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02/18/2026 - Meeting Materials
REGULAR MEETING OF THE COMMUNITY REINVESTMENT AGENCY FINANCE COMMITTEE Wednesday, February 18, 2026 2:00 p.m. 451 S State Street Room 118 Salt Lake City, Utah 84111 The Finance Committee meeting will be a hybrid meeting, which enables people to join remotely or in person to listen to the meeting. To access the electronic meeting, please visit: https://us02web.zoom.us/j/87093887988?pwd=Wmovdl VNbUhEQUVESVZGWEZpVmN4dzO9 AGENDA 1. ROLL CALL 2. BUSINESS A. Housing Development Loan Program (HDLP)Application Review-Browne Sebright; Project Manager, Tracy Tran, Senior Project Manager 3. ADJOURNMENT People with disabilities may request reasonable accommodations no later than 48 hours in advance to attend this Community Reinvestment Finance 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. 00 ® I S L C C R A COMMUNITY REINVESTMENT AGENCY FINANCE COMMITTEE MEMORANDUM NOTICE OF FUNDING AVAILABILITY (NOFA) FOR AFFORDABLE HOUSING: FY2025-2026 Annual Affordable Housing Funds—Housing Development Loan Program Funding Recommendations Meeting Wednesday, February 18,2026: 2:00 PM—4:00 PM DATE: February 18, 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: Heather Royall (or alternate) FROM: Browne Sebright, Project Manager Austin Taylor,Project Manager Tracy Tran, Senior Project Manager RE: Finance Committee—Funding Recommendations for the FY2025-2026 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 $8.1 million available through the Housing Development Loan Program("HDLP"). 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 FY2025-2026 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$8.1 million is available for affordable housing developments that meet the Threshold Requirements of the HDLP program. The HDLP Competitive Funds come from two different categories, as described below: 00 ® I S L C C R A COMPETITIVE FUNDS CATEGORY AMOUNT* CRA Housing Development Loan Program $5,587,537 CRA HDLP—Deeply Affordable $2,480,591 CRA High Opportunity Area $50,000 TOTAL: $8,118,128 *Note:Amounts are approximate. The total funds available may change after this document has been published. 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 P91icy 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 2025, the Board adopted the FY2025-2026 Annual Housing Funding Priorities. Two of these priorities were established as the Threshold Requirements for the FY2025-2026 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 2 00 ® I S L C C R A 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 30% 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 PREVIOUS HDLP FUNDING COMMITMENTS REQUEST The Amelia Cole West $5,000,000 Gardens at Palmer GIV Group - $3,500,000 Safe Haven Valley Behavioral Health - $712,866 Northwest Pipeline Building Housing Assistance Management Enterprise $1,000,000 $2,884,183 The Chicago Great Lakes Capital - $2,000,000 Emeril Apartments Community Development Corporation of Utah - $2,300,000 200 West Apartments First Step House - $2,500,000 Washington Yards Brinshore Development,L.L.C. - $2,000,000 300 W Apartments Chelsea Investment Co. - $2,400 000 TOTAL FUNDING REQUEST: $23,297,049 AVAILABLE FUNDING: $8,118,128 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. 3 ® 1 S L C C R A 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: A. Alignment with Project Priorities (27+points available) Projects will be allocated a primary score based on their alignment with the Housing Development Project priorities: 1. Affordable Family Housing with Amenities for Children(3 points) 2. Deeply Affordable Housing(3+points) 3. Ownership: Wealth Building Opportunity(3 points) 4. Neighborhood Services &Commercial Spaces (3 points) 5. Expanding Opportunity(3 points) 6. Affordable Housing Preservation (1 point) 7. Architecture&Urban Design(1 point) 8. Building Preservation, Rehabilitation, or Adaptive Reuse (1 point) 9. Special Populations (1 point) 10. Missing Middle&Unique Housing Types(1 point) 11. Mixed-Income Neighborhoods (1 point) 12. Public Art(1 point) 13. Public Space (1 point) 14. Sustainability(1 point) 15. Transportation Opportunities (1 point) B. Scoring Criteria—Qualifications and Distinguishing Factors (36 points available) Applications will be allocated a secondary score based on how they align with the Scoring Criteria. 1. Content and quality of the project narrative and application submittal (11 points available) i. Narrative and Application Completeness (up to 5 points) ii. Project Priorities (up to 2 points) iii. Relevant Experience(up to 2 points) iv. Clarity of budget, financing, operating proforma, and repayment(2 points available) 2. Budget, sources and uses, operating pro forma, and related assumptions (up to 16 points) i. Feasibility of Proforma, sources and uses (up to 2 points) ii. Utilization of housing tax credits (up to 5 points) iii. Utilization of other tax credits (up to 2 points) iv. Loan repayment(up to 3 points) v. Deferred developer fee (up to 2 points) vi. Owner equity (up to 2 points) 3. Readiness of the project to proceed for construction(5 points available) i. Readiness (up to 3 points) ii. Site control (up to 2 points) 4. Advancing the housing landscape (4 points available) i. Emerging developers and housing models (up to 2 points) ii. Availability of affordable housing in areas with limited options (up to 2 points) 4 01 1 S L C C R A 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 5 mic SLCCRA ATTACHMENT A: APPLICATIONS OVERVIEW 6 Project The Amelia Gardens at Palmer Safe Haven Building The Chicago Emeril Apartments 200 West Apartments WashingtonYards 300 W Ap.Z.n� Valley Behavioral Management Development Chelsea InvestmelliIIIIIIIIII 1050 S Washington Address 209 W 900 S 999 S Main Street 550 W 700 S 315E 200 S 27 N Chicago Street 31 North 800 West 1055Developer Cole West GIV Group Health Enterprise Great Lakes Capital Corporation of Utah First Step House Brinshore Cc TOTAL S 2W W Street 1485 S 300 W CRA Loan Request -98V— --Imprl- CRA Request $ 5,000,000 $ 3,500,000 $ 712,866 $ 2,884,183 $ 2,000,000 $ 2,300,000 1$ 2,500,000 $ 2,000,000 $ 2,400,000 $ 23,297,049 Previous CRA Commitments $ $ $ $ 1,000,000.00 $ $ $ $ $ $ 1,000,000 Total CRA Request $ 5,000,000 $ 3,500,000 $ 712,866 $ 3,884,183 $ 2,000,000 $ 2,300,000 $ 2,500,000 $ 2,000,000 $ 2,400,000 Total Project Cost $ 53,386,624 $ 65,109,467 $ 13,035,119 $ 45,184,650 $ 43,092,322 $ 51,079,063 $ 25,088,320 $ 58,297,324 $ 59,240,045 CRA Loan to Cost 9.4% 5.491 5.59/ 8.6% 4.6% 4.5% 10.09/ 3.4% 4.191 6.2%Average CRA Funding per Unit $ 34,722 $ 18,717 $ 13,201 $ 45,781 $ 16,807 $ 17,037 $ 35,714 $ 11,765 $ 15,584 $ 23,259 Average Other City Funds $ $ $ - $ $ $ $ $ Interest Rate(w/project pnonly deductions) 2.091 2.0% 1.09/ 2.0% 2.0% 2.0% 2.091 2.0% 2.5% 1.9%Average Term 17 40 30 30 18 30 17 30 30 Cash Flow with Cash Flow with Cash Flow with Cash Flow with Cash Flow with Cash Flow with Cash Flow with Cash Flow with Repayment Terms Balloon Payment Balloon Payment Hard Balloon Payment Balloon Payment Balloon Payment Balloon Payment Balloon Payment Balloon Payment Financial Metrics Owners'Equity $ - $ - $ - $ - $ - $ 258,000 $ - $ - $ - $ 258,000 Tax Credits Awarded,4% Awarded,9% Applying,9% Applying,4% Awarded,4% Awarded,4% Applying,9% Applying,4% Applying,4% Cost per Unit $ 370,740 $ 348,179 $ 241,391 $ 717,217 $ 362,120 $ 378,363 $ 358,405 $ 342,925 $ 384,676 S 389,335 1 Average Threshold Requirements Famiordable ly-Sized A Units Affordable or Deeply Aff Deeply Affordable Deeply Affordable Deeply Affordable Deeply Affordable Deeply Attordable Both Deeply Affordable Family-Sized Both Energy Star Score 90+ 100 Condition ofApproval Condition ofApproval Condition ofApproval 92 98 100 Condition ofApproval 93 100%Electric Yes Condition of Approval Committed Condition ofApproval Yes Yes Yes Condition of Approval Yes Housing Unit Details 30%AMI and Below Studio 5 10 15 fbd 15 187 5 5 7 12 70 1 302 2bd 5 1 6 15 27 3bd 1 3 10 14 Total 30%AMI 8,Below 15 187 10 11 18 21 70 - 26 358 Studio 38 38 fbd 6 9 5 10 30 26d 10 1 30 41 3bd 2 32 34 Total 31%-50%AMI - - 44 21 6 - - 72 - 143 51%-60%AMI Studio 17 17 fbd 84 9 12 25 9 4 143 2bd 45 8 25 37 72 187 3bd 1 10 22 52 85 Total 51%-60%AMI 129 - - 18 29 60 - 68 128 432 61%-80%AMI Studio 18 18 lbd 4 31 19 8 62 26d 7 17 21 12 57 3bd 2 14 10 26 Total 61%-80%AMI - - 13 66 54 - 30 - 163 TOTAL UNITS 1" 70 170 154 1,096 7 Project Priorities&Interest Rate Reductions Priorities:The five Funding Priorities determined by the FY2025-2026 Annual Housing Funding Priorities include:Family Housing,Deeply Affordable Housing,Wealth Building Opportunity Neighborhood Services&Commercial,and Expanding Opportunity.These Funding Priorities receive a weighted ranking of 3 points each as compared to other priorities which receive I ranking point each for inclusion in projects.For Deeply Affordable Housing,projectsset aside at leastextremely low-income householdsreceive s. _ set aside at_ 25 deeply affordable unds,receive 5 points.An additional ast receiveInterest Rate Reductions:Projects -rinterestreductioneach _ reduction.ows _maximum reduction _ development y. Family Housing w/Amenities for Children 3 3 3 Deeply Affordable Housing 11 3 3 3 3 6 5 Ownership:Wealth Building Opportunity Neighborhood Services&Commercial Spaces 3 3 3 3 3 Expanding Opportunity 3 Affordable Housing Preservation Architecture&Urban Design 1 1 1 1 1 1 1 Building Preservation,Rehabilitation,or Adaptive Reuse 1 1 Special Populations 1 1 1 1 Missing Middle&Unique Housing Types 1 Mixed-Income Neighborhoods Public Art 1 1 1 1 1 1 1 1 Public Space Sustainability 1 1 Transportation Opportunities 1 1 1 1 1 Project Priority Score 7 19 6 11 9 9 14 6 9 10.0 Average Scoring Criteria