential Wealth Building proposals in October 2024. The total commercial units created will be available after the CRA Board reviews the funding allocations for the competitive HDLP and Residential Wealth Building NOFAs. Housing and Data Snapshot The graphics below provide an overview of recent housing data within Salt Lake City and a summary of the data within Attachment A. 4 DATA - SALT LAKE CITY HOUSING SNAPSHOT FY 2023-2024 FY 2024-2025 MEDIAN HOUSEHOLD INCOME MEDIAN HOUSEHOLD INCOME 414111i"IR %ddkw" MEDIAN HOME VALUE MEDIAN RENT MEDIAN HOME VALUE MEDIAN RENT LOW-INCOME HOUSEHOLDS LOW-INCOME HOUSEHOLDS 4i s. w :i s. } COST-BURDENED HOUSEHOLDS COST-BURDENED HOUSEHOLDS Source: Census Bureau's 2018-2023 ACS 5-Year Estimates(1,2) Dept.of Housing and Urban Development's Comprehensive Housing Affordability Strategy 2017-2022(3,4) 5 OAT, - OTHER METRICS 1 HOMEOWfYERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS Source:Census Bureau's 2018-2023 ACS 5-Year Estimates Salt Lake County Assessor(5) 2 AT LEAST 9,065 RENTING HOUSEHOLDS FALL IN THE 'EXTREMELY LOW INCOME" LIMIT SET BY HUD FOR FY23. 3 PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 2018 HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED 4 WITHIN SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME HOUSEHOLD MAKING LESS THAN $50K HAVE DECREASED. 5 NUMBER OF COMMERCIAL PARCELS HAVE BEEN DECREASING WITHIN SALT LAKE CITY-- BUT CHANGES IN LAND CLASSIFICATION OBSCURE FINDINGS. 6 COMMERCIAL GROWTH RATE IS SLOWING, WHILE OCCUPANCY AND LEASE RATES HAVE INCREASED Citywide Housing Plans and Goals The CRA is guided by and charged with implementing citywide plans and goals. Additionally,the CRA is guided by its own project area plans, Guiding Framework, and Livability Benchmarks. Please note that the CRA recently changed its name from the Redevelopment Agency of Salt Lake City("RDA"), and some of the points below reference the CRA's former RDA name. Current housing plans and goals that the CRA's annual Housing Development Funding Strategy should consider include: Public Safety Plan Goals • Increase deeply affordable housing Housing SLC (Citywide 5-year housing plan)—Strategies • Support projects that allow tenants to build wealth and/or gain equity in their building based on tenure • Work with community development partners to acquire priority properties for permanently affordable housing • Continue to release housing funds through Redevelopment Agency of Salt Lake City(RDA) for the development or acquisition of moderate income housing. • Utilize Inland Port Housing Funds (pursuant to Utah Code Section 11-58-601(6)(b) of the Inland Port Act) and other housing set-aside funds received by the Redevelopment Agency(RDA)to expand affordable housing options, including tenant equity opportunities throughout the city, especially on the Westside • Develop a financing program for low-income homeowner Accessory Dwelling Unit(ADU) construction • Promote the development of affordable family-sized housing units with 3+bedrooms • Establish at least one housing and transit reinvestment zone (HTRZ) in the city • Expand workforce, artist, and essential worker housing,up to 125%AMI, so that these populations can live in the city in which they serve • Provide funding for programs and/or initiatives that build wealth and/or provide equity sharing opportunities for residents Thriving in Place (anti-displacement framework)—Strategic priorities relevant to the CRA include: • Protect tenants from displacement, especially the most vulnerable o Help tenants become owners. • Preserve the affordable housing we have o Acquire and rehabilitate unsubsidized housing o Invest in Community Land Trust Models • Produce more housing, especially affordable housing. o Create more diverse housing choices in all areas o Utilize publicly owned property o Prioritize long-term affordability, support services, and transit access. • Expand capacity for tenant support and affordable housing o Develop new funding sources and leverage existing resources 7 CRA Livability Benchmarks (4 of 21 benchmarks) • Ownership—Encourage the creation of opportunities for residents/business owners to building wealth and/or establish permanent roots through affordable home/commercial ownership. • Housing for Everyone—Promote housing for families,underserved populations and extremely low income residents. • Mixed-Income Neighborhoods—Promote mixed-income developments, economically integrated communities, and housing opportunities for low-income residents. • Affordable Commercial Spaces Projects are mixed-use and include spaces within the development for commercial uses. Housing Funds Projected account balances in the CRA's various housing funds for the fiscal year are currently not available and will be shared when available. ANALYSIS: FY 2025-2026 Proposed Funding Priorities-After reviewing city plans, current housing data, commercial data, and remarks from the Board, the housing funding priorities identified below are proposed to guide the CRA's housing development activities in FY 26. Staff determined that FY 25's funding priorities are still relevant in addressing the city's current housing needs. Many of the programs and initiatives introduced in the last two fiscal years to further each FY 25 Funding Priority are currently underway or ongoing, and more time is needed for implementation. For these reasons,the proposed priorities are very similar to last year's proposal. 1. DEEPLY AFFORDABLE HOUSING—This priority promotes housing units affordable for those earning 30%AMI and below. This is a change from the previous years' definition of 40%AMI and below. CRA staff is proposing this change to better align with the City's goals. While the City has made progress facilitating the development of deeply affordable units, there is still a shortage of units for those earning 30%AMI or less in particular and CRA staff propose to continue to promote this priority through FY 26 (Housing SLC -Housing Needs Analysis). 