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HomeMy WebLinkAbout03/04/2026 - Meeting Materials REGULAR MEETING OF THE REINVESTMENT ADVISORY COMMITTEE Wednesday, March 4, 2026 4:00 p.m. 451 S State Street Room 118 Salt Lake City, Utah 84111 https://us06web.zoom.us/I/87069626829?pwd=QmN6MHRIcUlYMONZWTFOb3FgTOgOUT09 AGENDA 1. Roll Call 2. Approval of Minutes A. Members will review and consider for approval the meeting minutes for the February 4, 2026, Reinvestment Advisory Committee 3. Announcements by the Staff A. Staff Updates 4. Business A. FY 2026-2027 Housing Development Funding Strategy—Tracy Tran, Senior Project Manager, Brown Sebright, Project Members will receive an update on the FY 202612027 Housing Development Funding Strategy and may provide comments and feedback to CRA Staff. 5. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance to attend this Reinvestment Advisory Committee. Accommodation may include alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For questions, requests, or additional information, please contact the CRA at 801-535-7240. MINUTES OF THE REINVESTMENT ADVISORY COMMITTEE Wednesday, February 4, 2026 4:00 p.m. 451 S State Street Room 118 Salt Lake City,Utah 84111 The following Committee Members were present: Baxter Reecer,Nic Peterson, Amy Rowland,Rosa Bandeirinha, Ian Joy,Adrienne Belle The following Committee Members were absent: Mojdeh Sakaki Present Agency Leadership: Cara Lindsley—Deputy Director 4e Present Agency Staff: Meghan Fenton- Office Facilitator 11 Present City Staff: Jennifer Huntsman—City Attorney 1 A. ANNOUNCEMENTS Cara Lindsley provides an update on the Gallivan Cente0a04kl, Ballpark Pitch Grants, the Housing Development Loan Program and Residential Wealth Building initiatives, and the Disaster Relief Loan Program. Ribbon cuttinW were noted for Arbor 515 in October 2025, Citizens West in December 2025, and Victory Heights, scheduled for February 10, 2026. Lindsley reviewed a groundbreaking for the Liberty Corner Multi-Family Project that was held in Ogtob, 25. Ms. Lindsley concluded with staff updates, announcing the departure of Kathryn Morelock CRA'Communication Coordinator and the addition of Hayden Callaway, as Project Coordinator in January. There is an upcoming departure of Lauren Parisi, Senior Project Manager, at the end of February. B. APPROVAL OF MEETING MI S Motion: Committee Member,Nic, moves to approve the minutes of December 3, 2025 Second: Rosa Outcome: Motion carried unanimously, (0-6) C. NEW BUSINESS ITEMS 1. Election of Chairperson and Vice-Chairperson a. Committee members request nominations for 2026 Chairperson Motion: Committee Member,Nic moves to nominate Baxter Reecer, for Chairperson. Second: Amy Rowland Outcome: Motion carried unanimously, (0-6) b. Committee members request nominations for 2026 Vice-Chairperson Motion: Committee Member, Amy, moves to nominate Nic, for Vice-Chairperson Second: Baxter Reecer Outcome: Motion carried unanimously, (0-6) 2. Open and Public Meeting Act Training—Jennifer Huntsman, Senior City Attorney a. Jennifer Huntsman, City Attorney, reviews the statutory requirement of providing annual training to all members of public bodies that are subject to the Open and Public Meetings Act. Ms. Huntsman provides clarification on what constitutes as a public body an ow this formally applies to established boards and advisory committees with decision- g or advisory authority, not ad-hoc scoring. This Act recognizes that the Reinvestment Adv' mittee's business should be viewed by the public as open and transparent. D. DISCUSSION AND COMMENTS No comments or questions were made from the committee members E. ADJOURNMENT There beingno further business, the meetiTi wa ourned. g J Min pproved: Reinvestment Advisory Committee Chairperson, Baxter Reecer This document, along with the digital recording, constitutes the official minutes of the Reinvestment Advisory Committee held on Wednesday, February 4 , 2026. MAYOR ERIN MENDENHALL DANNY WALZ Executive Director Director ff1f1 11111\I\f\ SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY DATE: February 27, 2026 