Applications will be allocateed a secondary score based on how they align with the following criteria: Content and Quality of the Project Narrative and Application Submittal Narrative and Application Completeness 5 3 1 3 5 3 5 3 3 Project Prionties 1 1 1 0 1 1 1 1 1 Relevant Experience 1 2 2 1 2 2 2 2 2 Clarity of Budget,Financing,Operating Proforma and Repayment 2 1 1 0 2 2 2 2 2 Budget,Sources and Uses,Operating Proforma,and Related Assumptions Feasibility of Proforma,Sources and Uses 1 0 1 0 2 1 1 2 2 Utilization of Housing Tax Credits 5 5 2 2 5 5 2 2 2 Utilization of Other Tax Credits 1 0 0 1 0 0 1 0 0 Loan Repayment 1 1 3 1 1 1 1 0 0 Deferred Developer Fee 2 1 1 1 1 2 2 2 1 Owner Equity 0 0 0 0 0 0 0 0 0 Readiness of the Project to Proceed for Construction Readiness 1 1 1 0 1 0 0 1 1 Site Control 2 2 2 1 1 1 1 2 0 Advancing the Housing Landscape Emerging Developers and Housing Models 0 0 0 0 0 0 0 0 0 Availability of Affordable Housing in Areas with Limited Options 0 0 -1 0 -1 -1 0 0 -1 Scoring Criteria Points Total 22 17 14 10 20 17 18 17 13 16.4 Average 8 ®0 ® I S L C C R A ATTACHMENT B: MAP OF DEVELOPMENT LOCATIONS a g � W Z Z Z Z / Q - 5-The o Chicago 1s o -GLC 7-Emeril Y 0 Apartments 186 1st Ave -CDCtJ t E Sou 4389 ft City Creek Center W100S W 1005 m E1I 4-North West 3 Pipeline-HAME 0 W W 200 S c 186 O ^' _ oo E 3 3 rn Downtown Salt o C o Lake City m Adam Galvez St N v vd Broad;e V ut I Ln c ig W 400 S ay E 400 S a 3 Central City WSooS o c 269 Salt Lake City E500s g v 3-Safe' _ Haven 269i E 600 S -VBH W700s Central 9th E 700 5 0 71 ilana Ave W 800 S 15 The E 8( Amelia- 0o S ^ W Cole West 00 0 0 E Harvey Milk BI- 8-Wdshingtoi at Jordan Park And Yards- + 2-Gardens Peace Gardens "..13 inshore u Palmer-TRHH o Central 6-200 West City-Liberty 3 Apartments Wells Y ,1 Bail Parkes co W 1300 S E 1300 S California Ave c g 9-300 West W Apartments o 3 -Chelsea ^' o o 0 0 0 o � N County of Salt Lake,Utah Geapatial Resource Center,Esri, Tom,Garmn,SafeGraph,GeoTechnologies,Inc, 3 MITI/NASA,USGS,Bureau of 15nd Management,EPA,NIPS,US Census Bureau,USDA,USFWS,Esri,NASA,NGA, o W 1700 S N E 1700 S Liberty Wells USGS,FEMA 9 mic SLCCRA ATTACHMENT C: PROJECT SUMMARY SHEETS 10 HOUSING DEVELOPMENT PROJECT NAME: 1 —The Amelia—Cole West LOAN PROGRAM ADDRESS: 209 W 900 S OVERVIEW LOW-INCOME HOUSING TAX CREDIT laCole West • • Yes, 4% HDLP Loan Yes New Construction Undeveloped HOUSING UNITS CRA FUNDING REQUEST Lem =�'• •�'• ML • : ' $5,000,000 • • - $53,386,624 Studio •A Loan to Cost 9.4% 1 Bed 99 - - 84 - 15 2 Bed 45 - - 45 - - PROPOSED TERMS 3 Bed - - - - - - 2.0% 4 Bed - - - - - - 17 Yr Total 144 - - 129 - 15 •. Cash Flow with Ballon Payment • Subordinate to senior debt CONSTRUCTION DEBT AHEAD OF CRA HDLP THRESHOLDS AND PRIORITIES Senior Debt $36,274,809 - . • Deeply Affordable Units PERMANENT SOURCES • • • • • • ' • M. LIHTC Equity $23,496,731 44% • 100 Senior Debt $20,430,138 38% i'. Yes SLC CRA HDLP $5,000,000 9% • Neighborhood Services& ° Commercial Spaces, Deferred Fee $2,387,755 4/° Architecture & Urban OWHLF $2,000,000 4% Design, Public Art, 45L Tax Credits $72,000 0 Su sta i n a b i I ity, Total $53,386,624 100% Transportation Opportunities PERMANENT USES TIMELINE Hard Costs $29,881,051 56% • September 2026 Soft Costs $10,700,593 20% IKITIMFURUITITO•• • WITIM I July 2028 Land $5,000,000 9% Developer Fee $4,315,593 8% Reserves $3,374,387 6% Public Art $75,000 0% Total $53,386,624 100% 11 HOUSING DEVELOPMENT PROJECT NAME: 1 —The Amelia —Cole West LOAN PROGRAM ADDRESS: 209 W 900 S PROJECT SUMMARY From Developer. "Cole West, in partnership with Affordable Housing Specialists and Traedmark Enterprises, are pleased to present our application for theAmelia, a seven story, 144-unit affordable housing community located at 916 South 200 West in Salt Lake City. If awarded, the project will feature (15)30%AMI units, and (129) 60%AMI units. The project represents the redevelopment of a long underutilized, contaminated property that formerly operated as a dry cleaner. Site environmental contamination has been addressed through substantial remediation, and the site remains under active monitoring. Repositioning this difficult parcel into new affordable housing provides a clear public benefit and aligns with the City's broader objectives for sustainable, transit oriented Affordable Housing Redevelopment. theAmelia is located immediately adjacent to the 900 South TRAX station in one of Salt Lake City's most walkable, amenity rich neighborhoods. The surrounding blocks include restaurants, small businesses, and daily services, all within a short distance of the site. Residents will have convenient access to downtown and the regional transit network, supporting both mobility and long term housing stability. The project includes 2,374 square feet of ground-floor commercial space designed to operate as a public accessible Commercial Service Facility(CSF), defined as a neighborhood-serving use that provides goods, or services benefiting the surrounding community. The space will be actively marketed to tenants such as childcare providers, small restaurants or cafes, local retail operators community non-profits, or other service-oriented users that meet the CSF definition and are open to the public. The project features a 19 foot wide public midblock walkway along its southern boarder. The walkway is is 27% larger than is required by City code. The development has been thoughtfully planned to deliver long lasting quality and is committing to achieving Off- Site Net Zero Compliance as outlined in the CRA's Sustainable Development Policy Resolution. The project will be a 100%electric building, that utilizes no on-site fossil fuels. The building will incorporate durable exterior materials, efficient systems, and unit interiors designed to meet modern market rate expectations. The ownership team brings deep experience in housing development and 4% LIHTC financed projects and is well positioned to deliver a complex urban infill community of this scale. theAmelia offers a set of unique community benefits that make it an especially strong affordable housing investment for Salt Lake City. The project is a true transit-oriented development located immediately adjacent to the 900 South TRAX station, providing residents with direct access to downtown, major employment centers, and the regional transit network. Its central location places future residents within walking distance of restaurants, services, small businesses, and the growing employment base along the 900 South corridor. The development also transforms a long-underutilized property that formerly operated as a dry cleaner. The site has undergone environmental remediation and remains under monitoring, converting a previously contaminated parcel into productive, long-term affordable housing. The project is situated within a Qualified Census Tract and falls inside the State Street CRA project area, aligning with local redevelopment priorities and contributing to the ongoing revitalization of this important corridor. In addition, ground-floor retail along 900 South will activate the streetscape, enhance pedestrian activity, and support neighborhood-serving businesses. Together, these elements make theAmelia a uniquely impactful project that advances transit access, environmental stewardship, community revitalization, and equitable housing opportunities. theAmelia will offer 144 thoughtfully designed apartment homes with modern finishes, in-unit washers and dryers, and layouts that meet contemporary market-rate standards. The project includes a robust package of resident 12 HOUSING DEVELOPMENT PROJECT NAME: 1 —The Amelia —Cole West LOAN PROGRAM ADDRESS: 209 W 900 S amenities intended to support comfort, convenience, and community. Indoor common areas will feature a resident lounge and clubroom, a fully equipped fitness center, a dedicated yoga room, a coworking room, secure bike storage and sharing program, and a mail and parcel room designed for efficient package handling. Outdoor and podium-level amenities include a landscaped plaza with seating, and shaded gathering areas, along with a fenced dog run and a mid-block pedestrian walkway that enhances neighborhood connectivity. The building will provide covered parking on two levels to improve resident accessibility and convenience. Collectively, the unit design, interior common spaces, and amenity program create a high-quality living environment that supports resident well-being and long-term building functionality." DEVELOPER SUMMARY From Developer. "Cole West will serve as the project's primary applicant, majority owner, and financial guarantor. Cole West is a vertically integrated real estate development company with coordinated business lines that include multifamily development, land development, homebuilding, retail development, architecture, design, and general contracting. Since its founding in 2016, the company has completed or advanced more than 250 projects, delivered over 5,000 residential lots and homes, developed more than 60 multifamily communities across Utah, and managed more than 30 retail and commercial developments. Cole West is led by Founder Colin Wright, whose career includes overseeing major residential and mixed-use projects and helping grow prior firms into some of Utah's most prominent homebuilders. Chief Executive Officer Darlene Carter brings over two decades of experience directing large-scale residential and mixed-use portfolios and currently oversees strategic vision and execution across more than $3 billion in completed and active ventures. A key strength of the project is Cole West's vertical integration. The firm's in-house construction company, Cole West Construction, will serve as the general contractor, and its architecture and