2. FAMILY HOUSING WITH AMENITIES FOR CHILDREN—This priority promotes income- targeted larger housing units for tenant populations with children that have at least three or more bedrooms and includes amenities for children. There is a need for income-targeted family-sized units, especially as more families look outside of Salt Lake City boundaries for affordable housing options and enrollment in Salt Lake City schools decreases. Per the interlocal agreements with the School District for the State Street and 9 Line project areas, the CRA must also prioritize affordable family and workforce housing described as: • Affordable Family Housing: Development of new housing units that include 3+bedrooms and are affordable to households at or below 80% of the area median income as defined by the U.S. Department of Housing and Urban Development. 8 • Workforce Housing: Development of new housing units affordable to low and middle- income workers, including teachers and school district employees. 3. WEALTH BUILDING OPPORTUNITY—This priority supports different forms of wealth building opportunities for low-moderate income households making up to 120%AML Although homeownership is a path to wealth building, it is not the only form the CRA could support to help individuals and families meet this goal. Wealth building can be accomplished through homeownership, supplemental income opportunities, renter stipends, cooperative housing, and other wealth-building models. Providing financing for ADUs also supports wealth building by increasing homeowner income and property values. 4. EXPAND OPPORTUNITY—This priority provides affordable housing within areas that have access to resources that may improve a person's chances of upward economic mobility as identified on CRA High Opportunity Area Map. In previous years, the CRA Board dedicated funding towards areas of high opportunity. With the majority of that funding expended, including this priority maintains the Board's goal to expand the affordable housing within Salt Lake City's eastside neighborhoods. 5. NEIGHBORHOOD COMMERCIAL AND SERVICES—This priority ensures that as housing continues to be built throughout the City, residents and neighbors continue to have access to neighborhood services and amenities such as daycares, restaurant, and retail spaces. These commercial and retail spaces should not be exclusive to the housing development. For permanent supportive housing projects targeting 30%AMI, onsite supportive services may be substituted for commercial retail space. FY 26 Proposed Housing Activities—To encourage the incorporation of the five proposed Funding Priorities in CRA-funded housing projects, CRA staff proposes allocating funding to the following activities and tactics as part of the CRA's FY26 budget. Some of the housing activities may achieve multiple Funding Priorities. HOUSING PRIORITIES C - a� o cU o c E HOUSING ACTIVITIES cn O 0 0 'L CU o Q a� = O o � Q >'.= E c o0 Q �o ca CU LL E w a� Q CU a� 0 � z 9 Housing Development Loan Program("HDLP"): The HDLP is a gap financing program for affordable housing developments. The CRA releases funds annually through a competitive Notice of Funding Availability(NOFA). Similar to the last two years, at least 10%of a development's units must be deeply affordable or affordable family-sized with amenities for children to qualify for the CRA's competitive NOFA. ✓ ✓ ✓ ✓ ✓ Given the City's goal to increase the amount of deeply affordable units, CRA staff may propose specific funding within the HDLP focused on deeply affordable units. All the housing priorities will be weighted heavier as a part of the competitive NOFA review process. Wealth-Building NOFA: With the primary goal of removing barriers to wealth building and creating generational wealth, the CRA will focus funds to develop units that will help lower to-moderate income individuals and families build wealth. This ✓ ✓ model could take on different models such as homeownership, shared profit, and shared equity programs. Projects that qualify for the Wealth-Building NOFA may receive additional points by meeting the project priorities. Land Acquisition/Disposition: The CRA will release requests for proposals(RFP) on CRA-owned land. For properties that contemplate housing as a land use, the CRA may require that deeply affordable units, family-sized units, residential wealth building units,and/or neighborhood commercial and services are incorporated ✓ ✓ ✓ ✓ ✓ within proposals. Additionally, the CRA can actively look to purchase properties to implement CRA goals. NEXT STEPS: • The CRA Board should consider whether the proposed Funding Priorities align with their goals for the upcoming fiscal year. • The finalized Funding Priorities will be brought back for the Board's consideration to adopt via resolution in April. • CRA staff will present the final Funding Strategy to the Board as a part of the budget presentation, which includes the projected amount of revenue to be allocated to each of the four housing funds. The Board should consider whether to adopt the final Funding Strategy as part of the annual budget adoption process. 10 FY26 HOUSING DEVELOPMENT FUNDING STRATEGY .................................................................... .............................................................. ..................................................................... ANNUAL HOUSING HOUSING HOUSING FUND PRIORITIES ACTIVITIES ALLOCATIONS FAMILY LAND HOUSING+ HOUSING AMENITIES fOR ACQUISITION/ DEVELOPMENT CHILDREN DISPOSITION FUND WEALTH _.NEIGHBORHOOD p BUILDING COMMERCIAL PRIMARY SECONDARY OPPORTUNITY © AND SERVICES p tDEV.LOAK WEALTH NG BUILDING NOFA AM WESTSIDE DEEPLY COMMUNITY AFFORDABLE EXPAND INITIATIVE HOUSING OPPORTUNITY FUND ATTACHMENTS: Attachment A—Data Attachment B—CRA Affordable &Mixed-Income Housing Summary: FYI3-FY24 11 ATTACHMENT A- DATA EXISTING AFFORDABLE HOUSING DATA Current and Future Salt Lake City Deed-Restricted Affordable Housing Developments Map I 3� CAPfTOL F+I LL WA1fERL1f CAPW VI EW ARLd IGT0,N HILLS i v A ZEILOi-IS ADDITION FORT bOIH 71 DOLES ADOITlON l �I- WESTMORELAND PLACE STEW �+ ADDI �' 21" SOWN 160 ROM aIt Lake -.