The URL can be used to link to this page

Home My WebLink About03/04/2026 - Meeting Materials (2) VP ANNUAL 5. HOUSING +. r � - FUNDING STRATEGY FY 2026 = 27 I Ik4j.;k *It f. RAC MARCH 4, 2026 - . . 'i .I lii 1x ki - HOUSING ALLOCATION FUNDS1 ANNUAL HOUSING FUNDING STRATEGY PRIMARY HOUSING HOUSING FUND FUND This policy ALLOCATIONS established guidelines SECONDARY for allocating/directing HOUSING resources for housing FUND by funding source. ANNUAL HOUSING Also requires "Annual PRIORITIES WESTSIDE Housing Funding COMMUNITY Strategy" (right) be For your INITIATIVE brought in front of feedback today FUND Board every year. f HOUSING ACTIVITIES HOUSING DEVELOPMENT FUND ADOPTED 012021 YEARLY BOD APPROVAL SALT LAKE CITY HOUSING FUND ALLOCATIONS ANNUAL HOUSING FUNDING STRATEGY HOUSING FUND WESTSIDE ALLOCATIONS PRIMARY SECONDARY HOUSING HOUSING HOUSING DEVELOPMENT COMMUNITY FUND FUND FUND INITIATIVE FUND SALT LAKE CITY CRA FY26 HOUSING ACTIVITY RECAP Neighborhood FY 2025-26 Deeply Affordable Family Housing Wealth Building Expanding Services and HOUSING PRIORITIES Housing with Amenities Opportunity Opportunity Commercial Spaces 00 00 00 00 . 00 00 00 00 FY 2026-27 Housing Development Loan Program Residential Wealth Building NOFA ADU Financing Program (FY24 Priority)/ • $8.1M released - In process, to be reviewed by • $6.4M released - In process, to Down Payment Assistance CRA Board in March be review by CRA Board in April • Finalizing contracts for ADU Financing Program and Downpayment Assistance Program SALT LAKE CITY CRA DATA - CURRENT AND FUTURE SLC DEED-RESTRICTED AFFORDABLE HOUSING DEVELOPMENTS MAP ConstrLlCti011 Status • Completed Proposed • Under Construction ,Y. o tiB� BEVERLY . cf ADDITION t_ CAPITOL HEIGHTS HORNE o O CV) • D z FORT A OR DOUGL S DOLES ADDITION It cn Q 41 71 WESTMORELAND PLACE STEW S N ADDI O ASBURY PARK 1201 I e� ADDITION SO.0 ty- - O ROPER Salt Lake Magnin YOUNG H SALT LAKE CITY r 1.1icrosoft Bind CIRCL CRQ _� DATA - CITY SUPPORTED AFFORDABLE HOUSING CONSTRUCTED SINCE 2016 AND FUTURE DEVELOPMENTS Construction Status • Completed * Proposed * Under Construction 1} HORNE -V)4 � � 0 v ` ot9 o ��t Q FORT L' 0 � a DOLES ADDITION l� N UD WESTIMORELAHD PLACE S $ y AD 0 ASBURY PIp 0 •• AD01710N �". southo n ROPER Salt Lake it 4 • 11 SALT LAKE CITY CRA DATA - CITY SUPPORTED AFFORDABLE HOUSING UNITS BY BEDROOM SIZE SINCE 2016 Units by Bedroom Count io Affordable lDeeplyAffardable •Market Rate 4,285 4K 3K 2K 1 .8$7 1 .920 1K 723 150 � 146 UK SROIShared Studio i Bedroom 2 Bedroom 3 Bedroom 4+ Bedroom gm uml: SALT LAKE CITY CRA DATA - CITY SUPPORTED AFFORDABLE HOUSING UNITS BY AMI SINCE 2016 Units by Affordability Level Affordable * Deeply Affordable Market Rate 4.443 41C 31C 2K 1 ,594 1 ,074 1 IC 561 6-83 583 246 OK 13 = M 53 24°6 AMI 30% AM) 40% .:hl1 5096AMI 69% ahil 74% AMI 84°hAM] Aff. Market Rate Ovmership SALT LAKE CITY CRA DATA - SALT LAKE CITY HOUSING SNAPSHOT FY 2024-2025 FY 2025-2026 MEDIAN HOUSEHOLD INCOME 10 MEDIAN HOUSEHOLD INCOME $747925 $75,090 In One Year.._ • Median Household Income grew by 0.2% • Median Home value grew by 8.8% AW&MEDIAN HOME VALUE MEDIAN RENT MEDIAN HOME VALUE MEDIAN RENT . Median Rent grew by 5.2% $495, 700 ; $1 ,343 $539,500 ; $1 ,414 1W 4110 COST-BURDENED HOUSEHOLDS COST-BURDENED HOUSEHOLDS 22916946F 247617 (spending 30% or more income on housing costs) (spending 30% or more income on housing costs) Source: US Census, American Community Survey 5 Year Estimates 2019-2024 SALT LAKE CITY CRA DATA - OTHER METRICS HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS AND HOMES PRICES CONTINUE TO RISE Salt Lake City Owner and Renter-Occupied Units 0Oviner ko .seholas Renter louseho+d5 SOK 50K 47K 45 K 42K 43K 40K 39K 39K 3IC 40K 3K 38K 40K 41 K 39K 40K 40K 36K 36K ' _a ZO17 3CIO Z020 2021 2OZ2 2023 2024 4 Source: US Census, American Community Survey 5 Year Estimates 2019-2024 SALT LAKE CITY CRA DATA - OTHER METRICS HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS AND HOMES PRICES CONTINUE TO RISE Salt Lake City Home Values 04300k 0 $ 00k- 00 .S00k— 750k 7501c� 2024 023 ' 022 , . 