PREPARED BY: Tracy Tran, CRA Senior Project Manager Browne Sebright, CRA Project Manager RE: FY 2026-27 Housing Development Funding Strategy REQUESTED ACTION: Briefing on the FY 2026-27 Housing Development Funding Strategy POLICY ITEM: Affordable Housing BUDGET IMPACTS: N/A EXECUTIVE SUMMARY: The Salt Lake City Community Reinvestment Agency("CRA")Housing Allocations Funds Policy("Funds Policy") establishes guidelines for allocating and directing resources for the development and preservation of housing by funding source. Additionally, the CRA's Housing Development Loan Program("HDLP") Policy creates a program that centralizes the application, underwriting, and approval process across all funding sources,providing a one-stop-shop for community partners to access gap financing for the development and preservation of affordable housing. Both policies contemplate that annually,prior to the annual budget process,the CRA shall present to the CRA Board of Directors ("Board")a Housing Development Funding Strategy("Funding Strategy")that includes: • A projected amount of revenue to be allocated to each Housing Fund for the upcoming fiscal year (approved as apart of CRA budget) • Proposed housing funding priorities ("Funding Priorities") for the upcoming fiscal year(approved as separate resolution) • Proposed funding allocations for specific housing activities (i.e. gap financing loans,property acquisition, etc.) for the upcoming fiscal year (approved as apart of CPA budget) This memo reviews the Funding Priorities and housing activities adopted in Fiscal Year 2025-2026 ("FY 26) as well as the proposal for Fiscal Year 2026-2027 ("FY 27"). The projected revenue to be allocated to each of the four Housing Funds (Primary Housing Fund, Secondary Housing Fund,Westside Community Initiative Fund and Housing Development Fund) as well as allocations of funding to each housing activity will be brought back to the Board as a part of the annual budget discussion. The Board may wish to discuss the proposed Funding Priorities and housing activities as described in this memo. In a future meeting,when the proposed FY 27 budget is reviewed,the Board may also wish to provide direction on potential funding levels for various housing activities. SALT LAKE CITY CORPORATION 451 SOUTH STATE STREET,ROOM 115 WWW.SLC.GOV•WWW.CRA.SLC.COM P.O.BOX 145518,SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240•FAX 801-535-7245 BACKGROUND: FY 2025-2026 Annual Housing Funding Strategy Progress/Outcomes—Last year, the Board adopted five housing funding priorities to guide funding decisions for the rest of the fiscal year: deeply affordable housing, family housing with amenities for children,wealth building opportunities, expanding opportunity, and neighborhood services and commercial spaces. Progress has been made to further each of these priorities as follows: Priority Objective Activities Implementation Impact/Status Deeply Affordable Expand the • HDLP • Threshold CRA released a Housing availability of units for requirement for $8.1 M Notice of extremely low-income HDLP, higher Funding Availability households at 30%of weighted score in ("NOFA") in October the area median HDLP; Dedicated 2025,with$2.48M of income (AMI)or less, funds for deeply the$8.1 M dedicated thereby providing affordable units to deeply affordable housing options for units through the individuals or families HDLP to fund that are homeless or affordable housing at risk of developments. The homelessness. total units funded will be available after the CRA Board reviews the funding allocations for the competitive HDLP applications. Family Housing with Provide opportunities . HDLP • Threshold CRA released an Amenities for for families to enjoy . Property requirement for $8.1 M NOFA through Children the many benefits of acquisition/ HDLP, higher the HDLP to fund urban living by disposition weighted score in affordable housing encouraging the . Residential Wealth HDLP developments and a development of $6.4M NOFA to fund affordable housing Building Pilot Residential Wealth P Building Residential Wealth suited to larger rogram ng NOFA Building proposals in households, including October 2025. The units with 3 or more total units funded will bedrooms and on-site be available after the family-oriented CRA Board reviews amenities. the funding allocations for the competitive HDLP and Residential Wealth Building NOFA Applications. 