- i IIi Iii-A 1 t Source:SLC Affordable Housing Construction and Preservation Dashboard 12 All City-Supported Affordable Housing Constructed Since 2015 and Future Developments C0116trLiCti011 Status a € mpleted *Proposed * Under Construction 9EVERKY ADIDIT30M CAPFrDL HILL ' g' i CAPITOL VIEW W AVEUY ARLINGTON HILLS a FRITS & �_ 4aIIT]QN — FART W f WESTMOREL A14D PLACE ST S � dSBUF Y PARK ADDITION I � oU4} f r r I t La ke j r - i ir + , • 1 � i Source:SLC Affordable Housing Construction and Preservation Dashboard 13 City-Supported Housing Units Constructed Since 2015 and Future Projects with Allocated Funds Housing Units by Unit Size *Affordable *Deeply Affordable #Market Rate 4.281 4K 3K 2K 1,883 1,832 1 K 601 150 1� OK •Affordable *Deeply Affordable •Market Rate 4,143 4K 3 2K 1,842 1,215 1K 565 617 598 10 M M 194 OK � . 20% 30% 40% 50% 60% 70% 80% Market AMI AMI AMI AMI AMI AMI AMI Rate 14 Salt Lake City Owner and Renter-Occupied Units *Owner-Occupied *Renter-Occupied 48K 46K 44K 43K 43K 41K 41K 41K 40K 39K 40K 40K 39K 41K 40K 40i 40K 38K 38K 38K 30K 20K 10K OK 2014 201 i; 2::16 2017 2018 2019 _20 2021 2022 2023 Year 1 Occupied Occupied 2014 37650 39259 2015 37778 39785 2016 37852 3`1804 2017 38851 40572 2018 34564 41399 2019 39179-8 42346 2020 40410 43075 2021 41076 4a978 2022 41144 46044 2023 42658 479411 Source: Census Bureau's 2018-2023 ACS 5-Year Estimates 15 Salt Lake City Family Income Families by Family Income 7878 6041 6K 5735 4892 qn i i OK $0-$25k $25k-$50k $50k-$75k 575k-$look $look-$125k $125k-$150k $150k-$200k $200k or more Family Income Family Income Families d& $25k or Less 2724 $2Sk-$50k 4892 $SOk-$75k 5735 $751c4100k 6041 More than MIDI< 21229 Total 40621 Source: Census Bureau's 2018-2023 ACS 5-Year Estimates 16 Salt Lake City Households *Family-Married Couple •Family-Single Female•Family-Single Male *Living Alone Non-Family-Not Living Alone zala� 38% tots 1 , 2016 2017 2016 2019 2020 2021 2022 2023 0% 20% cu 100% Household Family - Married Couple 29375 29713 30246 31247 31417 31351 31 561 30BU2 30B10 31326 Family -Single Female 7420 7687 7263 7179 7102 6974 6360 637E 6225 642E Family - Single Male 3661 3419 3571 3637 3684 3637 3354 341U 3692 3772 Living Alone 27576 27591 27103 27400 28429 29304 3103E 32456 33675 35530 pion-Family - Nat LiVi rig AWne 8877 9-153 9473 MO 10331 1067E 11172 12008 12786 13543 Source: Census Bureau's 2018-2023 ACS S-Year Estimates 17 Salt Lake City Household Income Levels •$0-$25k•$25k-$50k•$50k-$75k 0$75k-$100k•4100k 100% 80% DA 40% 20% 1' 1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 INCOME 'O 1 1 1 1 1 1 2020 1 1 1 $0425k 21561 20732 19508 18239 17294 16498 16377 15423 14155 14130 $25k-$50k 19254 19454 18781 18620 18689 17582 17246 16529 15867 15862 $50k-$75k 13188 13224 13563 14290 14513 14487 14533 15406 15071 15359 $75k-$100k 8646 8793 9021 9627 9570 10473 10777 11279 11188 12224 •$100k 14260 15360 16783 18647 20897 23104 24552 26417 30907 33024 Source: Census Bureau's 2018-2023 ACS 5-Year Estimates 18 Commercial Data Commercial Areas Hospitality Office Other Commercial Retail Total Year Acreage Parcels Acreage Parcels Acreage Parcels Acreage Parcels Acreage Parcets 2019 236 314 812 1118 15,310 2534 1,303 1632 17.660 5598 2020 247 320 845 1124 15,026 2518 1,320 1599 17A39 5561 2021 247 329 879 1143 15.775 2540 1.356 1589 18.257 5601 2022 243 330 876 1132 14.388 2434 1,322 1533 16.8291 5429 2023 235 325 820 1092 14.681 2356 1.312 1515 17.048 5288 2024 239 330 985 1175 16.230 2434 1,436 1548 18.890 5487 Source:Salt Lake County Assessor INVENTORY SF UNDER CONSTR SF 11111111111 VACANCY RATE MARKET RENTSF MARKE7 SALE PRICE/SF MARKET CAP RATE 155M 2.1 M = 1.8M = 8.7% $15.85 = $167 7.5% Prior Period 154M Prior Period 2.9M Prior Period 1 AM Prior Period 8.7% Prior Period$15.23 Prior Period$164 Prior Period 7.4% Availability Inventory Sales Past Year Demand Vacant SF 13.6M+ Existing Buildings 4,387+ Asking Price Per SF $186+ 12 Mo Net Absorp%of Inventory 1.2%+. Sublet SF 2.5M+. Under Construction Avg SF 268K+ Sale to Asking Price Differential -8.3%+ 12 Mo Leased SF 5.1 M+ Availability Rate 11.0% 12 Mo Demolished SF 411K Sales Volume $105M+ Months on Market 9.8 Available SF Total 17.4M+ 12 Mo Occupancy%at Delivery 49.2%+ Properties Sold 245+ Months to Lease 6.0+ Available Asking Rent/SF $27.97+. 12 Mo Construction Starts SF 1.5M+ Months to Sale 6.7+ Months Vacant 6.0+ Occupancy Rate 91.3%# 12 Mo Delivered SF 2.3M+ For Sale Listings 80 24 Mo Lease Renewal Rate 63.1% Percent Leased Rate 93.2%+ 12 Mo Avg Delivered SF 240K Total For Sale SF 1.3M+ Population Growth 5 Yrs 2.2% Source: CoStar Group 19 ATTACHMENT B - CRA AFFORDABLE HOUSING SUMMARY: FY13-FY24 Project Name FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Total 144 S 500 E $775,000 $1,000,000 $1,776,000 150 S Main Street Apartments $4,070,000 $4,070,000 2nd South Apartments $2,420,000 $2,420,000 515Tower $2,650,000 $2,650,000 9Ten West $1,000,000 $1,000,000 9th East Lofts $1,827,045 $1,827,045 Alliance House $500,000 $500,000 Arctic Court Historic Home $166,063 $166,063 Artspace Bridges $895,000 $895,000 Artspace Macaroni Flats $1,100,000 $1,100,000 Book Cliffs Lodge $1,000,000 $540,000 $740,000 $2,280,000 Capitol Homes Apartments $2,750,000 $2,750,000 Central Ninth Market:Phase II $385,000 $1,900,000 $2,285,000 Central Station Apartments $1,000,000 $1,000,000 Citifront Apartments $422,266 $422,266 Citizens West $1,000,000 $3,050,000 $400,000 $4,450,000 City Lofts Apartments $1,000,000 $1,000,000 City Plaza $895,000 $895,000 Colony B Apartments $1,340,000 $1,340,000 Fairmont Heights $1,000,000 $1,000,000 Jackson Apartments $1;000,000 $1,000,000 Liberty Corner $1,125,000 $4,500,000 $6,625,000 Liberty Wells(CDCU) $150,000 $150,000 Mya Apartments $1,400,000 $2,222,448 $3,622,448 Pamela's Place $500,000 $500,000 Paperbox Lofts $3,200,000 $3,200,000 Pharos Apartments $880,000 $880,000 Richmond Flats $1,800,000 $1,800,000 Spark $2,500,000 $3,956,000 $8,000,000 $14,456,000 The Aster $2,000,000 $11,403,480 $7,554,879 $20,958,359 The Catherine $1,134,323 $1,134,323 The Nest $1,082,500 $1,000,000 $2,082,500 Victory Heights $2,145,000 $2,145,000 Wilmington Gardens $1,250,000 $1,250,000 Total $1,250,000 $1,100.000 $1.827.046 $588,329 $3,200,000 $4,150,000 $8,607,448 $26.279,480 $8.894,879 $1,857,500 $17,860,000 $17,014,323 $92,629,004 20 Pr4JKt Narng RDA.PrQjW Area 51ree1 C4nungliGn SWWs Ugmplelign Y4ar Aff4rda4le Urliti, T940 Urlics 144 S 500 E Nqt in PrgjRiA Area 144 5 5K E 1Jrrdgr O,p"wUl jign 11V 119 160$Maid FAeed ApatutyervA Cental$uWASS Oidlrie 19$MAIN ST Qn Heldr04A1ytA 44 400 2nd South