01 wig 2020 ' 20 0% 80% 100% Source: US Census, American Community Survey 5 Year Estimates 2019-2024 DATA - OTHER METRICS 4131 112141 OR 50% OF RENTING HOUSEHOLDS ARE SPENDING MORE THAN HALF THEIR INCOME ON RENT Households by Percentage of Income Spent on Rent %-30% 0 30%-50 0 5 o+ 0 Not computed 2D24lippill 2D2-3 . • . 2D22 ' . ■ t 2D21EmN 2D20 2D1 D . 2D18 I M 2017 0' . '. 2D10 ; . . 2D15 • • . D 4 20 4C° 60 800, 100% � mug SALT LAKE CITY Source: Census Bureau's 2018-2023 ACS 5-Year Estimates CRA DATA - OTHER METRICS PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 0 2018 Household Type 6 Ma died-*o,l pI a Fa rekily 0 Non-Farrlily Living Alone 0 Non-FaM Illy Not Living Alone #girl g10 Nlreht Farr)i ly 4 k. 1 . 2020 1� 17 16 w Lr% 1 Source: US Census, American Community Survey 5-Year Estimates 2019-2024 SALT LAKE CITY CRA DATA - OTHER METRICS 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. Salt Lake City Household Income Levels 0 $0-S25k 0 S2 Sk- 50k 0 S 50k-$75 k 0 $75k-S 1 00k 0 S 1 k- 1 SO k 0 More th-an $150k 2024 2023 2022 20 , 2019 1$ 201 i 2016 Source: US Census, American Community Survey 5-Year Estimates 2019-2024 ■® SALT LAKE CITY CRA DATA - OTHER METRICS ItoCOMMERCIAL CONSTRUCTION HAS SLOWED, WHILE VACANCY REMAINS LOW Salt Lake County Commercial Data OVERALL AVERAG6 OVERALL DIRECT VACANCY RATE YTD NET ABSORPTION (SF) UNDER CONSTRUCTION (SF) ASKING LEASE RATES (NNN) A► YOY AYOV IV YO' A, YOY 2 . 97% AL Forecast I 8 . Forecast 382K . Forecast 2 7 . 2 4/S F A Forecast MARKET GRAPH 300,000 3.50 200.000 3.00 100.000 1.50% (100,000) 1.00% (200,000) 0.50'6 (300,000) 0.DO% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Absorption New Supply Total Direct Vacancy Absorption fluctuated significantly. with strong positive gains in early 2023 and mid-2024, but a sharp negative dip in Q1 424_ New supply was sporadic. pealing in Q2 2024 and Q1 2025- while vacancy generally declined from early 2023, stabilized around mid-2024, 1 and edged upward slightly toward the end of 025_ Source: Colliers Retail Q4, Salt Lake County Report SALT LAKE CITY CRA DATA - OTHER METRICS 410 HOMEOWNERSHIP RATE IS GROWING AT A SLOWER PACE THAN RENTALS AND HOMES PRICES CONTINUE TO RISE 4110 111141 OR 50% OF RENTING HOUSEHOLDS ARE SPENDING MORE THAN HALF THEIR INCOME ON RENT PERCENTAGE OF FAMILY HOUSEHOLDS HAVE BEEN DECREASING SINCE 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 LOW Source: Census Bureau's 2018-2023 ACS 5-Year Estimates Colliers Retail Q4, Salt Lake County Report (5) SALT LAKE CITY CRA SALT LAKE CITY HOUSING GOALS HOUSING SLC PUBI. IC SAFETY PLAN GOALS • Support projects that allow tenants to build wealth and/or gain equity . Increase deeply affordable housing • Continue to release housing funds through CRA for development or CRA LIVABILITY BENCHMARKS acquisition of moderate income housing • Promote the development of affordable family-sized units with 3+ • Ownership - Create opportunities for residents/business owners bedrooms to building wealth and/or establish permanent roots • Utilize Inland Port Housing Funds to expand affordable housing options . Housing for Everyone - Promote housing for families, underserved populations and extremely low income THRIVING IN PLACE • Produce more housing, especially affordable housing • Promote mixed-income developments, economically integrated communities, and opportunities for low-income residents. • Protect tenants from displacement, especially the most vunerable . Affordable Commercial Spaces - Support mixed-use projects with space