2 Wealth Building Facilitate the ability . Residential Wealth • Residential Wealth CRA staff released a Opportunity for low-moderate Building Pilot Building NOFA $6.4 M NOFA for income households Program . Higher weighted Residential Wealth earning up to 120% . HDLP score in HDLP Building Pilot of the AMI to build Program in October wealth through 2025. The total different pathways, approximate number such as of units funded will be homeownership, available after the supplemental income CRA Board reviews opportunities, renter the proposed funding stipends, cooperative allocations for the housing, and other Residential Wealth wealth-building Building NOFA. models. Expanding Provide affordable HDLP Higher weighted CRA released a Opportunity housing within areas score in HDLP $8.1 M NOFA through that have access to the HDLP to fund resources that may affordable housing improve a person's developments and a chances of upward $6.4M NOFA to fund economic mobility as Residential Wealth identified on CRA's Building proposals in High Opportunity October 2025. The Area map. total units funded will be available after the CRA Board reviews the funding allocations for the competitive HDLP and Residential Wealth Building NOFA applications. Neighborhood Promote an array of HDLP Higher weighted CRA released a Services and commercial spaces score in HDLP $8.1M NOFA through Commercial Spaces that support the the HDLP to fund neighborhood, such affordable housing as daycares, developments and a restaurants, and retail $6.1 M NOFA to fund spaces. Residential Wealth Building proposals in October 2025. The total commercial units created will be available after the CRA Board reviews the funding allocations for the 3 competitive HDLP and Residential Wealth Building NOFAs. Housing and Data Snapshot DATA - SALT LAKE CITY HOUSING SNAPSHOT FY 2024-2025 FY 2025-2026 0 MEDIAN HOUSEHOLD INCOME MEDIAN HOUSEHOLD INCOME $74,925 10 $75,090 MEDIAN HOME VALUE j MEDIAN RENT MEDIAN HOME VALUE j MEDIAN RENT $495,700 $1,343 $539,500 $1,414 10 10 0 COST BURDENED HOUSEHOLDS COST-BURDENED HOUSEHOLDS 22,169 24,617 (spending 300/6 or more income on housing costs) 0 (spending 30%or more income on housing costs) Source:US Census,American Community Survey 5 Year Estimates 2019-2024 The graphic below provides an overview of recent data within Salt Lake City. Please see Attachment B for an overview of all the data used to inform our priorities. DATA SUMMARY 0 HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS 11,141 RENTING HOUSEHOLDS ARE SPENDING MORE THAN 0 HALF THEIR INCOME ON RENT PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 0 2018 HIGHER INCOME HOUSEHOLDS MAKING $75K OR MORE HAVE INCREASED ' WITHIN SALT LAKE CITY THROUGH THE YEARS, LOWER INCOME HOUSEHOLD MAKING LESS THAN $50K HAVE DECREASED. COMMERCIAL CONSTRUCTION HAS SLOWED, WHILE VACANCY REMAINS 10 LOW Source:Census Bureau's 2018-2023 ACS 5-Year Estimates Colliers Retail Q4,Salt Lake County Report(5) 4 Citywide Housing Plans and Goals The CRA is guided by and charged with implementing citywide plans and goals. Additionally,the CRA is guided by its own project area plans, Guiding Framework, and Livability Benchmarks. Current housing plans and goals that the CRA's annual Housing Development Funding Strategy should consider include: Public Safety Plan Goals • Increase deeply affordable housing Housing SLC (Citywide 5-year housing plan)—Strategies • Support projects that allow tenants to build wealth and/or gain equity in their building based on tenure • Work with community development partners to acquire priority properties for permanently affordable housing • Continue to release housing funds through Salt Lake City Community Reinvestment Agency (CRA) for the development or acquisition of moderate income housing. • Utilize Inland Port Housing Funds (pursuant to Utah Code Section 11-58-601(6)(b) of the Inland Port Act) and other housing set-aside funds received by the Community Reinvestment Agency (CRA)to expand affordable housing options, including tenant equity opportunities throughout the city, especially on the Westside • Develop a financing program for low-income homeowner Accessory Dwelling Unit(ADU) construction • Promote the development of affordable family-sized housing units with 3+bedrooms • Establish at least one housing and transit reinvestment zone (HTRZ) in the city • Expand workforce, artist, and essential worker housing,up to 125%AMI, so that these populations can live in the city in which they serve • Provide funding for programs and/or initiatives that build wealth and/or provide equity sharing opportunities for residents Thriving in Place (anti-displacement framework)—Strategic priorities relevant to the CRA include: • Protect tenants from displacement, especially the most vulnerable o Help tenants become owners. • Preserve the affordable housing we have o Acquire and rehabilitate unsubsidized housing o Invest in Community Land Trust Models • Produce more housing, especially affordable housing. o Create more diverse housing choices in all areas o Utilize publicly owned property o Prioritize long-term affordability, support services, and transit access. • Expand capacity for tenant support and affordable housing o Develop new funding sources and leverage existing resources CRA Livability Benchmarks(4 of 21 benchmarks) • Ownership—Encourage the creation of opportunities for residents/business owners to building wealth and/or establish permanent roots through affordable home/commercial ownership. 5 • Housing for Everyone—Promote housing for families,underserved populations and extremely low income residents. • Mixed-Income Neighborhoods—Promote mixed-income developments, economically integrated communities, and housing opportunities for low-income residents. • Affordable Commercial Spaces—Projects are mixed-use and include spaces within the development for commercial uses. The chart below displays progress related to affordable housing unit goals listed in Housing SLC that Salt Lake City anticipates supporting over a five-year period. The three goals referenced below are specific to the period of July 2023-June 2028. GoalsHousing SLC Housing SLC Affordable Unit Goal: •Completed•Currently Under Construction•Planned 2000 Units from July 2023-June 2028 Goal to support the creation of units for those earning 31-80% of the area median income. 0 1000 2000 3000 4000 5000 Housing SLC Deeply Affordable Unit Goal: *Completed•Currently Under Construction 0 Planned Remaining Goal 2000 Units IV from July 2023-June 2028 r 1566 Goal to support the creation of units for those earning 30%or less of the area median income. 0 500 1000 1500 2000 Housing SLC Affordable Wealth Building Unit Goal: •Completetl*Planned Remaining Goal 1000 Units from July 2023-June 2028 805 Goal to support the creation of units that build resident equity. 0 200 400 600 800 1000 Housing Funds Projected account balances in the CRA's various housing funds for the fiscal year are currently not available and will be shared when available. ANALYSIS: FY 2026-2027 Proposed Funding Priorities-After reviewing city plans, current housing data, commercial data, and remarks from the Board, the housing funding priorities identified below are proposed to guide the CRA's housing development activities in FY 27. Staff determined that most of FY 26's funding priorities are still relevant in addressing the city's current housing needs. Many of the programs and initiatives introduced in the last two fiscal years to further each FY 26 Funding Priority are currently underway or ongoing, and more time is needed for implementation. For these reasons, the proposed priorities are very similar to last year's proposal. The one proposed change would be to update the Expanding Opportunity priority to Expanding Affordable Housing Availability, which focuses less on"high opportunity areas" and incentivizes expanding affordable housing in areas within limited options. 