Apawnerws Not in PrsjeclArea 934 W 200 S Proposed 104 144 &15 Tawff Not in Prolm Area 51S E IN S Under C4nslrudlon % % 9Ten Wesl Npnh Tempiq 919 W NORTH TEMPU ST Under Cwmliorn 160 in 9rir E-Av Lofts Not in Prpjptl Ares 414$giro S i�"01 ly4 2p T7 54 68 Alliance Horse Slate Slreei 1E03 S MAIN ST Proposed Is 16 Arctic Coup Historic Home West Capitol No 528 NARCTIC CT Campleied 24t@ 1 1 Artspace Bridges Depot Distfild 511 W 200 5 Proposed 62 62 Artspace w aiomi Fj�is pepol Qi#tfiCl �44$6*w ♦yo Pl*1!d 2017 13 13 Book Cliffs Lodge Slate Sire-el a1S9 S MST TEMPLE ST Proposed 44 56 CBpM Homer.Alparlrrrents Stabe SUee1 17495 STATE ST Campleied M21 62 93 C antral Ninth Markel Phase II West Lernple Caaleway y14 5 JEFFE RSON S7 Campleied 2021 3 3 COnlral$1j1wn APaelmo:M* Dapo+i}ishio 549w MI)$ c"0101cd 2022 92 0 Cili Pont Aparlrnents NoL in Prayed Ares 631 W NORTH TEMPLE ST Campleied 2015 $ 6 Gplzens West Not in Pr*d Area 53,5 W 300 N Campleied 2021 55 80 Clizena West Not in Prejed Area 536 W 300 H Proposed U 50 G,h son*woat Nqk in Pro"Anita 536 w 300 N Unft rgnsmwion 50 4XI City LAAtsApartmeals Stale Sireey 2341E 1700 S Campleled 203 232 212 CMp plaza Not In PrajectArea 1992&ZOO E Under Canamdon 299 299 Csbn4 BA"rtrnems Siale S1rea1 229W 1300S Campleled 2023 1x 140 rr*u qnl Hgighrr, Npk in Pr4{W Area $4*67$11¢p E Pr9p4s9d 55 96 Jwksen Apailrsents Central Bu9i1e9s CIAlriel 274 W 200 5 Campleied A22 et 94 Liberty Comer State Street 1295 W 300 S Proposed 214 214 Liberty Vma" Sugarhoose 2150 5 MCCUELLANO ST Campleied 2016 35 171 Ltorlf We t(WCU� Not in RrajodAr6o 50l$1704 S 1*rop410d 1k 10 MyaAp,arbnWs NOL ifh Prod Foes 160 E 00 S Campleied 2421 BR 126 Pamela's Place Not In Projeci.Aree 525 S SH W Campleied 2020 100 100 Paperbox Lofts Central 8usinesS Dislriu 344)W 200 S Campleied 2022 39 195 Pharos Aipartrnws N441111 Ttymplg 916 W 20D N Pr4p49ed 34 34 IXichmond Flats Not in Prnjsci Area 2960 S RICHMOND 5T Completed 421 55 65 Spark North Temple 149414 NORTH TEMP E ST Under Conshmellon 2DD 200 The Asier Central Ow ness Disiricl 25,5 S STATE ST Campleied M23 166 1% The Catherine Not in PrujW Area 1151 W KK RTH TEMPLE ST P■4p4sed 372 372 TM Ness Oopoi Dituki XQ$RIO GRANOE 5T undo Cansmuoion 220 220 1lklary tteOts Not in PrgwArea 11160E 140 S Under Conshrudion _B& 88 TOM!! 31425 4,M 21 REGULAR MEETING OF THE REINVESTMENT ADVISORY COMMITTEE Wednesday, March 5, 2025 4:00 p.m. 451 S State Street Room 118 Salt Lake City, Utah 84111 https://us06web.zoom.us/j/87069626829?pwd=QmN6MHRIcUlYMONZWTFOb3FgTOgOUT09 AGENDA 1. Roll Call 2. Announcements by the Staff A. Staff Updates 3. Business A. Election of Chairperson and Vice-Chairperson RAC will nominate and elect a member to be Chair and nominate and elect a member to be Vice-Chair of the Reinvestment Advisory Committee for 2025. B. FY 2025-2026 Housing Development Funding Strategy — Tracy Tran, Senior Project Manager, and Brown Sebright, Project Manager Members will receive an update on the FY 2025126 Housing Development Funding Strategy and may provide comments and feedback to CRA Staff. 4. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance to attend this Reinvestment Advisory Committee. Accommodation may include alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For questions, requests, or additional information, please contact the CRA at 801-535-7240. MAYOR ERIN MENDENHALL DANNY WALZ Executive Director Director fllfl 11111\I\f\ SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY REINVESTMENT ADVISORY COMMITTEE MEMO DATE: February 28, 2025 PREPARED BY: Tracy Tran, CRA Senior Project Manager Browne Sebright, CRA Project Manager RE: FY 2025-26 Housing Development Funding Strategy EXECUTIVE SUMMARY: The Salt Lake City Community Reinvestment Agency("CRA")Housing Allocations Funds Policy("Funds Policy") establishes guidelines for allocating and directing resources for the development and preservation of housing by funding source. Additionally,the CRA's Housing Development Loan Program("HDLP") Policy creates a program that centralizes the application, underwriting, and approval process across all funding sources,providing a one-stop-shop for community partners to access gap financing for the development and preservation of affordable housing. Both policies contemplate that annually,prior to the annual budget process,the CRA shall present to the CRA Board of Directors ("Board")a Housing Development Funding Strategy("Funding Strategy")that includes: • A projected amount of revenue to be allocated to each Housing Fund for the upcoming fiscal year (approved as apart of CRA budget) • Proposed housing funding priorities ("Funding Priorities") for the upcoming fiscal year(approved as separate resolution) • Proposed funding allocations for specific housing activities (i.e. gap financing loans,property acquisition, etc.) for the upcoming fiscal year(approved as apart of CPA budget) This memo reviews the Funding Priorities and housing activities adopted in Fiscal Year 2024-2025 ("FY 25) as well as the proposal for Fiscal Year 2025-2025 ("FY 26"). The projected revenue to be allocated to each of the four Housing Funds (Primary Housing Fund, Secondary Housing Fund,Westside Community Initiative Fund and Housing Development Fund) as well as allocations of funding to each housing activity will be brought back to the Board as a part of the annual budget discussion. CRA staff is seeking feedback from the Reinvestment Advisory Committee ("RAC")regarding the proposed Funding Priorities and housing activities as described in this memo. BACKGROUND: FY 2024-2025 Annual Housing Funding Strategy Progress/Outcomes—Last year,the Board adopted five housing funding priorities to guide funding decisions for the rest of the fiscal year: deeply affordable housing, family housing with amenities for children,wealth building opportunities, expand opportunity, SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET,ROOM 115 WWW.SLC.GOV•WWW.CRA.SLC.COM P.O.BOX 145518,SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240•FAX 801-535-7245 and neighborhood commercial and services. Progress has been made to further each of these priorities as follows: Priority Objective Activities Implementation Impact/Status Deeply Affordable Expand the • HDLP • Threshold CRA