for commercial uses that serve the community SALT LAKE CITY CRA PROGRESS TOWARDS AFFORDABLE HOUSING GOALS GoalsHousing SLC Housing S LC Affordable Unit Goal'' Gr_MpleWd *Currenity Under Con�ArvrtKm 0 PIanr�eo 2000 Units from July 2-023 - June 2028 Goal IcF suppw I1he crealloon of unIM fir those eamlng 31-80 or me a rea mmiark Income, 0 1000 20M 3000 40M 5000 Housing SLC Ceeply Affordable Unit Goal: ocompl-eted oCurr+ nliy urA(3r COnSlruCton ePlanr&d RemiainingGoql 2000 Units from July 2023 - June 2028 Goal to su art the iuealjon of u rills rnr tno&e eavni 30% or less of Ihr;area median Income. 01 500 1000 1500 2000 H=51ng SLC AffordalbIe WeaIth BuaIding Unit G-oaI; oComplaled SPWnned remaining Goal 1000 Units Npr fm m July 2023 - June 2028 &05 Goal to su art the ofeawn of dolls treat Nild resident equity. Mo 400 to to 1000 FY27 RECOMMENDED ANNUAL HOUSING PRIORITIES ANNUAL HOUSING Seeking Board feedback today FUNDING STRATEGY DEEPLY FAMILY WEALTH AFFORDABLE HOUSING w/ BUILDING HOUSING AMENITIES OPPORTUNITY for CHILDREN ANNUAL HOUSING PRIORITIES EXPANDING NEIGHBORHOOD , AFFORDABLE SERVICES AND HOUSING COMMERCIAL AVAILABILITY SPACES mug SALT LAKE CITY CRA FY2026-27 PRIORITY UPDATE Availability o Housing by Area Salt Lake ii �A K SLC Boundary SLC Boundary Affordable Housing Availability b Bloch Group . Areas with Limited Affordable Housing Options W N6r1h T p Areas with 1- er Levels so,K of Affordable Housing Areas with Moderak! Sa Its ke iltiy Levels of Affordable _ ,14r Housing Areas with Higher = Levels of Affordable .•�•••-- , •t Housing hforni e q91 kl r � r - I t I _ J ,r Miles + West valley M n a IlCit # RECOMMENDED HOUSING ACTIVITIES ANNUAL HOUSING Tools/programs by which to achieve Priorities; Seeking Board feedback today FUNDING STRATEGY HOUSING DEVELOPMENT WEALTH LAND NOFA ACQUISITION/ LOAN BUILDING DISPOSITION PROGRAM HOUSING ACTIVITIES SALT LAKE CITY CRA HOUSING ACTIVITIES TO ACHIEVE HOUSING PRIORITIES ANNUAL HOUSING FUNDING STRATEGY • Require affordable family housing and/or deeply affordable housing as threshold in Housing Development Loan Program NOFA - proposing to increase from 10% to 20% threshold • Utilize interest rate reduction benchmarks (Alignment with CRA's Guiding Framework) • Annual priorities will have greater ranking weight HOUSING ACTIVITIES SALT LAKE CITY CRA FY27 HOUSING ACTIVITY IMPACT HOUSING ACTIVITIES HOUSING PRIORITIES Wealth Building NOFA Housing Development Land Acquisition/ Loan Program Disposition Deeply Affordable Housing Affordable Family Housing w/ Amenities I I for Children I I I I I I Wealth Building Opportunity I I Expanding Affordable Housing Availability I I I I Neighborhood Services g I I ® •® & Commercial Spaces I SALT LAKE CITY I I CRA FY27 ANNUAL HOUSING FUNDING STRATEGY .......................................................................................................................................................................... ANNUAL HOUSING HOUSING HOUSING FUND PRIORITIES ACTIVITIES ALLOCATIONS DEEPLY LAND HOUSING AFFORDABLE ACQUISITION/ DEVELOPMENT HOUSING DISPOSITION FUND AFFORDABLE NEIGHBORHOOD mow FAMILY SERVICES & PRIMARY SECONDARY HOUSING COMMERCIAL � HOUSING SPACES WEALTH DEVELOPMENT BUILDING LOAN NOFA PROGRAM WESTSIDE WEALTH EXPANDING COMMUNITY BUILDING AFFORDABLE INITIATIVE OPPORTUNITY HOUSING FUND AVAILABILITY ra gig SALT LAKE CITY CRA NEXT STEPS ANNUAL HOUSING FUNDING STRATEGY _ • RAC may wish to provide feedback HOUSING FUND . The CRA Board will consider approval of the FY27 housingALLOCATIONS pp priorities at their April meeting . ANNUAL HOUSING • Proposed funding allocations to housing activities will be PRIORITIES brought to the Board with the budget presentation in May or HOUSING • Housing activities are approved as a part of the CRA budget ACTIVITIES approval SALT LAKE CITY CRA