design firm, Cole West Design, will serve as the project architect. This structure allows for close coordination between design, budgeting, and construction, reduces change-order risk, improves cost control, and ensures the project is executed to a unified standard of quality. Vertical integration also enhances communication across disciplines and allows the project to advance more efficiently through design, permitting, and construction. Affordable Housing Specialists, led by its founder Marcus Lonardo, brings nearly a decade of experience in the development and financing of affordable housing across both 4 percent bond-financed and 9 percent LIHTC communities. Prior to forming Affordable Housing Specialists, Marcus served as the Managing Director of Investments for J Fisher Companies (formerly JF Capital), where he was responsible for structuring and sourcing LIHTC capital stacks for large-scale developments throughout Utah and Idaho. During his career, he's helped guide more than 1,200 affordable units through various stages of development, including capitalization, closing, cost certification, 8609 issuance, and long-term performance oversight. His background includes extensive experience with soft debt programs, public funding sources, and the compliance and asset-management responsibilities that accompany complex LIHTC transactions. Through Affordable Housing Specialists, Marcus continues to focus on delivering high-quality housing for underserved populations, applying his financial, regulatory, and development expertise to support the successful execution and long-term viability of projects such as theAmelia. 13 HOUSING DEVELOPMENT PROJECT NAME: 1 —The Amelia —Cole West LOAN PROGRAM ADDRESS: 209 W 900 S Traedmark Enterprises is a Utah-based development and construction firm with experience in multifamily, mixed- use, and affordable housing projects. The company is led by its founder, Christian Traeden, who brings more than 20 years of experience in real estate development, construction management, and full life-cycle project delivery throughout Utah and the Intermountain West. During his tenure as President of Strategic Builders, Christian has played a key leadership role in the development and construction of more than 1,500 multifamily units, including numerous LIHTC communities such as Granary Place, Meadowbrook, Union, Glenwood, Franklin, Shoreline, and Q25. His background includes entitlement strategy, underwriting, design coordination, construction oversight, and sustainable building practices. Traedmark's capabilities in development, design management, and construction oversight make the firm a strong contributor to the successful execution of complex affordable housing projects. The partnership between Cole West, Affordable Housing Specialists, and Traedmark Enterprises brings together a uniquely well-aligned combination of development, finance, and construction expertise. Cole West provides a vertically integrated platform with in-house design, general contracting, and deep experience delivering large multifamily communities across Utah. Affordable Housing Specialists contributes specialized LIHTC financing, underwriting, and compliance knowledge informed by nearly a decade of affordable housing experience. Traedmark Enterprises adds more than twenty years of development and construction leadership, including a strong track record managing and delivering complex LIHTC projects. Together, the team offers a coordinated and complementary skill set that enhances efficiency improves cost and schedule control, and supports the successful execution of theAmelia from entitlement through long-term operations." 14 HOUSING r LOAN PROGRAM 1EVELOPMENT PROJECT Amelia ADDRESS: 1• W •11 SITE MAP VV 900 S W 900 S ILI EM Ulu I-AW lie .t• � � W900S W900S e + 3 o � N l O�c N 7 K I q fA C N L N A � PROJECT HOUSING DEVELOPMENT PROJECT NAME: 1 —The Amelia —Cole West LOAN PROGRAM ADDRESS: 209 W 900 S - IL� T 01i, Inc 16 HOUSING DEVELOPMENT PROJECT NAME: 2 —Gardens at Palmer—TRH LOAN PROGRAM ADDRESS: 999 S Main St OVERVIEW LOW-INCOME HOUSING TAX CREDIT - • • Giv Group/The Road Home/ • • Credits First Step House Yes, 9% • -• HDLP Loan -• Yes • •- New Construction • Parking lot HOUSING UNITS CRA FUNDING REQUEST • _ $3,500,000 Previous $3,000,000 forgivable loan for Studio _ • _• Palmer Court Project 1 Bed 187 - - - - 187 • . I Th,- $65,109,467 2 Bed - - - - - - • . . 5.4% 3 Bed - - - - - - 4 Bed - - - - - - PROPOSED TERMS Total 187 - - - - 187 2.0% 40 Yr(requires waiver) CONSTRUCTION DEBT AHEAD OF CRA • - •. Cash flow with balloon payment • Subordinate to senior debt I Senior Debt $13,672,071 HDLP THRESHOLDS AND PRIORITIES PERMANENT SOURCES - . 7LIHTC • Deeply Affordable Units quity $22,747,725 52% • • • � - • • • , • _ x Credit $5,499,450 17% Committed ebt $5,547,699 12% �'. Yes OWHLF $4,000,000 6% • Deeply Affordable Housing, SLC CRA HDLP $2,358,289 5% Neighborhood Services& Sponsor Soft Loan $2,136,711 5% Commercial Spaces, Deferred Fee $1,000,000 2% Architecture & Urban Design, Special Energy Rebates $63,000 1% Populations, Missing Total $43,352,874 100% Middle & Unique Housing Types, Public Art, PERMANENT USES Transportation - '• of • Opportunities Hard Costs $32,069,640 73% Soft Costs $3,414,520 9% TIMELINE Developer Fee $3,967,303 9% • November 2026 Reserves $2,090,786 5% • February 2028 Owner Contingency $1,775,251 4% Public Art $35,374 0% Land $0 0% Total $43,352,874 100% 17 HOUSING DEVELOPMENT PROJECT NAME: 2 — Gardens at Palmer—TRH LOAN PROGRAM ADDRESS: 999 S Main St PROJECT SUMMARY From Developer. Gardens at Palmer is 187-unit Permanent Supportive Housing PSH development collaboration project between The Road Home (TRH) and First Step House (FSH). TRH will develop 126 units and FSH will develop the remaining 61 units. The ground floor of this project will be a service rich supportive environment for future tenants. The team will implement a collaborative and curative model working with key community partners to ensure residents have the opportunity and availability of supportive services. The TRH and FSH projects are designed to be able to stand alone and function separately but also to work in concert to maximize operational and services efficiencies and resources. We have put great thought into the design of this model which will provide best in class PSH and is reflective of our collaborative approach. The project site, situated at 999 S Main Street in Salt Lake City, is presently home to a 201-unit housing complex that was converted from a 1950s Holiday Inn hotel in 2009 by TRH. The current facility is facing many challenges and is in dire need of upgrades to fully support its residents through safe, supportive, and deeply affordable housing. Spanning close to 6 acres and zoned D-2, the site presents an incredible opportunity to expand the availability of service-rich, supportive housing in Salt Lake and the larger region. TRH has developed a vision for the site that will replace the existing housing and expand opportunities across the housing spectrum. The Road Home plans to consolidate the current complex on approximately 1.5 acres of land, while preserving the remaining nearly 5 acres for an additional mixed-use, mixed-income development in order to better serve the community. The existing housing complex will remain open through the development process of Gardens at Palmer, minimizing tenant disruption. The current housing on the site has long-term deed restrictions on 141 of the existing units, and the project will expand the number of long-term deed restricted units considerably, lengthen the duration of restrictions and deepen affordability. Once Gardens at Palmer is occupied, the remaining acres will be repurposed to provide several hundred more affordable housing units. Redevelopment of the former hotel will unlock the potential to create a high-quality mixed-income community that will meet many of Salt Lake City's housing needs. The surrounding neighborhood of the Gardens at Palmer site has witnessed remarkable growth in recent years, marked by the emergence of multifamily rental housing, numerous civic and cultural centers, and various dining establishments. Enhanced by its proximity to a TRAX stop within a mile, BRT within a third of a mile, and several bus lines running every 15 minutes right at its doorstep, this locale is primed to serve as an ideal housing hub for individuals reliant on public transit. DEVELOPER SUMMARY From Developer. The Road Home (TRH) and First Step House (FSH) are experienced developers, owners and service providers in Salt Lake City. TRH's portfolio includes three PSH developments totaling 298 units and 20 beds of scattered site PSH. FSH's portfolio includes 3 PSH developments with 161 completed units and 67 in development. Gardens at Palmer will have on site services provided by both organizations. Gardens at Palmer will adhere to supportive housing best practices, adopting a person-centered, trauma-informed service delivery approach. Grounded in accessibility, the ground floor services will offer support to all tenants. The Gardens at Palmer services team will proactively engage tenants in a flexible array of comprehensive supportive services. TRH and FSH will collaborate effectively to address issues stemming from substance use, mental health, and other crises, with a concerted focus on fostering housing stability and self-sufficiency. For this project, TRH and FSH are working with Giv and Gray Impact Consulting as development consultants to further ensure success 18 HOUSING DEVELOPMENT PROJECT NAME: 2 — Gardens at Palmer—TRH LOAN PROGRAM ADDRESS: 999 S Main St of the project. Also, the building design will leverage work done by AJC Architects with community PSH providers to arrive at model units and amenities. These best practices are incorporated in our design along with the learnings from our onsite teams and residents. The Road Home (TRH) TRH is an experienced developer, owner and service provider in the community. Since the 1980s, we have served as a homeless shelter and services providers in the community. Recognizing community needs, we expanded into permanent housing development, operations and services, opening our first PSH community in 2009. TRH recognizes the critical importance of integrating housing into communities. TRH's real estate portfolio includes 3 PSH developments totaling 298 units and 20 beds of scattered site PSH. 19 HOUSING r LOAN PROGRAM ADDRESS:1EVELOPMENT PROJECT ... S Main St SITE MAP E Harvey�Milk Blvcl E Harvey Milk Blvd p fill AP 40 20 dl' c d N » N Belmont Ave rn N r .j y � Herbert Ave o' Hcrbert Ave HOUSING DEVELOPMENT PROJECT NAME: 2 — Gardens at Palmer—TRH LOAN PROGRAM ADDRESS: 999 S Main St PROJECT RENDERINGS 21 HOUSING DEVELOPMENT PROJECT NAME: 3 — Safe Haven —Valley Behavioral Health LOAN PROGRAM ADDRESS: 550 W 700 S OVERVIEW - • • Valley Behavioral Health HOUSING UNITS • • - HDLP Loan Renovation/Rehabilitationof ' •'•• • ' Existing Housing • Permanent Supportive Housing Studio 43 - - - 38 5 1 Bed 11 - - - 6 5 CRA FUNDING REQUEST 2 Bed - - - - - - • ._ • - • $712,866 3 Bed - - - - - - • $13,035,119 4 Bed - - - - - - • •. 