released a$5M Housing availability of units for requirement for Notice of Funding extremely low-income HDLP, higher Availability("NOFA") households, thereby weighted score in through the HDLP to providing housing HDLP; Dedicated fund affordable options for individuals funds for deeply housing or families that are developments. The homeless or at risk of affordable units total units funded will homelessness. be available after the Deeply affordable CRA Board reviews housing is generally the funding defined as housing allocations for the affordable to those competitive HDLP earning 40% of the applications. area median income AMI or below. Family Housing with Provide opportunities . HDLP • Threshold CRA released a$5M Amenities for for families to enjoy . Property requirement for NOFA through the Children the many benefits of acquisition/ HDLP, higher HDLP to fund urban living by disposition weighted score in affordable housing encouraging the . Residential Wealth HDLP developments and a development of $3.2M NOFA to fund affordable housing Building Pilot Residential Wealth P Building Residential Wealth that is more rogram ng NOFA Building proposals in conducive to larger October 2024. The household sizes(3 or total units funded will more bedrooms)and be available after the includes amenities for CRA Board reviews children. the funding allocations for the competitive HDLP and Residential Wealth Building NOFA Applications. Wealth Building Facilitate the ability of • Residential Wealth • Residential Wealth Through the City's Opportunity low-moderate income Building Pilot Building NOFA American Rescue Act households to build Plan ARPA funds, wealth through Program Higher weighted CRA Staff closed on • HDLP score in HDLP the$10M to the different pathways, • ADU Financing • ADU Financing such as Perpetual Housing homeownership, Program Program NOFA Fund of Utah, LLC supplemental income • Other Partnerships • Funding for (PHF), to purchase a opportunities, renter Perpetual Housing property and carry 2 stipends, cooperative Fund tenant wealth out a tenant wealth housing, and other building program building initiative on wealth-building . Funding for the subject property. models. NeighborWorks PHF has committed Shared Equity to developing an Workforce Housing additional 1,000 wealth building units program within Salt Lake City. CRA staff released a $3.2M NOFA for Residential Wealth Building Pilot Program in October 2024. The total approximate number of units funded will be available after the CRA Board reviews the proposed funding allocations for the Residential Wealth Building NOFA. CRA staff released a NOFA for an ADU Financing Program in July 2024. The Board approved, in December 2024, the selection of an organization that will run the ADU Financing Program. Approximately 15 ADUs over the next two years are anticipated to be funded through this program. CRA staff are working to deploy a$2.1 M appropriation to NeighborWorks Salt Lake for Shared Equity Workforce Housing for the 3 acquisition of two properties to be developed for affordable,for-sale housing. Expand Opportunity Provide affordable HDLP Higher weighted CRA released a$5M housing within areas score in HDLP NOFA through the that have access to HDLP to fund resources that may affordable housing improve a person's developments and a chances of upward $3.2M NOFA to fund economic mobility as Residential Wealth identified on CRA's Building proposals in High Opportunity October 2024. The Area map. total units funded will be available after the CRA Board reviews the funding allocations for the competitive HDLP and Residential Wealth Building NOFA applications. Neighborhood Promote an array of HDLP Higher weighted CRA released a$5M Commercial and commercial spaces score in HDLP NOFA through the Services that support the HDLP to fund neighborhood, such affordable housing as daycares, developments and a restaurants, and retail $3.2M NOFA to fund spaces. Residential Wealth Building proposals in October 2024. The total commercial units created will be available after the CRA Board reviews the funding allocations for the competitive HDLP and Residential Wealth Building NOFAs. Housing and Data Snapshot The graphics below provide an overview of recent housing data within Salt Lake City and a summary of the data within Attachment A. 4 DATA - SALT LAKE CITY HOUSING SNAPSHOT FY 2023-2024 FY 2024-2025 MEDIAN HOUSEHOLD INCOME MEDIAN HOUSEHOLD INCOME 414111i"IR %ddkw" MEDIAN HOME VALUE MEDIAN RENT MEDIAN HOME VALUE MEDIAN RENT LOW-INCOME HOUSEHOLDS LOW-INCOME HOUSEHOLDS 4i s. w :i s. } COST-BURDENED HOUSEHOLDS COST-BURDENED HOUSEHOLDS Source: Census Bureau's 2018-2023 ACS 5-Year Estimates(1,2) Dept.of Housing and Urban Development's Comprehensive Housing Affordability Strategy 2017-2022(3,4) 5 OAT, - OTHER METRICS 1 HOMEOWfYERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS Source:Census Bureau's 2018-2023 ACS 5-Year Estimates Salt Lake County Assessor(5) 2 AT LEAST 9,065 RENTING HOUSEHOLDS FALL IN THE 'EXTREMELY LOW INCOME" LIMIT SET BY HUD FOR FY23. 3 PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 2018 HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED 4 WITHIN SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME HOUSEHOLD MAKING LESS THAN $50K HAVE DECREASED. 5 NUMBER OF COMMERCIAL PARCELS HAVE BEEN DECREASING WITHIN SALT LAKE CITY-- BUT CHANGES IN LAND CLASSIFICATION OBSCURE FINDINGS. 