6 1. DEEPLY AFFORDABLE HOUSING—This priority promotes housing units affordable for those earning 30%AMI and below. While the City has made progress facilitating the development of deeply affordable units,there is still a shortage of units for those earning 30%AMI or less, in particular, and CRA staff propose to continue to promote this priority through FY 27 (Housing SLC - Housing Needs Analysis). 2. FAMILY HOUSING WITH AMENITIES FOR CHILDREN—This priority promotes income- targeted larger housing units for tenant populations with children that have three or more bedrooms and includes amenities for children. There is a need for income-targeted family-sized units, especially as more families look outside of Salt Lake City boundaries for affordable housing options and enrollment in Salt Lake City schools decreases. Per the interlocal agreements with the School District for the State Street and 9 Line project areas, the CRA must also prioritize affordable family and workforce housing described as: • Affordable Family Housing: Development of new housing units that include 3+bedrooms and are affordable to households at or below 80% of the area median income as defined by the U.S. Department of Housing and Urban Development. • Workforce Housing: Development of new housing units affordable to low and middle- income workers, including teachers and school district employees. 3. WEALTH BUILDING OPPORTUNITY—This priority supports development projects that provide different forms of wealth building opportunities for households making up to 120%AMI. Although homeownership is a path to wealth building, it is not the only form the CRA could support to help individuals and families meet this goal. Wealth building can be accomplished through homeownership, supplemental income opportunities, renter stipends, cooperative housing, and other models that support residents in building equity. 4. EXPANDING AFFORDABLE HOUSING AVAILABILITY—This priority provides affordable housing within areas that currently have limited availability. The availability of affordable housing is determined by the number of deed-restricted affordable housing units in each Census Block Group (geographic subdivisions of Census Tracts). This priority looks to disperse affordable housing developments throughout the city and prevent the concentration of affordable housing within areas that already have a high number of affordable housing units. A map showing the areas with limited affordable housing can be found in Attachment A. 5. NEIGHBORHOOD SERVICES AND COMMERCIAL SPACES—This priority ensures that as housing continues to be built throughout the City, residents and neighbors continue to have access to neighborhood services and amenities such as daycares,restaurant, and retail spaces. These commercial and retail spaces should not be exclusive to residents of the housing development in which they are located. 7 FY 27 Proposed Housing Activities—To encourage the incorporation of the five proposed Funding Priorities in CRA-funded housing projects, CRA staff proposes allocating funding to the following activities and tactics as part of the CRA's FY27 budget. Some of the housing activities may achieve multiple Funding Priorities. HOUSING PRIORITIES � (D cp HOUSING ACTIVITIES 0- _0 _0 M 01 L 0- i Q N � 0 0 •� N U) 0 U L -CU 2 O Q Q -0 (Q = O S, O N O _ Q i' -C 'cn i E CD � Q CU LU M U M 3: Z Housing Development Loan Program("HDLP"): The HDLP is a gap financing program for affordable housing developments. The CRA releases funds annually through a competitive Notice of Funding Availability(NOFA). Similar to previous years, at least 20%of a development's units must be deeply affordable or affordable family-sized with amenities for children to qualify for the CRA's competitive NOFA. ✓ ✓ ✓ ✓ ✓ Given the City's goal to increase the amount of deeply affordable units, CRA staff may propose specific funding within the HDLP focused on deeply affordable units. All the housing priorities will be weighted heavier as a part of the competitive NOFA review process. Residential Wealth-Building NOFA: With the primary goal