5.5% Total 54 - - - 44 10 PROPOSED TERMS CONSTRUCTION DEBT AHEAD OF CRA 1.0% 30 Yr Senior Debt "Approximately$5-6M" • - •. Amortized Repayments • Subordinate to senior debt PERMANENT SOURCES . . HDLP THRESHOLDS AND PRIORITIES - • LIHTC Equity $10,428,095 80% • Senior Debt $1,303,512 10% . . � - . Deeply Affordable Units SLC CRA HDLP $712,866 5% • • • • - OWHLF $250,000 2% • _ Committed Deferred Fee $321,927 2% 0'. Electric Yes Utility Rebates $18,719 0% orities Met Deeply Affordable Housing, Total $13,035,119 100% Building Preservation, L: mi Rehabilitation, or Adaptive PERMANENT USES Reuse, Special IOWA m. 1918 . Populations, Public Art Hard Costs $9,197,226 71% Developer Fee $1,103,667 8% TIMELINE Soft Costs $1,019,395 8% • November 2027 Owner Contingency $1,014,347 8% • • - November 2028 Reserves $689,791 5% LOW-INCOME HOUSING TAX CREDIT Public Art $10,693 0% Land $0 0% Applying Yes, 9% Total $13,035,119 100% Tax Credits Reserved (Y/N) No 22 HOUSING DEVELOPMENT PROJECT NAME: 3 —Safe Haven —Valley Behavioral Health LOAN PROGRAM ADDRESS: 550 W 700 S PROJECT SUMMARY From Developer. This project aims to preserve and modernize one of Salt Lake City's first Permanent Supportive Housing(PSH) communities, expanding and enhancing the availability of deeply affordable housing for vulnerable populations, particularly those experiencing homelessness and mental health challenges. The redevelopment will rehabilitate the existing structure and increase its capacity from 49 to 54 units, all of which will remain deeply affordable and dedicated to special populations—specifically individuals experiencing homelessness and those with significant behavioral health needs DEVELOPER SUMMARY From Developer. L Valley Behavioral Health (VBH) has more than 40 years of experience developing, owning, and operating affordable and supportive housing. During this time, VBH has produced over 250 new affordable units across 11 projects, including three LIHTC developments (42 units in 1996, 25 units in 1999, and 24 units in 2003) and five HUD 811 projects totaling 84 deeply affordable units. VBH has also acquired or constructed more than 100 additional deeply affordable units using a variety of capital, service, and operating funding sources, and currently provides nearly 300 affordable units for adults with Severe Mental Illness(SMI). To expand capacity for future development, VBH hired a new Vice President of Housing and Real Estate Strategy on November 1, 2025, bringing extensive experience in supportive housing development and portfolio strategy. VBH also partners with Gray Impact Consulting, led by Principal Lily Gray, to provide real estate development expertise. Together, these resources strengthen VBH's ability to successfully plan, finance, and implement affordable housing projects, including the rehabilitation of Safe Haven I & II. 23 HOUSING DEVELOPMENT PROJECT NAME: 3 —Safe Haven —Valley Behavioral Health LOAN PROGRAM ADDRESS: 550 W 700 S SITE MAP r c: 9M C e 31 D 4i ti N PROJECT RENDERINGS 24 HOUSING DEVELOPMENT PROJECT NAME: 3 — Safe Haven —Valley Behavioral Health LOAN PROGRAM ADDRESS: 550 W 700 S -O . - - ------lam _ - ---` -- --- O -4-O O Q 8 ELI Q r d 25 HOUSING DEVELOPMENT PROJECT NAME: 4— North West Pipeline— HAME LOAN PROGRAM ADDRESS: 315 E 200 S OVERVIEW Developer Housing Assistance LOW-INCOME HOUSING TAX CREDIT Management Enterprise • • Yes, 4% Request Type HDLP Loan Project •- Adaptive Reuse of an Existing No Structure • Vacant Office HOUSING UNITS CRA FUNDING REQUEST $2,884,183 .• P • $1,000,000 100im _ $45,184,650 1 Bed 27 - 4 9 9 5 • •• 2 Bed 30 - 7 8 10 5 8.5% 3 Bed 6 - 2 1 2 1 PROPOSED TERMS 4 Bed - - - - - - 2.0% Total 63 - 13 18 21 11 30 Yr CONSTRUCTION DEBT AHEAD OF CRA •. Cash Flow with balloon Senior Debt $27,454,525 payment • Subordinate to senior debt PERMANENT SOURCES HDLP THRESHOLDS AND PRIORITIES a Ok "I 1 • LIHTC Equity $14,961,462 33% • Senior Debt $10,108,677 22% • Deeply Affordable Units Historic Tax Credit $9,837,374 22% • . • 0 -- • • • , • •_ HAME Carryback $3,990,000 9% • Committed Note o i'. Yes SLC CRA HDLP $3,884,183 9% • Deeply Affordable Housing, Deferred Fee $1,402,954 3% Neighborhood Services& OWHLF $1,000,000 2% Commercial Spaces, Total $45,184,650 100% Expanding Opportunity, Architecture & Urban PERMANENT USES Design, Building L Amount '• of • Preservation, Hard Costs $30,104,000 67% Rehabilitation, or Adaptive Soft Costs $6,412,803 14% Reuse Developer Fee $3,909,512 9% Land $4,229,400 9% TIMELINE Reserves $528,935 1% • October 2026 Total $45,184,650 100% • • - March 2028 26 HOUSING DEVELOPMENT PROJECT NAME: 4— North West Pipeline— HAME LOAN PROGRAM ADDRESS: 315 E 200 S PROJECT SUMMARY From Developer. The development team led by the Housing Authority of Salt Lake City(HASLC)was selected by Salt Lake City to develop a 2.42 acre site consisting of an existing historical building to be rehabilitated and surface parking lot to be redeveloped. The existing building is located at 315 East 200 South. The development program consists of three buildings totaling over 190 housing units focused on serving families ranging from extremely-low income to moderate income. Our development proposal is anchored by the Northwest Pipeline Building, which will be converted through a historic rehabilitation project from a vacant, blighted property into a vibrant new housing community designed to provide wealth building opportunities for 63 low and moderate- income Salt Lake City households. Given the diversity of housing needs in our community, our development includes homes from studios up to three-bedrooms, with an emphasis on larger unit types and robust onsite amenities for families to thrive in place. Our plans will create a high-quality urban living environment for 63 households on floors 2-8 of the building with an activated ground floor and upper-level community space. This building will build upon the strengths of HASLC's Family Self Sufficiency(FSS) program, which provides a launching pad for savings and ultimately can enable ownership. FSS is a voluntary 5-year program in which households are provided vouchers and support to advance their financial independence, including a path to homeownership. With this program, a portion of income increases is put into an escrow account. Given the HASLC is part of the Moving to Work(MTW) Demonstration, we have the flexibility to design and test better ways to serve families in their FSS programs. Currently, our FSS program serves 124 voucher households at one time with a successful completion rate of 70%of households participating. HASLC has already had several participants utilize these savings under this new program to become homeowners. The intent of the FSS program is to support households to increase income, which would go into savings accounts. The$3.7 million in funds requested through this application will create 63 attainable housing opportunities. The rental households will all be below 80%AMI with housing costs capped at 30%of income for the rental period. This building presents a unique opportunity to pilot a comprehensive approach linking FSS with high-quality family housing in the heart of downtown. DEVELOPER SUMMARY From Developer. Housing Authority of Salt Lake City(HASLC) I Lead Developer HASLC is a Salt Lake City-based developer, owner and manager of affordable housing with over 50 years of experience. We are an 85-person team with significant in-house systems and capacity, including a professional finance team; lobbyists and public outreach; property management; and other fully-integrated professional skills such as construction management. HASLC's portfolio consists of over 1,600 affordable homes across 31 properties. HASLC also provides housing vouchers for nearly 3,000 households which enable them to obtain affordable housing, with nearly 2,100 of these family households. HASLC is uniquely positioned to bring critical financial resources to the table which are essential for providing and sustaining affordable housing. Our agency's goal is to keep families and individuals in Salt Lake City. 27 HOUSING DEVELOPMENT PROJECT NAME: 4— North West Pipeline— HAME LOAN PROGRAM ADDRESS: 315 E 200 S Xylem Projects I Lead Developer Xylem is a minority and woman-owned business. Our goal is to create thriving communities. We do that by developing high-impact projects leveraging Xylem's experience in urban planning, design, sustainability and public private partnerships. Xylem's team is led by CEO Nnenna Lynch. Lynch was the 2021 Bass Distinguished Visiting Fellow at Yale School of Architecture and will lead the project planning, design and sustainability efforts to ensure that good design principles meet good environmental outcomes. Lynch's background includes serving as a Senior Advisor to Mayor Bloomberg, a role in which she oversaw several large scale, transformational initiatives including Atlantic Yards. In her prior role as head of development at The Georgetown Company, she oversaw close to$213 of development throughout the US including mixed-use, residential, commercial, and hospitality projects ranging from historic building rehabs to ground-up construction. 