6 COMMERCIAL GROWTH RATE IS SLOWING, WHILE OCCUPANCY AND LEASE RATES HAVE INCREASED Citywide Housing Plans and Goals The CRA is guided by and charged with implementing citywide plans and goals. Additionally,the CRA is guided by its own project area plans, Guiding Framework, and Livability Benchmarks. Please note that the CRA recently changed its name from the Redevelopment Agency of Salt Lake City("RDA"), and some of the points below reference the CRA's former RDA name. Current housing plans and goals that the CRA's annual Housing Development Funding Strategy should consider include: Public Safety Plan Goals • Increase deeply affordable housing Housing SLC (Citywide 5-year housing plan)—Strategies • Support projects that allow tenants to build wealth and/or gain equity in their building based on tenure • Work with community development partners to acquire priority properties for permanently affordable housing • Continue to release housing funds through Redevelopment Agency of Salt Lake City(RDA) for the development or acquisition of moderate income housing. • Utilize Inland Port Housing Funds (pursuant to Utah Code Section 11-58-601(6)(b) of the Inland Port Act) and other housing set-aside funds received by the Redevelopment Agency(RDA)to expand affordable housing options, including tenant equity opportunities throughout the city, especially on the Westside • Develop a financing program for low-income homeowner Accessory Dwelling Unit(ADU) construction • Promote the development of affordable family-sized housing units with 3+bedrooms • Establish at least one housing and transit reinvestment zone (HTRZ) in the city • Expand workforce, artist, and essential worker housing,up to 125%AMI, so that these populations can live in the city in which they serve • Provide funding for programs and/or initiatives that build wealth and/or provide equity sharing opportunities for residents Thriving in Place (anti-displacement framework)—Strategic priorities relevant to the CRA include: • Protect tenants from displacement, especially the most vulnerable o Help tenants become owners. • Preserve the affordable housing we have o Acquire and rehabilitate unsubsidized housing o Invest in Community Land Trust Models • Produce more housing, especially affordable housing. o Create more diverse housing choices in all areas o Utilize publicly owned property o Prioritize long-term affordability, support services, and transit access. • Expand capacity for tenant support and affordable housing o Develop new funding sources and leverage existing resources 7 CRA Livability Benchmarks (4 of 21 benchmarks) • Ownership—Encourage the creation of opportunities for residents/business owners to building wealth and/or establish permanent roots through affordable home/commercial ownership. • Housing for Everyone—Promote housing for families,underserved populations and extremely low income residents. • Mixed-Income Neighborhoods—Promote mixed-income developments, economically integrated communities, and housing opportunities for low-income residents. • Affordable Commercial Spaces Projects are mixed-use and include spaces within the development for commercial uses. Housing Funds Projected account balances in the CRA's various housing funds for the fiscal year are currently not available and will be shared when available. ANALYSIS: FY 2025-2026 Proposed Funding Priorities-After reviewing city plans, current housing data, commercial data, and remarks from the Board, the housing funding priorities identified below are proposed to guide the CRA's housing development activities in FY 26. Staff determined that FY 25's funding priorities are still relevant in addressing the city's current housing needs. Many of the programs and initiatives introduced in the last two fiscal years to further each FY 25 Funding Priority are currently underway or ongoing, and more time is needed for implementation. For these reasons,the proposed priorities are very similar to last year's proposal. 1. DEEPLY AFFORDABLE HOUSING—This priority promotes housing units affordable for those earning 30%AMI and below. This is a change from the previous years' definition of 40%AMI and below. CRA staff is proposing this change to better align with the City's goals. While the City has made progress facilitating the development of deeply affordable units, there is still a shortage of units for those earning 30%AMI or less in particular and CRA staff propose to continue to promote this priority through FY 26 (Housing SLC -Housing Needs Analysis). 2. FAMILY HOUSING WITH AMENITIES FOR CHILDREN—This priority promotes income- targeted larger housing units for tenant populations with children that have at least three or more bedrooms and includes amenities for children. There is a need for income-targeted family-sized units, especially as more families look outside of Salt Lake City boundaries for affordable housing options and enrollment in Salt Lake City schools decreases. Per the interlocal agreements with the School District for the State Street and 9 Line project areas, the CRA must also prioritize affordable family and workforce housing described as: • Affordable Family Housing: Development of new housing units that include 3+bedrooms and are affordable to households at or below 80% of the area median income as defined by the U.S. Department of Housing and Urban Development. 8 • Workforce Housing: Development of new housing units affordable to low and middle- income workers, including teachers and school district employees. 3. WEALTH BUILDING OPPORTUNITY—This priority supports different forms of wealth building opportunities for low-moderate income households making up to 120%AML Although homeownership is a path to wealth building, it is not the only form the CRA could support to help individuals and families meet this goal. Wealth building can be accomplished through homeownership, supplemental income opportunities, renter stipends, cooperative housing, and other wealth-building models. Providing financing for ADUs also supports wealth building by increasing homeowner income and property values. 4. EXPAND OPPORTUNITY—This priority provides affordable housing within areas that have access to resources that may improve a person's chances of upward economic mobility as identified on CRA High Opportunity Area Map. In previous years, the CRA Board dedicated funding towards areas of high opportunity. With the majority of that funding expended, including this priority maintains the Board's goal to expand the affordable housing within Salt Lake City's eastside neighborhoods. 5. NEIGHBORHOOD COMMERCIAL AND SERVICES—This priority ensures that as housing continues to be built throughout the City, residents and neighbors continue to have access to neighborhood services and amenities such as daycares, restaurant, and retail spaces. These commercial and retail spaces should not be exclusive to the housing development. For permanent supportive housing projects targeting 30%AMI, onsite supportive services may be substituted for commercial retail space. FY 26 Proposed Housing Activities—To encourage the incorporation of the five proposed Funding Priorities in CRA-funded housing projects, CRA staff proposes allocating funding to the following activities and tactics as part of the CRA's FY26 budget. Some of the housing activities may achieve multiple Funding Priorities. HOUSING PRIORITIES C - a� o cU o c E HOUSING ACTIVITIES cn O 0 0 'L CU o Q a� = O o � Q >'.