of removing barriers to wealth building and creating generational wealth,the CRA will focus funds to develop units that will help lower to-moderate income individuals and families build J ✓ J wealth. This model could take on different models such as homeownership, shared profit, and shared equity programs. Land Acquisition/Disposition: The CRA will release requests for qualifications (RFQ)and/or requests for proposals(RFP)on CRA-owned land. For properties that contemplate housing as a land use, the CRA may require that deeply affordable units,family-sized units, residential wealth building units, and/or neighborhood ✓ ✓ ✓ ✓ ✓ services and commercial spaces are incorporated within proposals. Additionally, the CRA can actively look to purchase properties to implement CRA goals. 8 NEXT STEPS: • The CRA Board will consider whether the proposed Funding Priorities align with their goals for the upcoming fiscal year. • The finalized Funding Priorities will be brought back for the Board's consideration to adopt via resolution in April. • CRA staff will present the final Funding Strategy to the Board as a part of the budget presentation, which includes the projected amount of revenue to be allocated to each of the four housing funds. The Board should consider whether to adopt the final Funding Strategy as part of the annual budget adoption process. FY27 ANNUAL HOUSING FUNDING STRATEGY .......................................................................................................................................................................... ANNUAL HOUSING HOUSING HOUSING FUND PRIORITIES ACTIVITIES ALLOCATIONS DEEPLY+' LAND HOUSING I AFFORDABLE ACQUISITION/ DEVELOPMENT HOUSING DISPOSITION FUND AFFORDABLE VANDSERVICES FAMILY PRIMARY SECONDARY HOUSING © • HOUSING WEALTH DEVELOPMENT BUILDING LOAN NOFA PROGRAM WESTSIDE WEALTH EXPANDING COMMUNITY BUILDING AFFORDABLE INITIATIVE OPPORTUNITY HOUSING FUND AVAILABILITY ATTACHMENTS: Attachment A—Affordable Housing Availability Map Attachment B—Data Attachment C—CRA Affordable&Mixed-Income Housing Summary: FY15-FY25 9 ATTACHMENT A - AFFORDABLE HOUSING AVAILABILITY MAP Availability of Affordable Housing by Area North Salt � i 1 --- .i - "A clry SLC Boundary 'p n es�n `REEK CPNy ON 0 SLC Boundary Affordable Housing Availability by Block Group Areas with Limited m n a _Affordable Housing Options Areas with Lower Levels W N—hT—pl—I E sown Temple ar of Affordable Housing Areas with Moderate Salt Lake City Levels of Affordable .ter Housing Areas with Higher Levels of Affordable Housing li Ave n i`on State Roule'2U� ! A7 1I OS w ' SOyQyh Salt n I`v' _ Riter¢anal t 3 —W-3300-5 E3300 S ��—W-3502S Miles w st Vail y 10 ATTACHMENT B — DATA EXISTING AFFORDABLE HOUSING DATA Current and Future Salt Lake City Deed-Restricted Affordable Housing Developments Map C on structi on Stato s 0 C om pl eted *P ro posed Under C onstm ction REVERLY '•'t ADDI-NON 1 0", �g �. CAMOL HEIGHTS HONE _I Eta — — FORT DOUGLAS DOTES ADE)Lm I 7-1 ti4ESTMOREL4ND PLACE y ASG LIEN PARK ADDITION F60P fin MlCfxpoft 1�Ifr3 - ! YOUNG 11Lq �� Source:SLC Affordable Housing Construction and Preservation Dashboard 11 All City-Supported Affordable Housing Constructed Since 2016 and Future Developments C cnstfuct on Status C ompleted 0 Propose d 0 l J n d er n o strLi ctie n I I V. R 4 all FORT D 0C) C DOLES ADDITION j 7,� WESTMORFLAND PLACE ASBURY RKTrk * � a ti' I Source:SLC Affordable Housing Construction and Preservation Dashboard 12 City-Supported Housing Units Constructed Since 2016 Units by Bedroom Count •Affordable *Deeply Affordable •Market Rate 4,285 4K 3K 2K 1,887 1K 7? 146 OK SROiShared Studio 1 Bedroom 2 Bedroom 3 Bedroom 4+Bedroom Units by Affordability Level *Affordable •Deeply Affordable *Market Rate 4.443 4K 3K 2K 1,694 1,074 1K 561 683 583 13 = M 2� 53 46 - 0 OK 20%AMI 30%AMI 40%AMI 50%AMI 60%AMI 70%AMI 80%AMI Aft. Market Rate Ownership Source:SLC Affordable Housing Construction and Preservation Dashboard 13 Salt Lake City Owner and Renter-Occupied Units *Owner Households•Renter Households 50K 40K 41K 40K 39K 36K 39K 37K 40K 38K 38K 39K 30K 2CK 10K OK 2016 201- 2018 OwnerYear 1 2016 36361 39069 2017 37250 39626 2018 37869 40360 1 2020 39458 42230 2021 4019311• 2022 40132 / 2023 41606 47326 Source: US Census,American Community Survey 5 Year Estimates 2019-2024 14 Household Type •Married-couple family•Non-Family Living Alone*Non-Family Not Living Alone•Single Parent Family 2024 2023 2022 2021 2020 2019 2018 2017 2016 0% 20% 403. 