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HomeMy WebLinkAbout02/18/2026 - Meeting Materials (2) HOUSING DEVELOPMENT LOAN PROGRAM SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY COMPETITIVE HOUSING DEVELOPMENT LOAN PROGRAM APPLICATION REVIEW CRA FINANCE COMMITTEE MEETING - FEBRUARY 18, 2026 ,,,ZH-DUSING EVELOPMENT OVERVIEW: FY2025-26 COMPETITIVE HDLP APPLICATIONS LOAN PROGRAM • Loans for affordable housing projects located anywhere within Salt Lake City boundaries • Administered through CRA's Housing Development Loan Program • NOFA Released: October 21 , 2025 • Application Deadline: December 4, 2025 • 10 applications received, 1 ineligible, 9 remaining • $8, 118, 128 in available funds • $23,297,049 in loan requests sF CRA „ f-HOUSING HDLP OVERVIEWi iP LOAN PROGRAM PROJECTS REQUIRED TO MEET HDLP GUIDELINES MINIMUM AFFORDABILITY • 20% of the project's total residential units must be affordable to households earning 60% of the Area Medium Income ("AMI”) or less SUSTAINABLE DEVELOPMENT POLL • Designed to Earn the Energy Star score of 90 or more • 100% electric building operation (no fossil fuel consumption) • Participation in City's Elevate Buildings benchmarking program FAMILY-SIZED UNITS AND/OR DEEPLY AFFORDABLE UNITS (MUST MEET ONE) • Deeply affordable housing: 10% of units must be affordable to households earning 30% AMI or less • Affordable family-sized housing with amenities for children: 10% of units must have 3 bedrooms or more and be affordable to households earning 60% AMI or less and have a ® m child amenity, as approved by CRA staff SALT LAKE CITY CRA ,,f-HOUSING PROJECTEVELOPMENT PRIORITIES PROJECT PRIORITIES (25+ points available) Projects will be allocated a primary score based on their alignment with the Housing Development Project priorities to determine interest rate reductions • Affordable Family Housing with Amenities for Children (3 points)* • Deeply Affordable Housing (3+ points)* • Ownership: Wealth Building Opportunity* (3 points)* • Neighborhood Services & Commercial Spaces (3 points)* • Expanding Opportunity (3 points)* • Affordable Housing Preservation (1 point) • Architecture & Urban Design (1 point) • Building Preservation, Rehabilitation, or Adaptive Reuse (1 point) • Special Populations (1 point) • Missing Middle & Unique Housing Types (1 point) • Mixed-Income Neighborhoods (1 point) • Public Art (1 point) • Public Space (1 point) • Sustainability( 1 point) • Transportation Opportunities (1 point) ® m SALT LAKE CITY *Denotes Board-adopted housing funding priorities CRA Z Z Z 7 Chicago 15 a FY2025-2026 HDLP Applications Map SALT LAKE CITY -GLC 7-Emeril Y CRA d Apartments o 186 1 st Avi - CDCU R E Sou r City Creek 4389 Center W 100 S w 100 S q-North West E 1i 3 Pipeline-HAME O W w 200 S c', 186 p ^' n E eo 3 ^� Downtown Salt o 0 0 �i Lake City m Adam Galvez St � -ItW Broadway '^ Ln In N O _C 00 15 W a00 S 391 E 400 S 0 3 Central City fL w500S 0 0 269 Salt Lake City ES00S V. `, 3-Safe' Haven 269 E 600 S E 600 S -VBH LA W 700 S Central 9th E 700 S o 71 w o in o W 800 S 1;$The '" liana Ave E 8( Amelia- Do S Cole West ❑ E Harvey Milk BI 8-Washingtoi Jordan Park And Yards- i 7 z-Gardens at Peace Gardens Brinshore Palmer-TRH c Central 6-200 West City-Liberty 3 Aparhnents Wells Y A OFSH J o Ball ParK V) W 1300 S E 1300 S California Ave o 9-300 West Apartments o 3 -Chelsea r o 0 0 0 n �-+-� N County of Salt Lake,Utah Geapatial Resource Center,ESrLWORPiTom,Garmin,SafeGraph,GeoTechnologies,Inc, 3 METI/NASA,USGS,Bureau of Sand Management,EPA,NIPS,US Census Bureau,USDA,USFWS,Esn,NASA,NGA, HOUSING FUNDING AVAILABILITY DEVELOPMENT LOAN PROGRAM COMPETITIVE FUNDS SOURCE AMOUN ' ' Housing Development L• , • • $5)5871537 CRA Deeply Affordable 4: 1 • ' ' High Opportunity Area 1 111 TOTAL $8,118,128 SALT LAKE CITY CRA ,,f-HOUSING SC • I 1' LOAN PROGRAM QUALIFICATIONS AND DISTINGUISHING FACTORS (36 points available) Applications will be allocated a secondary score based on how they align with the Scoring Criteria. • Content and quality of the project narrative and Readiness of the project to proceed for application submittal (11 points available) construction (5 points available) • Narrative and Application Completeness (5 points) • Readiness (3 points) • Project Priorities (2 points) • Site control (2 points) • Relevant Experience (2 points) • Clarity of budget, financing, operating proforma, and Advancing the housing landscape (4 points repayment (2 