= E c o0 Q �o ca CU LL E w a� Q CU a� 0 � z 9 Housing Development Loan Program("HDLP"): The HDLP is a gap financing program for affordable housing developments. The CRA releases funds annually through a competitive Notice of Funding Availability(NOFA). Similar to the last two years, at least 10%of a development's units must be deeply affordable or affordable family-sized with amenities for children to qualify for the CRA's competitive NOFA. ✓ ✓ ✓ ✓ ✓ Given the City's goal to increase the amount of deeply affordable units, CRA staff may propose specific funding within the HDLP focused on deeply affordable units. All the housing priorities will be weighted heavier as a part of the competitive NOFA review process. Wealth-Building NOFA: With the primary goal of removing barriers to wealth building and creating generational wealth, the CRA will focus funds to develop units that will help lower to-moderate income individuals and families build wealth. This ✓ ✓ model could take on different models such as homeownership, shared profit, and shared equity programs. Projects that qualify for the Wealth-Building NOFA may receive additional points by meeting the project priorities. Land Acquisition/Disposition: The CRA will release requests for proposals(RFP) on CRA-owned land. For properties that contemplate housing as a land use, the CRA may require that deeply affordable units, family-sized units, residential wealth building units,and/or neighborhood commercial and services are incorporated ✓ ✓ ✓ ✓ ✓ within proposals. Additionally, the CRA can actively look to purchase properties to implement CRA goals. NEXT STEPS: • The CRA Board should consider whether the proposed Funding Priorities align with their goals for the upcoming fiscal year. • The finalized Funding Priorities will be brought back for the Board's consideration to adopt via resolution in April. • CRA staff will present the final Funding Strategy to the Board as a part of the budget presentation, which includes the projected amount of revenue to be allocated to each of the four housing funds. The Board should consider whether to adopt the final Funding Strategy as part of the annual budget adoption process. 10 FY26 HOUSING DEVELOPMENT FUNDING STRATEGY .................................................................... .............................................................. ..................................................................... ANNUAL HOUSING HOUSING HOUSING FUND PRIORITIES ACTIVITIES ALLOCATIONS FAMILY LAND HOUSING+ HOUSING AMENITIES fOR ACQUISITION/ DEVELOPMENT CHILDREN DISPOSITION FUND WEALTH _.NEIGHBORHOOD p BUILDING COMMERCIAL PRIMARY SECONDARY OPPORTUNITY © AND SERVICES p tDEV.LOAK WEALTH NG BUILDING NOFA AM WESTSIDE DEEPLY COMMUNITY AFFORDABLE EXPAND INITIATIVE HOUSING OPPORTUNITY FUND ATTACHMENTS: Attachment A—Data Attachment B—CRA Affordable &Mixed-Income Housing Summary: FYI3-FY24 11 ATTACHMENT A- DATA EXISTING AFFORDABLE HOUSING DATA Current and Future Salt Lake City Deed-Restricted Affordable Housing Developments Map I 3� CAPfTOL F+I LL WA1fERL1f CAPW VI EW ARLd IGT0,N HILLS i v A ZEILOi-IS ADDITION FORT bOIH 71 DOLES ADOITlON l �I- WESTMORELAND PLACE STEW �+ ADDI �' 21" SOWN 160 ROM aIt Lake -.- i IIi Iii-A 1 t Source:SLC Affordable Housing Construction and Preservation Dashboard 12 All City-Supported Affordable Housing Constructed Since 2015 and Future Developments C0116trLiCti011 Status a € mpleted *Proposed * Under Construction 9EVERKY ADIDIT30M CAPFrDL HILL ' g' i CAPITOL VIEW W AVEUY ARLINGTON HILLS a FRITS & �_ 4aIIT]QN — FART W f WESTMOREL A14D PLACE ST S � dSBUF Y PARK ADDITION I � oU4} f r r I t La ke j r - i ir + , • 1 � i Source:SLC Affordable Housing Construction and Preservation Dashboard 13 City-Supported Housing Units Constructed Since 2015 and Future Projects with Allocated Funds Housing Units by Unit Size *Affordable *Deeply Affordable #Market Rate 4.281 4K 3K 2K 1,883 1,832 1 K 601 150 1� OK •Affordable *Deeply Affordable •Market Rate 4,143 4K 3 2K 1,842 1,215 1K 565 617 598 10 M M 194 OK � . 20% 30% 40% 50% 60% 70% 80% Market AMI AMI AMI AMI AMI AMI AMI Rate 14 Salt Lake City Owner and Renter-Occupied Units *Owner-Occupied *Renter-Occupied 48K 46K 44K 43K 43K 41K 41K 41K 40K 39K 40K 40K 39K 41K 40K 40i 40K 38K 38K 38K 30K 20K 10K OK 2014 201 i; 2::16 2017 2018 2019 _20 2021 2022 2023 Year 1 Occupied Occupied 2014 37650 39259 2015 37778 39785 2016 37852 3`1804 2017 38851 40572 2018 34564 41399 2019 39179-8 42346 2020 40410 43075 2021 41076 4a978 2022 41144 46044 2023 42658 479411 Source: Census Bureau's 2018-2023 ACS 5-Year Estimates 15 Salt Lake City Family Income Families by Family Income 7878 6041 6K 5735 4892 qn i i OK $0-$25k $25k-$50k $50k-$75k 575k-$look $look-$125k $125k-$150k $150k-$200k $200k or more Family Income Family Income Families d& $25k or Less 2724 $2Sk-$50k 4892 $SOk-$75k 5735 $751c4100k 6041 More than MIDI< 21229 Total 40621 Source: Census Bureau's 2018-2023 ACS 5-Year Estimates 16 Salt Lake City Households *Family-Married Couple •Family-Single Female•Family-Single Male *Living Alone Non-Family-Not Living Alone zala� 38% tots 1 , 2016 2017 2016 2019 2020 2021 2022 2023 0% 20% cu 100% Household Family - Married Couple 29375 29713 30246 31247 31417 31351 31 561 30BU2 30B10 31326 Family -Single Female 7420 7687 7263 7179 7102 6974 6360 637E 6225 642E Family - Single Male 3661 3419 3571 3637 3684 3637 3354 341U 3692 3772 Living Alone 27576 27591 27103 27400 28429 29304 3103E 32456 33675 35530 pion-Family - Nat LiVi rig AWne 8877 9-153 9473 MO 10331 1067E 11172 12008 12786 13543 Source: Census Bureau's 2018-2023 ACS S-Year Estimates 17 Salt Lake City Household Income Levels •$0-$25k•$25k-$50k•$50k-$75k 0$75k-$100k•4100k 100% 80% DA 40% 20% 1' 1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 INCOME 'O 1 1 1 1 1 1 2020 1 1 1 $0425k 21561 20732 19508 18239 