28 HOUSING 1EVELOPMENT r LOAN PROGRAM ADD 00 SITE MAP Or 29 a i r J i �~ W 'O W i E O w C O o HOUSING DEVELOPMENT PROJECT NAME: 4— North West Pipeline— HAME LOAN PROGRAM ADDRESS: 315 E 200 S PROJECT RENDERINGS q / / .� !!I�/� s `�4000 00 1000 30 HOUSING DEVELOPMENT PROJECT NAME: 5 —The Chicago—GLC LOAN PROGRAM ADDRESS: 27-41 N Chicago St OVERVIEW LOW-INCOME HOUSING TAX CREDIT - • • Great Lakes Capital • • Credits HDLP Loan Yes, 4% • •- New construction -• Yes • Vacant single-family homes CRA FUNDING REQUEST HOUSING UNITS • m Rumn $2,000,000 $43,092,322 • . 4.6% Studio 45 - 18 17 - 10 PROPOSED TERMS 1 Bed 55 1 - 31 12 5 7 2.0% 2 Bed 19 - 17 - 1 1 18 Yr 3 Bed - - - - - - •. Cash flow with balloon payment 4 Bed - - - - - - • Subordinate to senior debt Total 119 - 66 29 6 18 HDLP THRESHOLDS AND PRIORITIES CONSTRUCTION DEBT AHEAD OF CRA Deeply Affordable Units Senior Debt $31,000,000 ' ' • ' " PERMANENT SOURCES • � 92 i'. Yes 7Senior quity $20,227,039 47% • Deeply Affordable Housing, ebt $17,967,000 42% Neighborhood Services& HDLP $2,000,000 5% Commercial Spaces, Deferred Fee $1,826,430 4% Architecture & Urban OWHLF $1,000,000 2% Design, Public Art, Energy Rebate $59,502 0% Transportation Opportunities Total $43,079,971 100% TIMELINE PERMANENT USES • October 2026 •' • August 202 Hard Costs $28,572,892 66% • Soft Costs $7,184,185 17% Developer Fee $3,652,860 8% Land $3,045,375 7% Reserves $594,659 1% Public Art $30,000 0% Total $43,079,971 100% 31 HOUSING DEVELOPMENT PROJECT NAME: 5 —The Chicago—GLC LOAN PROGRAM ADDRESS: 27-41 N Chicago St PROJECT SUMMARY From Developer. The Chicago will be a 119-unit, 100%affordable family housing project located in downtown Salt Lake City. The all-electric building is designed to meet Enterprise Green Communities& Energy Star certification. Located adjacent to Madsen Park, just off the North Temple corridor, this up and coming neighborhood is seeing several new development projects underway in this quite enclave. The transit-oriented community connects residents to Jackson Euclid (0.2 mile)TRAX/Front Runner station, providing public transit access throughout the Wasatch front. The Chicago will also create 42 off-street garage parking stalls and onsite bicycle storage for residents, and features a Clubhouse, Gym, and Outdoor amenity spaces for residents. DEVELOPER SUMMARY From Developer. Great Lakes Capital is a real estate private equity firm uniquely positioned to add value to real estate investments through development and redevelopment across the real estate spectrum. We concentrate on several core asset classes including industrial, medical office, general office, retail and multifamily(including affordable housing, mixed income, and market rate). Since 2005, our experience, long-term perspective and discipline have allowed us to grow to an asset footprint covering the expanded Midwest. Our attention to needs and opportunities in the marketplace has enabled us to successfully invest in over$1.9 billion of real estate projects Great Lakes Capital real estate clients appreciate our partnership approach to providing value at every stage of a project. Our professionals work with architects, construction experts and financing sources to deliver a seamless development process. This approach provides our customers peace of mind in knowing that their interests are being served in a manner that will successfully meet their operating needs at a competitive cost. The Great Lakes Capital team members bring together a broad spectrum of experience in every aspect of real estate development. These complementary skill sets ensure that each project is analyzed, planned, managed and delivered effectively. With its main office in South Bend and additional offices in Fort Wayne and Indianapolis, plus key staff in the Eastern and Western regions of the U.S., the Great Lakes Capital team is uniquely positioned to provide compelling real estate solutions throughout the Midwest, West, and beyond. 32 I Z _ r sk Z Z , ✓ Madsen Park i f y w �7 W sOLIth TQ1„pio St' W ouch Temp 0 t W o th emp 0 t HOUSING r LOAN PROGRAM 1EVELOPMENT PROJECT ,• ADDRESS: ., St PROJECT • ® MATEMAL END © o o ® ©o o ��u�T�� ■■ y ■■ n 15.1 emu: o s -- i a C1ELEVATION A A A A A A A A A top A u A MIS =�_=====•.�=�= fir -- mom!-;.m�� ter• 0 ■1� � ����a � ��■ � ■■ � ■■6 0. �■ II �r ice- i o ... i■■I`i ��: � n■ � ■■ ! ■■_ n �■ II 1�� ■�="iiis o m �. � o �o• o o ® m i AlELEVATION HOUSING DEVELOPMENT PROJECT NAME: 6— Emeril Apartments—CDCU LOAN PROGRAM ADDRESS: 37 N 800 W OVERVIEW HOUSING UNITS - • • Community Development , Total Corporation of Utah (CDCU) 8'•• TO •' • -• HDLP Loan New Construction Studio _ _ _ _ • Vacant commercial, single-family 1 Bed 56 - 19 25 - 12 houses 2 Bed 52 - 21 25 - 6 3 Bed 27 - 14 10 - 3 CRA FUNDING REQUEST 4 Bed i - i - - - - - • • - • - $2,300,000 Total 135 - 54 60 - 21 • • - $51,079,063 • 4.5% CONSTRUCTION DEBT AHEAD OF CRA PROPOSED TERMS Senior Debt $32,100,000 2.0% 30 Yr PERMANENT SOURCES • - •. Cash Flow with balloon •. 148%. paymentSubordinate to senior debt LIHTC Equity $24,577,785 Senior Debt $17,575,000 HDLP THRESHOLDS AND PRIORITIES SLC CRA HDLP $2,300,000 5% • Deferred Fee $2,100,000 4% Both OWHLF $2,000,000 4% OHS DAHF $1,200,000 2% SLCO HOME $500,000 1% 98 N O I $451,279 1% �'. Yes SLC CHDO $325,000 1% • Family Housing with Energy Rebates $50,000 0 Amenities for Children, Total Deeply Affordable Housing, $51,079,064 100% Architecture & Urban Design, Special PERMANENT USES Populations, Public Art Hard Costs $32,341,633 63% TIMELINE Soft Costs $7,995,790 16% • 1 1 1 September 2026 Developer Fee $4,200,000 8% LK-TIMUMM.To M, rIff-TIM I June 2028 Land $4,010,000 8% Owner Contingency $1,636,427 3% LOW-INCOME HOUSING TAX CREDIT Reserves $855,213 2% Applying for Tax Credits. Yes, 4% Public Art $40,000 0% Total $51,079,064 100% • Yes 35 HOUSING DEVELOPMENT PROJECT NAME: 6— Emeril Apartments—CDCU LOAN PROGRAM ADDRESS: 37 N 800 W PROJECT SUMMARY From Developer. Located near the heart of the Fairpark neighborhood of Salt Lake City, Emeril Apartments is a proposed new affordable multi-family apartment complex. The property, located at 826 Emeril Avenue &37 N 800 W in Salt Lake City and is less than a block to the Jackson/Euclid TRAX Station on North Temple. The project is an urban infill 0.705-acre lot and is situated in a section of the town with significant redevelopment, with numerous of recently finished, under construction, and/or newly proposed developments. Emeril Apartments will consist of (135) new, affordable family apartments for households earning at or below 70% of the Area Median Income, including a portion of the units set aside for individuals or households earning up to 30%AMI. The property will include (56) one-, (52)two-, (27) three- bedroom units, with the focus of serving families in the west Salt Lake City area. The project, as proposed includes a surface and enclosed parking area, with (39) parking stalls and (1) larger parking space for loading and unloading larger vehicles. The building consists of two levels of structure below a I concrete podium deck, with four floors plus a mezzanine of residential on top. The ground level street entrance will allow access to the lobby and mail area along N 800 W, in addition to private entrances to select residences along Emeril Ave. In addition to an elevated resident outdoor amenity space with a play structure, resident gathering spaces, and community garden areas, Emeril Apartments will include an indoor residential amenity space, kid area, flex/event room, and resident community kitchen as well. The units will be Energy Star certified and the property will achieve Enterprise Green Communities certification to ensure a sustainable, healthy, long-term affordable asset to the resident community and neighborhood. DEVELOPER SUMMARY From Developer. The development team consists of BlueLine Development, Inc. (BLD) and the Community Development Corporation of Utah (CDCU), BlueLine Property Management Company(BLPM) will manage Emeril Apartments once constructed. Acting as a developer consultant or partner/owner, BLD has completed over 50 tax credit developments utilizing LIHTC, HOME, CDBG, NSP, TCAP, AHP, NAHASDA, Olene Walker, Section 1602 and Section 8 programs, since it was founded in 2011. BLD is a real estate development company dedicated to creating and sustaining affordable housing. Their success comes from forming partnerships and utilizing all available funding resources. Their goal for each development is to provide a comfortable, healthy home for those who need it most. CDCU is a Utah 501(c)(3) non-profit organization 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 of Utah. CDCU also provides critical community services including 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. CDCU will be offering in-kind voluntary financial education workshops and counseling to the residents at the property on a routine basis. BlueLine Property Management Company was founded in 2018 and has grown quickly. BLPM currently manages over 25 properties with nearly 1,300 total units throughout the states of Wyoming, Montana, South Dakota, Colorado, Utah, and New Mexico. Managed properties vary in funding type; LIHTC, HUD, RD, NSP/HOME, and market rate. BLPM has over 50 years of collective experience, and believes in professional management, financial integrity, and above all else, compassion. The team believes that everybody deserves to have a safe and comfortable home to return to, and we work in affordable housing to be part of that solution. 