points) available) • Budget, sources and uses, operating pro forma, and • Emerging developers and housing models related assumptions (16 points available) (2 points) • Availability of affordable housing in areas • Feasibility of Proforma, sources and uses (2 points) with limited options (2 points) • Utilization of housing tax credits (5 points) • Utilization of other tax credits (2 points) • Loan repayment (3 points) • Deferred developer fee (2 points) ® :® • Owner equity (2 points) SALT LAKE CITY CRA HOUSING DEVELOPMENT PROJECT NAME: 1 —The Amelia—Cole West LOAN PROGRAM ADDRESS: 209 W 900 S OVERVIEW LOW-INCOME HOUSING TAX CREDIT - • • Cole West UM= Yes, 4% • HDLP Loan I Yes • New Construction • Lim Undeveloped HOUSING UNITS 1! - -ll Market 61 51 Count n' CRA FUNDING REQUEST Bedroom • ' =0'• •�'• •'• • : ' $5,000,000 • • - $53,386,624 Studio _ _ _ _ _ _ •• 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 7s, • • • • • ' • uity $23,496,731 44% • es ebt $20,430,138 38% �'. Yes 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 Jdw".. .97 • TIMELINE Hard Costs $29,881,051 56% • September 2026 Soft Costs $10,700,593 20% WITIMUMqUITITO•• • 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% HOUSING r LOAN PROGRAM 1EVELOPMENT PROJECT Amelia ADDRESS: 09 W 900 SITE MAP '" W900S � W900S ti � W900S W900S o � i l O�c N 7 K I o .F rp - N r d1 .j PROJECT RENDERINGS HOUSING DEVELOPMENT PROJECT NAME: 1 —The Amelia —Cole West LOAN PROGRAM ADDRESS: 209 W 900 S - IL� T 01i, Inc =�- 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 • _ - • $3,500,000All Previous $3,000,000 forgivable loan for Studio _ _ _ _ _ _ • _• Palmer Court Project 1 Bed 187 - - - - 187 • • - $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 • Deeply Affordable Units 7LIHTCquity $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% LITIMMMUSMA• • - February 2028 Owner Contingency $1,775,251 4% Public Art $35,374 0% Land $0 0% Total $43,352,874 100% HOUSING r LOAN PROGRAM ADDRESS:1EVELOPMENT PROJECT ... S Main St SITE MAP E HarveyaMilk Blvcl E Harvey Milk Blvd p fill d'- � -_. . � ! I a_ .)• .. � e �• N to ! c a IA » d N » N Belmont Ave rn N r y � Herbert Ave o' Hcrbert Ave HOUSING DEVELOPMENT PROJECT NAME: 2 — Gardens at Palmer—TRH LOAN PROGRAM ADDRESS: 999 S Main St PROJECT RENDERINGS HOUSING DEVELOPMENT PROJECT NAME: 3 — Safe Haven —Valley Behavioral Health LOAN PROGRAM ADDRESS: 550 W 700 S OVERVIEW M Valley Behavioral Health HOUSING UNITS • HDLP Loan Renovation/Rehabilitationof1138 Existing Housing Permanent Supportive Housing Studio 43 - 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 M161.0% 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% PrioritiesDeeply Affordable Housing, Total $13,035,119 100% Building Preservation, Rehabilitation, or Adaptive PERMANENT USES Reuse, Special 1W. Populations, Public Art Hard Costs $9,197,226 71% TIMELINE Developer Fee $1,103,667 8% Soft Costs $1,019,395 8% • November 2027 Owner Contingency $1,014,347 8% 11T• • - 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 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 • I,0 a 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 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% -• HDLP Loan Project Adaptive Reuse of an Existing No Structure • Vacant Office HOUSING UNITS CRA FUNDING REQUEST , $2,884,183 :�• .••. • , • $1,000,000 Studio _ _ _ _ _ _ $45,184,650 1 Bed 27 - 4 9 9 5 • M 2 Bed 30 - 7 8 10 5 •• 8.5% 3 Bed 6 - 2 1 2 1 PROPOSED TERMS 4 Bed - - - - - - Total 63 - 13 18 21 11 2.0% 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 PRIORITIESOk 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 �'. 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 HOUSING 1EVELOPMENT r LOAN PROGRAM ADD 00 SITE MAP I Or 7 fi' t r J i w o w - o 0 E 200 S F E 200_S - - t E 200 S } E r O o J� - HOUSING DEVELOPMENT PROJECT NAME: 4— North West Pipeline— HAME LOAN PROGRAM ADDRESS: 315 E 200 S PROJECT RENDERINGS / / .� !!I�/� s `�4000 00 1000 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 1 . • Vacant single-family homes CRA FUNDING REQUEST HOUSING UNITS • m Rumn $2,000,000 Us $43,092,322 Studio 45 - 18 17 - 10 PROPOSED TERMS 1 Bed 55 - 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 1 29 6 18 HDLP THRESHOLDS AND PRIORITIES CONSTRUCTION DEBT AHEAD OF CRA Deeply Affordable Units Senior Debt $31,000,000 ' ' • ' " PERMANENT SOURCES • � 92 �'. 