17294 16498 16377 15423 14155 14130 $25k-$50k 19254 19454 18781 18620 18689 17582 17246 16529 15867 15862 $50k-$75k 13188 13224 13563 14290 14513 14487 14533 15406 15071 15359 $75k-$100k 8646 8793 9021 9627 9570 10473 10777 11279 11188 12224 •$100k 14260 15360 16783 18647 20897 23104 24552 26417 30907 33024 Source: Census Bureau's 2018-2023 ACS 5-Year Estimates 18 Commercial Data Commercial Areas Hospitality Office Other Commercial Retail Total Year Acreage Parcels Acreage Parcels Acreage Parcels Acreage Parcels Acreage Parcets 2019 236 314 812 1118 15,310 2534 1,303 1632 17.660 5598 2020 247 320 845 1124 15,026 2518 1,320 1599 17A39 5561 2021 247 329 879 1143 15.775 2540 1.356 1589 18.257 5601 2022 243 330 876 1132 14.388 2434 1,322 1533 16.8291 5429 2023 235 325 820 1092 14.681 2356 1.312 1515 17.048 5288 2024 239 330 985 1175 16.230 2434 1,436 1548 18.890 5487 Source:Salt Lake County Assessor INVENTORY SF UNDER CONSTR SF 11111111111 VACANCY RATE MARKET RENTSF MARKE7 SALE PRICE/SF MARKET CAP RATE 155M 2.1 M = 1.8M = 8.7% $15.85 = $167 7.5% Prior Period 154M Prior Period 2.9M Prior Period 1 AM Prior Period 8.7% Prior Period$15.23 Prior Period$164 Prior Period 7.4% Availability Inventory Sales Past Year Demand Vacant SF 13.6M+ Existing Buildings 4,387+ Asking Price Per SF $186+ 12 Mo Net Absorp%of Inventory 1.2%+. Sublet SF 2.5M+. Under Construction Avg SF 268K+ Sale to Asking Price Differential -8.3%+ 12 Mo Leased SF 5.1 M+ Availability Rate 11.0% 12 Mo Demolished SF 411K Sales Volume $105M+ Months on Market 9.8 Available SF Total 17.4M+ 12 Mo Occupancy%at Delivery 49.2%+ Properties Sold 245+ Months to Lease 6.0+ Available Asking Rent/SF $27.97+. 12 Mo Construction Starts SF 1.5M+ Months to Sale 6.7+ Months Vacant 6.0+ Occupancy Rate 91.3%# 12 Mo Delivered SF 2.3M+ For Sale Listings 80 24 Mo Lease Renewal Rate 63.1% Percent Leased Rate 93.2%+ 12 Mo Avg Delivered SF 240K Total For Sale SF 1.3M+ Population Growth 5 Yrs 2.2% Source: CoStar Group 19 ATTACHMENT B - CRA AFFORDABLE HOUSING SUMMARY: FY13-FY24 Project Name FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Total 144 S 500 E $775,000 $1,000,000 $1,776,000 150 S Main Street Apartments $4,070,000 $4,070,000 2nd South Apartments $2,420,000 $2,420,000 515Tower $2,650,000 $2,650,000 9Ten West $1,000,000 $1,000,000 9th East Lofts $1,827,045 $1,827,045 Alliance House $500,000 $500,000 Arctic Court Historic Home $166,063 $166,063 Artspace Bridges $895,000 $895,000 Artspace Macaroni Flats $1,100,000 $1,100,000 Book Cliffs Lodge $1,000,000 $540,000 $740,000 $2,280,000 Capitol Homes Apartments $2,750,000 $2,750,000 Central Ninth Market:Phase II $385,000 $1,900,000 $2,285,000 Central Station Apartments $1,000,000 $1,000,000 Citifront Apartments $422,266 $422,266 Citizens West $1,000,000 $3,050,000 $400,000 $4,450,000 City Lofts Apartments $1,000,000 $1,000,000 City Plaza $895,000 $895,000 Colony B Apartments $1,340,000 $1,340,000 Fairmont Heights $1,000,000 $1,000,000 Jackson Apartments $1;000,000 $1,000,000 Liberty Corner $1,125,000 $4,500,000 $6,625,000 Liberty Wells(CDCU) $150,000 $150,000 Mya Apartments $1,400,000 $2,222,448 $3,622,448 Pamela's Place $500,000 $500,000 Paperbox Lofts $3,200,000 $3,200,000 Pharos Apartments $880,000 $880,000 Richmond Flats $1,800,000 $1,800,000 Spark $2,500,000 $3,956,000 $8,000,000 $14,456,000 The Aster $2,000,000 $11,403,480 $7,554,879 $20,958,359 The Catherine $1,134,323 $1,134,323 The Nest $1,082,500 $1,000,000 $2,082,500 Victory Heights $2,145,000 $2,145,000 Wilmington Gardens $1,250,000 $1,250,000 Total $1,250,000 $1,100.000 $1.827.046 $588,329 $3,200,000 $4,150,000 $8,607,448 $26.279,480 $8.894,879 $1,857,500 $17,860,000 $17,014,323 $92,629,004 20 Pr4JKt Narng RDA.PrQjW Area 51ree1 C4nungliGn SWWs Ugmplelign Y4ar Aff4rda4le Urliti, T940 Urlics 144 S 500 E Nqt in PrgjRiA Area 144 5 5K E 1Jrrdgr O,p"wUl jign 11V 119 160$Maid FAeed ApatutyervA Cental$uWASS Oidlrie 19$MAIN ST Qn Heldr04A1ytA 44 400 2nd South Apawnerws Not in PrsjeclArea 934 W 200 S Proposed 104 144 &15 Tawff Not in Prolm Area 51S E IN S Under C4nslrudlon % % 9Ten Wesl Npnh Tempiq 919 W NORTH TEMPU ST Under Cwmliorn 160 in 9rir E-Av Lofts Not in Prpjptl Ares 414$giro S i�"01 ly4 2p T7 54 68 Alliance Horse Slate Slreei 1E03 S MAIN ST Proposed Is 16 Arctic Coup Historic Home West Capitol No 528 NARCTIC CT Campleied 24t@ 1 1 Artspace Bridges Depot Distfild 511 W 200 5 Proposed 62 62 Artspace w aiomi Fj�is pepol Qi#tfiCl �44$6*w ♦yo Pl*1!d 2017 13 13 Book Cliffs Lodge Slate Sire-el a1S9 S MST TEMPLE ST Proposed 44 56 CBpM Homer.Alparlrrrents Stabe SUee1 17495 STATE ST Campleied M21 62 93 C antral Ninth Markel Phase II West Lernple Caaleway y14 5 JEFFE RSON S7 Campleied 2021 3 3 COnlral$1j1wn APaelmo:M* Dapo+i}ishio 549w MI)$ c"0101cd 2022 92 0 Cili Pont Aparlrnents NoL in Prayed Ares 631 W NORTH TEMPLE ST Campleied 2015 $ 6 Gplzens West Not in Pr*d Area 53,5 W 300 N Campleied 2021 55 80 Clizena West Not in Prejed Area 536 W 300 H Proposed U 50 G,h son*woat Nqk in Pro"Anita 536 w 300 N Unft rgnsmwion 50 4XI City LAAtsApartmeals Stale Sireey 2341E 1700 S Campleled 203 232 212 CMp plaza Not In PrajectArea 1992&ZOO E Under Canamdon 299 299 Csbn4 BA"rtrnems Siale S1rea1 229W 1300S Campleled 2023 1x 140 rr*u qnl Hgighrr, Npk in Pr4{W Area $4*67$11¢p E Pr9p4s9d 55 96 Jwksen Apailrsents Central Bu9i1e9s CIAlriel 274 W 200 5 Campleied A22 et 94 Liberty Comer State Street 1295 W 300 S Proposed 214 214 Liberty Vma" Sugarhoose 2150 5 MCCUELLANO ST Campleied 2016 35 171 Ltorlf We t(WCU� Not in RrajodAr6o 50l$1704 S 1*rop410d 1k 10 MyaAp,arbnWs NOL ifh Prod Foes 160 E 00 S Campleied 2421 BR 126 Pamela's Place Not In Projeci.Aree 525 S SH W Campleied 2020 100 100 Paperbox Lofts Central 8usinesS Dislriu 344)W 200 S Campleied 2022 39 195 Pharos Aipartrnws N441111 Ttymplg 916 W 20D N Pr4p49ed 34 34 IXichmond Flats Not in Prnjsci Area 2960 S RICHMOND 5T Completed 421 55 65 Spark North Temple 149414 NORTH TEMP E ST Under Conshmellon 2DD 200 The Asier Central Ow ness Disiricl 25,5 S STATE ST Campleied M23 166 1% The Catherine Not in PrujW Area 1151 W KK RTH TEMPLE ST P■4p4sed 372 372 TM Ness Oopoi Dituki XQ$RIO GRANOE 5T undo Cansmuoion 220 220 1lklary tteOts Not in PrgwArea 11160E 140 S Under Conshrudion _B& 88 TOM!! 31425 4,M 21