36 HOUSING EVELO MENT 1 PROJECT • Apartments LOAN PROGRAM ADDRESS:011 :11 SITE A• W North Temple �' W North Temple WN orth Temple + �'I Inc W Northolc�ple W North Temple J, r Emeril Ave_. Emeril Ave ' Eme�II Ave ■ lil - _ f i I ' � F'• I 1 I II' II 1 I�1 ,1 � 1, 1 '11 ,;+i • _ I ' I1I II , � ,�III II �, � I II 111 •I 1 / I � 111 III ' I I 1 1•� kill r . I IIII I�IIIII II--ll II�!%III I • I1; ! it ;. - � ( �I' iii ► Iti I I �� 'III HOUSING DEVELOPMENT PROJECT NAME: 7—200 West Apartments— FSH LOAN PROGRAM ADDRESS: 1055& 1049 S 200 W OVERVIEW LOW-INCOME HOUSING TAX CREDIT - • • First Step House "llying for Tax Credits HDLP Loan Yes, 9% ' •- New construction -• No • Vacant single-family houses HOUSING UNITS CRA FUNDING REQUEST $2,500,000 • - • • $25,088,320 ` • . 10% Studio 1 Bed 70 - - - 70 - PROPOSED TERMS 2 Bed - - - - - - 2.0% 3 Bed - - - - - - 17 Yr 4 Bed - - - - - - •. Cash Flow with Balloon Total 70 - - - 70 - Payment • Subordinate to senior debt CONSTRUCTION DEBT AHEAD OF CRA HDLP THRESHOLDS AND PRIORITIES Senior Debt • Deeply Affordable Units PERMANENT SOURCES • • • m� Amount Total 100 LIHTC Equity $18,889,095 75% '. Yes Senior Debt $2,887,941 12% • Deeply Affordable Housing, SLC CRA HDLP $2,500,000 10% Neighborhood Services& Deferred Fee $636,285 3% Commercial Spaces, 45L Tax Credits $175,000 10/1 Architecture & Urban Total t$25,088,321 100% Design, Special Populations, Public Art, PERMANENT USES Sustainability, Amount •. of • st Transportation Hard Costs $15,459,759 62% Opportunities Soft Costs $3,382,595 13% TIMELINE Owner Contingency $2,318,964 9% • July 2027 Land $1,400,000 6% November 2029 Developer Fee $1,272,569 5/° Reserves $1,216,934 5% Public Art $37,500 0% Total $25,088,321 100% 39 HOUSING DEVELOPMENT PROJECT NAME: 7— 200 West Apartments— FSH LOAN PROGRAM ADDRESS: 1055& 1049 S 200 W PROJECT SUMMARY From Developer. The proposed development at 1055 S 200 W will create 70 units of Permanent Supportive Housing owned and operated by First Step House (FSH). 100% of units will be reserved for individuals at or below 30%AMI. The project is designed for individuals who are homeless, or at risk of homelessness with a behavioral health disorder. Housing and services will be fully integrated, with on-site staff and a comprehensive supportive- services model focused on long-term stabilization. First Step House uses a low-barrier, equitable tenant selection process for PSH, prioritizing individuals with disabilities who are homeless or at risk of homelessness. Screening criteria do not exclude applicants for poor credit, rental history, or non-violent criminal records; income is verified only for eligibility. Applicants must meet IRS Section 42 Low-Income Housing Tax Credit requirements, with most units reserved for applicants at or below 30%AMI, and some at 25%AMI. The application process includes a preliminary services assessment by First Step House, followed by placement on a centralized waitlist managed by our property manager. Applicants are referred through Coordinated Entry and prioritized based on need, using tools like SPDAT. Waitlist management includes regular updates and outreach to service providers. Reasonable accommodation is provided throughout the process to ensure accessibility and compliance with fair housing laws. Tenants will receive a comprehensive suite of supportive services coordinated by First Step House (FSH). Core services include individualized case management, where qualified staff use evidence-based models like Relational Outreach and Engagement (ROEM) and Motivational Interviewing to build trust and support tenants in achieving their goals. Case managers assist with daily living, employment, transportation, social support, recreation, and benefits navigation. FSH ensures access to medical and behavioral health treatment, including coordination for assessments, treatment, and medication management as needed. On-site life skills classes are a key component, covering independent living skills(household management, budgeting, appointments, lease compliance, and local resources), health and wellness (focusing on the eight dimensions of wellness), and self-care (wellness, healing, and relapse prevention). These classes are offered regularly, with additional topics developed based on tenant needs. All services are voluntary, trauma-informed, and designed to promote housing stability, recovery, and well- being. The project is a transit-oriented development located approximately 0.22 miles from the Ballpark TRAX Station, providing residents with direct access to light rail, bus service, and other multimodal options. The property is also located within a Qualified Census Tract, helping ensure that services and investments reach an underserved population. A structured parking garage will accommodate residents and on-site staff, reducing the need for surface parking and supporting the project's urban form. Ground-floor activation is provided through a dedicated behavioral health clinic leased and operated by FSH. The clinic will serve all residents and will also be available to qualifying members of the general public. Services will include behavioral health support, counseling, intake and assessment, and case management. Public-facing portions of the ground floor will be open during designated hours, contributing neighborhood-serving benefits. The development includes multiple resident amenities designed to support stability, connection, and wellness. These include 100% landlord-paid utilities, free building-wide Wi-Fi, a community room, an on-site fitness room, laundry facilities, and secure bike storage. The project will also implement a bike-sharing program, with at least one shared bicycle per 20 residents, widely marketed through resident onboarding, signage, and ongoing program support. Additional bicycles will be provided as needed to maintain availability. 40 HOUSING DEVELOPMENT PROJECT NAME: 7— 200 West Apartments— FSH LOAN PROGRAM ADDRESS: 1055& 1049 S 200 W The project commits to meeting the CRA's Off-Site Net Zero standard through participation in a qualified renewable energy program that offsets the building's full annual consumption. Energy-efficient systems, durable materials, and enhanced ground-floor glazing further support long-term performance and reduced operating costs. The design emphasizes an active, transparent, and welcoming street frontage along 200 West, with durable exterior materials, pedestrian-focused entryways, and trauma-informed interior programming DEVELOPER SUMMARY From Developer. First Step House is a leading behavioral healthcare and housing provider, serving individuals with serious substance use disorders, mental health conditions, and serious mental illness since 1958. Our agency has extensive experience in developing and operating Permanent Supportive Housing(PSH) projects. Currently, we operate 161 units in three fully leased PSH properties: Central City Apartments(75 units), Medina Place Apartments (40 units), and Stratford Apartments (46 units). We will double our portfolio in the next three years. A fourth property, 44 North Apartments, is under construction and will add 67 units when it opens in 2026. Gardens at Palmer(61 units) has received tax credits and is in development, while 273 East Apartments (34 units) is in pre- development. In addition to PSH, First Step House operates 52 units of transitional recovery housing and 72 units of transitional housing for veterans. First Step House (FSH) has extensive experience complying with federal funding requirements associated with projects supported by Project-Based Vouchers (PBVs), HUD HOME funds, and other federally sourced programs. FSH has successfully administered multiple developments subject to Davis-Bacon prevailing wage requirements, ensuring full contractor and subcontractor compliance through dedicated in-house oversight and third-party verification. The organization is fully familiar with NEPA environmental review processes and has successfully completed environmental clearances and related documentation for previous federally funded housing developments. On current and recent projects, including 44 North Apartments, FSH and its partners have implemented the requirements of the Build America, Buy America (BABA) Act andmaintain ongoing communication with contractors and suppliers to ensure compliance. FSH maintains a dedicated compliance team responsible for monitoring, documentation, and reporting across all funding programs, and this experienced team has consistently met all state, federal, and investor standards while delivering high-quality, service-enriched housing. First Step House uses a low-barrier, equitable tenant selection process for PSH, prioritizing individuals with disabilities who are homeless or at risk of homelessness. Screening criteria do not exclude applicants for poor credit, rental history, or non-violent criminal records; income is verified only for eligibility. Applicants must meet IRS Section 42 Low-Income Housing Tax Credit requirements, with most units reserved for applicants at or below 30%AMI, and some at 25%AMI. The application process includes a preliminary services assessment by First Step House, followed by placement on a