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 110111 F• • 6 • August 2029 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% 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 Be droom �.• Corporation of Utah (CDCU) Count Units Rate 8'•• •'•• •' • -• 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 OI $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-Tinumm.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% • • Yes, 4% Public Art $40,000 0% Total $51,079,064 100% • Yes HOUSING EVELO MENT 1 • / • ` •. LOAN PROGRAM ADDRESS: :11 SITE A• W North Temple �' W North Temple WN orth Temple + �'I Inc W Northolc�ple W North Temple All 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 1 . • Vacant single-family houses HOUSING UNITS CRA FUNDING REQUEST $2,500,000 • Me $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 • W Total • i 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% HOUSING DEVELOPMENT PROJECT NAME: 7—200 West Apartments— FSH LOAN PROGRAM ADDRESS: 1055& 1049 S 200 W SITE MAP CD I� + UAL-,to t HOUSING iEVELOPMENT PROJECT ADDRESS:LOAN PROGRAM • • • S 200 PROJECT • i= 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 - got2.0% 3 Bed 64 - 10 22 32 - 30 Yr 4 Bed - - - - - - Cash Flow with balloon Total 170 - 30 68 72payment 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% • i 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% HOUSING r LOAN PROGRAM EVELOPMENT PROJECT • • Brinshore ' rr 1050 S Washington SITE MAP 1711 77 Brooklyn Avc Brooklyn Avc Bfooklyn Ava Brookl 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 - - 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% 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 _ HOUSING DEVELOPMENT PROJECT NAME: 9—300 W Apartments— Chelsea LOAN PROGRAM ADDRESS: 1485 S 300 W PROJECT RENDERINGS Arlw- Lr.f fo A 1 1 ,r R" r 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 Application# 1 2 3 4 5 6 7 8 9 Gardens at Northwest Emeril 200 West Washington 300 W Project The Amelia Palmer Safe Haven Pipeline Building The Chicago Apartments Apartments Yards Apartments Valley Housing Community Behavioral Assistance Great Lakes Development Chelsea Developer Cole West GIV Group Health Management Capital Corporation of First Step House Brinshore Investment Co Project Priorities&Interest Rate Reductions Priorities:The five Funding Prionges determined by the FY2025-2026Annual Housing Funding Prionties include:Family housing,DeeplyAtfordable Housing,Wealth Building Opportunity,Neighborhood Services&Commercial,and Expanding Opportunity.These Funding Priorities receive a weighted ranking of 3 points each as compared to otherpnorities which receive 1 ranking point each or inclusion in projects.For DeeplyAlfordable housing,projects that set aside at least 15%ofunits or extremely low-income households receive 3 points.Projects thatset aside at least 25 deeply affordable units receive 5 points.An additional NOFA ranking weight 1 point for each additional 25 extremetylow income households above 25. Interest Rate Reductions:Projects receive a 0.5%interest rate reduction or each included priority Sustainabildy allows or a 1%or 2%reduction.The maximum reduction per development application is 2%. Deeply Affordable Housing Ownership:Wealth Building - Opportunity Neighborhood Services&Commercial Spaces Expanding Opportunity Affordable Housing Preservation Architecture&Urban _- _- -- -- DesignSpecial Populations - Building Preservation,Rehabilitation,or Adaptive Reuse _- Missing Middle&Unique Housing Types Mixed-income Neighborhoods Public Space Sustarnability -- _- -- -- -- Scoring Criteria Applications will be allocatead a secondary score based on how they align with the following criteria: Content and Quality of the Project Narrative and Application Submittal -_- -- r 1 1 1 1 1 -- Clarity ofBudget Financing,Operating Budget,Sources and Uses,Operating - Proforma and Repayment r Praforma,and Related Assumptions Feasibility of Prolonna,Sources and Uses 1 �- r 1 r 2 1 1 2 2Housing �- Utilization of -- • -- r •Defamed Developer Fee 2 1 1 1 1 2 2 2 1 -- • - r r r r r r r r r -- Readiness of the Project to Proceed for Construction �- Advancing the Housing LandscapA - -- -- Emerging Developers - r r r r r r r r r Limited _- with Optionsr r r r r _- HOUSING FUNDING AVAILABILITY DEVELOPMENT LOAN PROGRAM COMPETITIVE FUNDS SOURCE AMOUN ' ' Housing Development L• , • • $5)5871537 CRA Deeply Affordable 4: 1 • ' ' High Opportunity Area 1 111 TOTAL $8,118,128 SALT LAKE CITY CRA