Proposed Resolution - 7/4/2021REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
RDA Housing Allocation Funds Policy
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF
SALT LAKE CITY ADOPTING A POLICY FOR THE ALLOCATION OF HOUSING FUNDS
WITH RESPECT TO DEDICATING AND DIRECTING RESOURCES FOR THE DEVELOPMENT
AND PRESERVATION OF HOUSING.
WHEREAS, Salt Lake City has an adopted housing plan that identifies housing needs,
priorities, and goals on a citywide basis (“Housing Plan”).
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) has adopted project
area plans that identify housing needs, priorities, and goals on a project area basis (“Project Area
Plans”).
WHEREAS, the RDA supports the implementation of the Housing Plan and Project Area
Plans through various funding allocations that are utilized for the development and preservation of
housing.
WHEREAS, Utah Code Title 17C Community Reinvestment Agency Act (the “CRA Act”)
provides that a portion of tax increment is required to be allocated for housing and used for the
purposes described in Section 17C-1-412.
WHEREAS, the CRA Act provides that additional tax increment may be allocated on a
discretionary basis for housing and used for the purposes described in Section 17C-1-411.
WHEREAS, Utah Code Title 11-58 Utah Inland Port Authority Act (the “Inland Port Act”)
provides that a portion of tax differential generated within Inland Port Authority Jurisdictional Land
shall be paid to the RDA to be allocated for housing and used for the purposes described in Section
11-58-601(6)(b).
WHEREAS, the Salt Lake City Council and the RDA Board of Directors (“Board”) may
allocate other revenue sources, including but not limited to sales tax revenues, for the development
and preservation of housing.
WHEREAS, the Board desires to establish a policy with respect to dedicating and directing
resources for the development and preservation of housing.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, as follows:
1. Scope. The RDA Housing Allocation Policy (“Policy”) contains the processes and guidelines for
coordinating and allocating tax increment, tax differential, sales tax, and other revenues for the
development and preservation of housing.
2. RDA Housing Funds. The RDA shall establish and maintain multiple housing funds based on
the fund source and separately account for the revenues, expenditures, interest, payments and
repayments for each fund source (collectively the “Housing Funds”). Maintaining separate
Housing Funds will allow the RDA to provide control and oversight to comply with the various
statutory requirements for each funding source and to allow for the prioritization within each
funding source for a specific purpose, need, or policy objective. The Housing Funds include:
a. Primary Housing Fund
i. Source of Funds: Tax increment required to be allocated for housing pursuant
to the CRA Act.
ii. Eligible Uses of Funds: Funds shall be utilized for the purposes described in
Section 17C-1-412 of the CRA Act.
iii. Policy Priorities: Funds shall be prioritized to address citywide housing goals
and objectives as identified in the Housing Plan.
b. Secondary Housing Fund
i. Source of Funds: Additional tax increment that may be allocated on a
discretionary basis for housing pursuant to the CRA Act.
ii. Eligible Uses of Funds: Funds shall be utilized for the purposes described in
Section 17C-1-411 of the CRA Act.
iii. Policy Priorities: Funds shall be prioritized to address the housing goals and
needs identified in Project Area Plans.
c. Northwest Quadrant Housing Fund
i. Source of Funds: A portion of the property tax differential collected by the
Inland Port Authority to be allocated to the RDA for affordable housing.
ii. Eligible Uses of Funds: Funds shall be utilized for the purposes described in
Section 11-58-601(6)(b) of the Inland Port Act.
iii. Policy Priorities: Funds shall be prioritized for the neighborhoods adjacent to
the Inland Port Jurisdictional Land (generally defined as neighborhoods west
of I-15) to 1) address and mitigate potential impacts from Inland Port
development activities and 2) improve opportunity indicators within these
neighborhoods.
d. Housing Development Fund
i. Source of Funds: Additional funds, including but not limited to sales tax
revenues, that may be allocated to or obtained by the RDA for the
development and preservation of housing.
ii. Eligible Uses of Funds: Activities to promote the development and
preservation of affordable and mixed-income housing, including costs
associated with site acquisition, site remediation, capital improvements, new
construction, and rehabilitation.
iii. Policy Priorities: Funds shall be prioritized to address the housing goals and
needs of identified in the Housing Plan.
3. Annual Budgeting Process. The following steps shall be utilized to budget Housing Funds on an
annual basis:
a. Funding Strategy: Prior to the annual budget process, the RDA shall annually present to
the Board a Housing Development Funding Strategy (“Funding Strategy”) that includes:
i. A projected amount of revenue to be allocated to the Housing Funds for the
upcoming fiscal year.
ii. Proposed funding allocations for housing activities (i.e. gap financing loans,
property acquisition, etc.) and funding priorities for the upcoming fiscal year.
Proposed funding allocations shall be targeted to address current needs,
leverage available opportunities, be coordinated with other City resources,
and align with the standards and priorities for the Housing Funds as
established in Section 2 herein.
b. Annual Budget Allocations: The Board shall consider the Funding Strategy as part of the
annual budget adoption process.
c. Implementation: Once budget allocations are finalized, the RDA will implement projects
and programs according to applicable RDA policies and procedures.
4. Reporting Requirements. The RDA shall provide a written briefing to the Board, within 60
days of the end of each fiscal year, which contains the following information:
a. The year-end balance of the Housing Funds.
b. An accounting of programs and projects funded from the Housing Funds over the last
fiscal year, including the following information itemized by project:
i. Project address
ii. Development partner
iii. Amount of Housing Funds committed
iv. Total project cost
v. The scope and status of improvements
vi. The total number of residential units with a corresponding accounting of
affordability levels by area median income (AMI).
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______ day
of ________________, 20__.
________________________________
Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
December 20, 2020