centralized waitlist managed by our property manager. Applicants are referred through Coordinated Entry and prioritized based on need, using tools like SPDAT. Waitlist management includes regular updates and outreach to service providers. Reasonable accommodation is provided throughout the process to ensure accessibility and compliance with fair housing laws. 41 HOUSING DEVELOPMENT PROJECT NAME: 7— 200 West Apartments— FSH LOAN PROGRAM ADDRESS: 1055& 1049 S 200 W Tenants will receive a comprehensive suite of supportive services coordinated by First Step House (FSH). Core services include individualized case management, where qualified staff use evidence-based models like Relational Outreach and Engagement (ROEM) and Motivational Interviewing to build trust and support tenants in achieving their goals. Case managers assist with daily living, employment, transportation, social support, recreation, and benefits navigation. FSH ensures access to medical and behavioral health treatment, including coordination for assessments, treatment, and medication management as needed. On-site life skills classes are a key component, covering independent living skills (household management, budgeting, appointments, lease compliance, and local resources), health and wellness (focusing on the eight dimensions of wellness), and self-care (wellness, healing, and relapse prevention). These classes are offered regularly, with additional topics developed based on tenant needs. All services are voluntary, trauma-informed, and designed to promote housing stability, recovery, and well- being 42 HOUSING DEVELOPMENT PROJECT NAME: 7— 200 West Apartments— FSH LOAN PROGRAM ADDRESS: 1055& 1049 S 200 W SITE MAP CD a• i t 1 ' I - 8 43 HOUSING iEVELOPMENT PROJECT ADDRESS:LOAN PROGRAM • • S 200 PROJECT • i= 44 1 FROM WEST FROM NORTHWEST FROM NORTHEAST � \® \ FRO HOUSING DEVELOPMENT PROJECT NAME: 8—Washington Yards— Brinshore LOAN PROGRAM ADDRESS: 1050 S Washington St OVERVIEW LOW-INCOME HOUSING TAX CREDIT - • PINQ Brinshore • • Credits HDLP Loan Yes, 4% ' •- New Construction -• No • Vacant commercial HOUSING UNITS CRA FUNDING REQUEST $2,000,000 • - $58,297,324 • • 3.4% Studio - 1 Bed 27 - 8 9 10 - PROPOSED TERMS 2 Bed 79 - 12 37 30 - 2.0% 3 Bed 64 - 10 22 32 - 30 Yr 4 Bed - - - - - - •. Cash Flow with balloon Total 170 - 30 68 72 - payment • Subordinate to senior debt CONSTRUCTION DEBT AHEAD OF CRA HDLP THRESHOLDS AND PRIORITIES Senior Debt $44,293,935 • Family-Sized Units with PERMANENT SOURCES • - - Amenities for Children %of Total Senior Debt $26,199,950 45% • No Tax Credit Equity $26,199,950 45% '. Yes Deferred Fee $2,312,391 4% • Family Housing with SLC CRA HDLP $2,000,000 3% Amenities for Children, Seller Note $1,500,000 3% Architecture & Urban Power Rebate $25,000 0% Design, Public Art, Total $58,297,341 100% Transportation Opportunities PERMANENT USES TIMELINE Amount %of Cost Q4 2026 Hard Costs $34,359,433 59.0% • Soft Costs $8,815,561 15% • • - Q4 2028 Land $7,000,000 12% Developer Fee $4,624,782 8% Reserves $1,755,892 3% Contingency $1,711,673 3% Public Art $30,000 0% Total $58,297,342 100% 45 HOUSING DEVELOPMENT PROJECT NAME: 8—Washington Yards— Brinshore LOAN PROGRAM ADDRESS: 1050 S Washington St PROJECT SUMMARY From Developer. Washington Yards(the "Project") is a 170-unit affordable housing development located in the heart of Salt Lake City's Ballpark District neighborhood. The Project is an eight-story new construction building designed to include a variety of unique amenities and features that promote the well-being of residents and the larger Salt Lake City community. This Project is specifically designed to provide large families the opportunity to enjoy the benefits of urban living. Out of 170 units in the Project, there are 79 2-bedroom units (46%) and 64 3-bedroom units (38%). These sizable units are specifically designed to accommodate larger households, including single parents with children, multi- generational families, etc. To further serve these families, the Project will feature family-friendly amenities. It is anticipated that a small structure will be included in the common space of the Project that provides play opportunities for toddlers and small children. Additionally, these common spaces will be designed to encourage families to gather and congregate together. The concentration of large units in the Project, along with family- friendly amenities throughout the building, provide residents with opportunities to build community between their children and themselves. The Project is designed to be 100%electric-there will be no on-site fossil fuel combustion. Al (electric operation reduces the carbon footprint of the Project, as well as increases the efficiency of heating/cooling systems and appliances. Additionally, this Project is committed to earn an ENERGY STAR score of at least 90. The standardized energy performance metrics from ENERGY STAR allow the Project to establish definitive energy targets in the design phase. The Project is anticipated feature a public art installation on the exterior of the building. This installation will be designed in collaboration with local artists and is intended to contribute to the growing identity of the Ballpark District neighborhood. The Project represents an excellent opportunity to develop a substantial number of units in a transit-served location in a growing section of Salt Lake City. The Project is located within 1/3 mile of two TRAX stops—900 South and 1300 South. Both these stops are serviced frequently by the red, blue and green lines. Additionally, the Project is within a few blocks of a bus line that runs along 300 W. This major corridor also features more than a mile stretch of protected bike lane. The Project's location offers exceptional mobility for residents, providing easy access to jobs, essential services, and community amenities. DEVELOPER SUMMARY From Developer. Brinshore Development, L.L.C., ("Brinshore") is a private real estate development firm specializing in affordable and mixed-income communities that increase economic opportunity and provide community benefit. David Brint and Richard Sciortino, Brinshore's principals, each gained a decade's worth of real estate development experience in affordable housing prior to co-founding Brinshore in 1994. Brinshore has grown into one of the nation's largest and most successful affordable housing development firms, with offices in six states (with headquarters located in Evanston, IL). Brinshore prides itself on producing developments defined by innovative design, community collaboration, and long-term sustainability. To date, Brinshore has completed more than 120 projects nationwide, with many more 46 HOUSING DEVELOPMENT PROJECT NAME: 8—Washington Yards— Brinshore LOAN PROGRAM ADDRESS: 1050 S Washington St under development, comprising over 10,000 apartments and homes with a total investment at more than $2 billion, and spread across 17 states and the District of Columbia. The firm also owns approximately 90,000 square feet of commercial space throughout its housing developments. Brinshore has built a diverse portfolio of rental units, including low-, and moderate-, and mixed-income developments, senior communities, permanent supportive housing, and affordable artist housing, in addition to for-sale residential and commercial space within its mixed-use housing properties. The firm has a deep bench of experience in a range of development types, including new construction, rehabilitation, historic renovation, and adaptive reuse. Brinshore asset-manages approximately 9,000 apartments, with approximately 2,000 more apartments entering its pipeline as projects complete construction. 47 HOUSING r LOAN PROGRAM EVELOPMENT PROJECTWashington • Brinshore ' rr 1050 S Washington SITE MAP Brooklyn Avc Brooklyn Avc Bfooklyn Ava BrOokl 48 L I3,onnlpn,wc , 'i C I I II 3 C I � � C f L� m� HOUSING DEVELOPMENT PROJECT NAME: 8—Washington Yards— Brinshore LOAN PROGRAM ADDRESS: 1050 S Washington St PROJECT RENDERINGS r - - 49 HOUSING DEVELOPMENT PROJECT NAME: 9—300 W Apartments— Chelsea LOAN PROGRAM ADDRESS: 1485 S 300 W OVERVIEW - • • Chelsea Investment Co HOUSING UNITS • -• • - HDLP Loan New construction �'' •'' �'' • Commercial Studio CRA FUNDING REQUEST 1 Bed 5 - - 4 - 1 • m Rumm, $2,400,000 2 Bed 87 - - 72 - 15 • • - $59,240,045 3 Bed 62 - - 52 - 10 • . 4.1% 4 Bed - - - - - - Total 154 - - 128 - 26 PROPOSED TERMS 2.5% CONSTRUCTION DEBT AHEAD OF CRA 30 • - •. Cash Flow with balloon Senior Loan $42,686,842 payment • Subordinate to senior debt PERMANENT SOURCES . . . . HDLP THRESHOLDS AND PRIORITIES LIHTC Equity $26,835,535 45% • Senior Debt $22,460,000 38% Both OWHLF $3,800,000 6% Deferred Fee $2,436,685 4% SLC CRA HDLP $2,400,000 4% 93 Junior Bond $1,000,000 2% �'. Yes Soft Loan Interest $297,825 1% • Family-Size Units with Power Rebate $10,000 0% Amenities for Children, Total $59,240,045 100% Deeply Affordable Housing, Public Art PERMANENT USES TIMELINE 1I ' • January 2027 Hard Costs $34,750,000 59% • October 2027 Soft Costs $10,660,812 18/0 • Land $6,250,000 11% LOW-INCOME HOUSING TAX CREDIT Developer Fee $4,902,503 8% Owner Contingency $2,017,666 3% • • Yes, 4% Reserves $623,063 1% • No Public Art $36,000 0% Total $59,240,044 100% 50 HOUSING DEVELOPMENT PROJECT NAME: 9—300 W Apartments— Chelsea LOAN PROGRAM ADDRESS: 1485 S 300 W PROJECT SUMMARY From Developer. 