60`/: 8w/. Year Married-couple family Non-Family Living Alone Non-Family Not Living Alone Single Parent Family 2024 30578 38038 14237 11318 2023 31326 35530 13543 10200 2022 30810 33675 12786 9917 2021 30802 32456 12008 9788 2020 31561 31038 11172 9714 2019 29831 27473 10387 10216 2018 29804 26688 9918 10326 2017 29500 25707 9480 10474 2016 28384 25486 8980 10575 Source: US Census,American Community Survey 5 Year Estimates 2019-2024 15 12.1% 14.1% 14.9`b iZ6 19A% - 12.3% 1&1% 13.G4= l i.3SS 18.89E - UA% 77.17F, 15.& lAl% 9._sa 15J96 t6.0% 7 18b% 3 13.896 Salt Lake City Family Income 2024 2023 2022 2021 2020 2019 i D , year 1.SO-S25k 2.S25k-SSOk 3.SSOk-S75k 4.S75k-S100k 5.S100k-S150k 6.150k-S200k 7.More than S200k 2024 2911 4918 5369 5820 8074 5369 8484 2023 2721 4915 5728 6053 8205 5118 7880 2022 2930 4872 6377 5466 8120 4476 7368 2021 3197 5682 6984 6234 7536 3630 6195 2020 3931 6418 7060 6338 7462 3330 5536 Z019 4353 7348 6949 6150 7108 2995 5032 Source: i i i2019-2024 Salt Lake City Household Income Levels • $0-$25k• $25k-$50k•$50k-$75k•$75k-S100k•5100k-$150k*More than$150k 2024 2023 2022 2021 2020 �'• 2019 0'• 2018 2017 2016 . 0% 20% 40% 60% 1(W Year $0-$25k $25k-$50k $50k-$75k $75k-$100k $100k-$150k More than$150k 2024 14324 16849 15781 12257 14421 20539 2023 14130 15862 15359 12224 14435 18589 2022 14155 15867 15071 11188 14085 16822 2021 15423 16529 15406 11279 12748 13669 2020 16377 17246 14533 10777 12568 11984 2019 15238 16774 13649 10052 11288 10906 2018 15945 17789 13772 9187 10719 9324 2017 16966 17547 13479 9291 9350 8528 2016 18231 17788 12764 8602 8506 7534 Source: US Census,American Community Survey S Year Estimates 2019-2024 17 Salt Lake City Home Values 00 00 OO 00 2024 2022 2021 2020 2019 2018 2011 201 19% 32% 27% 22% 23% 34% 24% 19% 42% 32% 16% 10% :0 00 Year $0-$300k $300k-$500k $SOOk-$750k $75pk+ 2��4 6016 1�927 11925 11660 �023 7926 13747 11593 9387 2��2 928f� 14181 9673 8004 �021 1420� 13973 7490 5411 2��0 16903 1282� 6499 4174 �019 18423 11474 5310 3315 2�18 �0188 1106� 4330 2681 �01� �1832 10020 3679 212b 2�16 �3084 8661 3253 1753 Source: . iYear Estimates 2019-2024 Commercial Data—Salt Lake County OVERALL AVERAGE OVERALL DIRECT VACANCY RATE YTD NET ABSORPTION(SF) UNDER CONSTRUCTION (SF) ASKING LEASE RATES (NNN) 2.97% 188K 'YF°r 382K '"°, $27.24C-r B, ryoy vr � Forecas' � Forecast lSF � Forecast MARKET GRAPH 300,10W 3.50% 200,10W 3.00% 100,0 00 2.50% 0 �� Sri 2.00% 1.50% (100,000) 1.00% ;2130,000] 0.50% 1300,000) 0.00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Absorption New Supply Total dire€t Vacancy Absorption fluctuated significantly,with scrong positive gains in early 2023 and mid-2024,but a sharp negative dip in Q1 2fl24. New supply war,sporadic,peaking in Q2 2024 and Q1 2D25,while vacancy generally derlined frorn early 2D23,stabilized around rnid-2024, and edged upward slightly toward the end of 2025. SUBMARKET/ TOTAL DIRECT DIRECT SUBLEASE SUBLEASE TOTAL NET NET UNDER NEW AVG DIRECT INVENTORY AVAILABILITY VACANCY AVAILABILITY VACANCY VACANCY ABSORPTION ABSORPTION ASKING RATE CENTER TYPE SF RATE RATE RATE RATE RATE CURRENT YTD CONSTRUCTION SUPPLY (NNN) —thorless Strip 2,289,775 131,014 5.72% 3,366 0.15% 5.87% 1,799 22,475 0 0 $22.61 Communitycencer 2,136,697 35,631 1.67% 7,500 0.35% 2.02% 1,643 26,381 0 0 $31.07 Nefghbomooa eence r 358,616 23,196 6,47% 17Z90 4.82% 11.29% 0 6,533 0 0 $36.51 Regional Center 502,227 0 0.00% 0 0.00% 0.00% 0 0 0 0 $36.39 Tote[ 5,287,315 189,841 3.59% 28,156 0.53% L12% S,537 57.484 0 0 $3197 Source: Colliers Retail Q4, Salt Lake County Report 19 ATTACHMENT C - CRA AFFORDABLE HOUSING SUMMARY: FY15-FY25 Affordable Housing Funding Project Name FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Total 1300 South