300 West Apartments is a thoughtfully designed, transit-oriented, family-focused community that addresses one of Salt Lake City's most pressing housing challenges: the shortage of larger, affordable rental homes. The development will deliver 154 high-quality apartments, with an intentional emphasis on serving households with children. More than half of all homes (56%)will be two-bedroom units, and 40%will be three- bedroom units—unit types that remain in critically limited supply throughout both the Ballpark Neighborhood and the broader city. With rents targeted between 30%and 60%of Area Median Income (AMI), the project will meet the needs of a diverse resident population, offering deeply affordable options for extremely low-income families while also supporting households earning up to moderate-income levels. On average, affordability across the project is 54.94%, including 26 deeply affordable units at 30%AMI and 128 units at 60%AMI DEVELOPER SUMMARY From Developer. The development team has more than 50 years of experience developing affordable housing. In addition to founding and leading CHG Utah LLC, Charles Schmid is the CEO of Chelsea Investment Corporation, based in Carlsbad, California, which has developed more than 150 affordable housing developments with more than 15,000 apartments. Chelsea Investment Corporation and it's associated companies have never sold a development. We will be the long-term owner of 300 West Apartments to ensure the development will held and owned by an experienced ownership group and remain an asset to the neighborhood well into the future. Property Management will be provided by Cornerstone Residential, LLC (Cornerstone).Cornerstone has been in the apartment management business for 41 years. They are licensed to manage apartments in 21 states including their home state of Utah. Cornerstone currently manages 174 properties with a mix of market rate and affordable housing. The majority of the LIHTC housing they manage is in Utah and Nevada. They have their own compliance department to ensure compliance with Section 42 requirements. 51 HOUSING DEVELOPMENT PROJECT NAME: 9—300 W Apartments— Chelsea LOAN PROGRAM ADDRESS: 1485 S 300 W SITE MAP ter►--+�!�+:: cam � 4 Goo 1 , `r.. Il 0. . U _ 52 HOUSING DEVELOPMENT PROJECT NAME: 9—300 W Apartments— Chelsea LOAN PROGRAM ADDRESS: 1485 S 300 W PROJECT RENDERINGS k P � � BMW.I 1a �. i is 53 sic SLCCRA 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. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Provide opportunities Housing for for families to enjoy Project provides at least 15%*** of Everyone: the many benefits of the total units as 3+ bedroom units Affordable urban living by AND includes family-oriented 1 Family encouraging the community amenities, as approved 3 X Housing with development of by RDA Staff. Amenities for housing that is These units should be marketed for Children conducive to larger tenants with children. household sizes Projects will receive one set of points and one interest rate reduction of 0.5% for meeting the benchmark(s) in this section: Expand the availability Project sets aside at least 15% of of units for extremely the residential units for extremely 3 Housing for low-income low-income households (earning Everyone: households, thereby 30% AM I or less). 2 Deeply providing housing X Affordable options for individuals Project sets aside at least 25 Housing or families that are deeply affordable units for 5 homeless or at risk of extremely low-income households. homelessness An additional NOFA Ranking Weight 1 point for each additional 6+ 25 extremely low-income households above 25. Create opportunities The project provides opportunities for those who have for tenants to build wealth through Ownership: historically rented in models that involve for-sale housing Wealth the community to product, shared equity, profit- 3 Building build wealth and sharing, cooperative housing, 3 X Opportunity establish permanent community land trusts, stipends for roots through renters, cooperative housing, etc. homeownership The project is for income-qualified individuals/families. Foster a mix of land Projects are mixed-use and uses and unique establish commercial spaces within Neighborhood neighborhood the development. Projects will 4 Commercial & business districts that promote various neighborhood- 3 X Services adequately meet the serving commercial spaces, such local community's as daycares, restaurants, and retail needs spaces. The commercial spaces shall be open to the public and 54 mic SLCCRA ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- shall not be exclusive to the development. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Provide affordable housing within areas The project is located within the Expand with access to RDA's High Opportunity Area map. 5 Opportunity resources that may Please refer to Attachment D. 3 X improve a person s chances of upward economic mobility. At least 50%of the project involves preserving (through a formal Affordable To preserve existing mechanism such as a deed 6 Housing affordable housing restriction) either naturally occurring 1 X Preservation affordable housing or deed-restricted affordable housing where the restriction is nearing expiration. The project meets design regulations in 21A.37 of the SLC Zoning Ordinance for the applicable zoning To promote high- district and exceeds at least one of quality architecture the standards by 10%. that enhances the For projects within a zoning district Architecture & public realm, that does not require projects to 7 Urban Design strengthens the meet design regulations, buildings 1 X neighborhood's shall include an active ground floor unique character, and use fronting all public rights-of-way, uses enduring significant ground floor glass materials fronting all public rights-of-way, durable building materials, and engaging building entrances as determined by RDA staff. To acknowledge a neighborhood's history Building and maintain its The project will preserve, Preservation, unique character rehabilitate, or repurpose an 8 Rehabilitation through preservation, existing structure for housing that 1 X , or Adaptive rehabilitation, or contributes positively to the Reuse repurposing of historic surrounding neighborhood. or underutilized structures Expand the availability At least 15% of the units support of units for special underserved tenant populations, Housing for populations, thereby such as persons with disabilities, 9 Everyone: providing housing seniors 1 X Special options for individuals and/or special populations. These Populations or families that may services are to be in partnership otherwise be with a governmental or nonprofit underserved entity. 55 sic SLCCRA ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Promote a variety of The overall scale of the project is project types and either a missing middle housing Missing type (i.e.: townhomes, courtyard Middle & scales to diversify the City's housing apartments, small-scale apartments) 10 Unique stock/forms and or a housing type that is not 1 X Housing provide more commonly built, including: tiny Types affordable living homes, modular homes, pre-fab options for residents homes, accessory dwelling units (ADUs). To promote mixed- For projects not located within the income developments, RDA's High Opportunity Area (see Mixed-Income economically Attachment D for a map), the 11 Neighborhood integrated project has a mix of affordable 1 X communities, and (60% AMI or below) housing units s housing opportunities and at least 10% market-rate for low-income units. Market-rate units shall be residents non-deed restricted. Promote cultural Project contributes at least 1.5% expression and add to of the RDA contribution towards the experience and the installation of art onsite or value of the built towards the RDA Art Fund as 12 Public Art environment through outlined in the RDA Art Policy. 1 X art that is publicly Inclusion of Public Art must be visible or accessible shown in the project budget for all to experience submitted with the initial application. To promote community amenities providing opportunity The project includes a significant for social interaction; amenity open to the public and support cultural adjacent to a public right-of-way 13 Public Space events; promote that is privately maintained and not 1 X neighborhood identity; otherwise required by City Code. An reinforce easement must be recorded to neighborhood ensure public access in perpetuity. character; walkability and connectivity. Promote Projects must be built to Off-Site environmentally Net Zero or On-Site Net Zero sustainable standard as described in the RDA's 14 Sustainability development projects Sustainable Development Policy 1 X to lower housing Resolution. This includes all expenses, conserve resources, and improve components of the development, resiliency not just common areas. Promote a multimodal Projects must meet TWO of the transportation network Transportation following: 15 and ensure 1 X Opportunities . Includes a car sharing, bike convenient and sharing, or transit pass program equitable access to a 56 mic SLCCRA ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- variety of that is widely available to transportation options employees/residents. • Includes at least two electric vehicle charging stations available for public use. An easement must be recorded to ensure public access in perpetuity. • Includes the construction of a shared parking garage within 1/4 mile of a light rail stop that is a parking structure with additional stalls that 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 I and 5+ to assess the importance of the funding priority, with I being of lower importance and 5 being of the highest importance. "Note: 0.5% Interest Rate Reductions: While 15 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:Sustainabi/ity Interest Rate Reduction:As per the CRA's Sustainable Development Policy, projects built to an Off-Site Net Zero standard are eligible for a I% interest rate reduction and projects built to an On-Site Net Zero standard are eligible for a 2 o interest rate reduction. 57