Apartments $750.000 $750,000 144 S 500 E $775,000 $1,000,000 $1,775,000 1881 Cooperative $134.323 $134,323 9Ten West $1,000,000 $1,000,000 9th East Lofts $1,827,045 51,827,045 Arbor515 $2,650,000 52,650,000 Arctic Court Historic Home $166,063 5166,063 Artspace Bridges $895,000 $895,000 Book Cliffs Lodge $1.000.000 $1,000,000 Capitol Homes Apartments $2,750,000 $2,750,000 Central Ninth Market:Phase If $385,000 $1.900.000 52,285,000 Central Station Apartments $1,000,000 $1,000,000 Citifront Apartments $422,266 $422,266 Citizens West $1,000,000 $3,050,000 $400,000 $4,450,000 City Lofts Apartments $1,000,000 51,000,000 Colony B Apartments $1,340,000 51,340,000 Jackson Apartments $1.000,000 51,000,000 Liberty Corner $2,767,391 52,767,391 Liberty Wells(CDCU) $150.000 5150,000 Maltair Lanes $850.000 $850,000 Mya Apartments $1.400.000 $1.600.000 53,000,000 Northwest Pipeline Building $2,252,851 $2,252,851 Pamela's Place $500.000 $500,000 Paperbox Lofts $3,200,000 $3,200,000 Richmond Flats $1.800.000 51,800,000 Spark $2,500,000 $3,956,000 $8,000,000 $14,456,000 Stanbridge 51,25U00 51,250,000 The Aster $2,000,000 $5,000,000 $7,554,879 $14,554,879 The Gregory $2,000.000 52,000,000 The Hive on 11th $1,546,859 $1,546,859 The Nest $1.082.500 $1,000,000 52,082,500 Victory Heights $2,145,000 $2,145,000 Total 51,827,045 $588,329 53,200,000 54,150,000 57,985,000 $15,806,000 58,894,879 51,857,500 $17,045,000 57,846,714 57,799,710 $77,000,177 20 Affordable Housing Units ProjKt Name RDA Projeo Area 51ree1 Gw*trraQipn St m Compieiion Year Atf clable Units Total Units 14d$390 E NQt in Projecl Area 144 S 54D E Urr49r CM11rudi4n 110 t19 160$Main S&W ApA4mOn1s Cenlial Business Q Atka 1$0$MAIM ST 00 HOUP0al3iyed 4.4 400 2nd South ApaAmems Not in Pra*1 Area 934 W 200 S Rmpoged 104 14M 515 Tower Not in Prejea Area 515 E IIN S Under Conelrudlon 96 96 9Ten Weal North Temple 910 W H17RTH TEMPLE ST Undar Conam lion 160 in 9211�E$atLodts Not in Pm>jw Area 414$9X Im CampWod 2017 $4 68 Alliance Htiusf Slate Sireei 1805 S MAIN ST Rmposed 15 16 ArcJlc Count Historic Home West Capital HAI 528 NARCTIC CT Completed 2018 1 i Artspace Bridges Depot VistriGt 511 W 209 5 PfopQaed 62 (P2 Art ".cA:wc:A,ami E 1Ois NO lDi$b i #44 S$Op W Camilla ed 2917 13 13 Baak Cliffs Lodge Slate 61re el 1159 5 WEST TEMPLE ST Pfopased 49 SS Gepkd Homes Aparmirits State SUaei 170 S STATE ST Compleled 21021 E,2 91 C enirat Nin0i Markel Phase II Wm Temple G.Rwyeay y14 5 JEFFE RSOh1 ST Completed 2921 3 3 r,wi 4l SIiarpon A pirtmttmS Dow oishk4 $491N 200$ Cwepiowd 2922 52 66 GgihontApaflrnents Not in Proleel Area SIT W NORTH TEMPLE ST Compleled 2U18 5 6 Chl.zens West Not in Prefect Area 535W 300 H Compleled 2621 55 80 C ilizena West Not in Project Area 53S W 300 H Proposed 50 59 Ciliaon#wost Not in Pr400 Aroa 536w 300 H Undgf Conwidion 60 $0 Gag LoltsApartmeaas State Sifeem 2mw 17005 Compleled 2523 2K 237 GAy Plaza Not in Pr*ci Area 1992 S AO E Undef Conskudlon 299 2" `v'elany BAryartinenl5 State Sheol 229W 13005 Compleled 2023 106 140 F A:rnoni H09hr, Not in Prpjovi Area 2257$11 DO E P"posQd $5 56 °atkum Apadrnents Central$u9i5ess Oislrict 274 w 260 5 Completed 2022 80 94 Liberty Comer State Street 1265 w 300 S Proposed 214 218 Liberty yiage 3l1garhou5e 2150 S MCCLELLAND ST Compleled 2015 35 1T1 Lii?@4 Wald{C04M Not w PWpett"o Sol i.17445 ;ofO "" 1A 10 NlyaAAsrtrnefii� NeL ifh Pfa*d Ares 350 E 450 S Cefnplcied 2021 w 126 Pamela's Plate Not In ProettArea 575 S SDDVY Compleled 2020 10D 100 Papeftx Lofts Central Business Disiria 34U W 200 S Compleled 2022 39 195 PharpSlMpartmPms Nvrlh Twnpk�- 916 W 290 H PV4p49ed 34 V lilithmend Flats Net in Prnje.ti Area I Aa S PICHM40N I)ST Completed 2023 $5 65 Spark North Temple 1490 W kORTH TEMPLE ST Undef Conshrud on 2DO 2" The Aster Cenral 8usrless Districl 255 S STATE ST Compleled M23 169 1% T*Catherine Not in Prviw Area 18SI W KK TH TEMPLE ST Proposed 3T2 3T2 T 14e Ne.m Dow Disuici 382 S P10 GRANOE ST Undo Cohsnedi6h 220 in Victory Heghts Not in Pr+aAree 1060 E Ito 5 Under Conghnldion 136 ...88. Talal 3,825i8 Source:Salt Lake City Affordable Housing Construction and Preservation Data 21