Transmittal - 11/24/2021SALT LAKE CITY CORPORATION
451 SOUTH STATE STREET, ROOM 118 WWW.SLC.GOV · WWW.SLCRDA.COM
P.O. BOX 145518, SALT LAKE CITY, UTAH 84114-5518 TEL 801-535-7240 · FAX 801-535-7245
MAYOR ERIN MENDENHALL
Executive Director
DANNY WALZ
Director
REDEVELOPMENT AGENCY of SALT LAKE CITY
STAFF MEMO
DATE: November 24, 2021
PREPARED BY: Tracy Tran and Lauren Parisi, RDA Project Managers
RE: Consideration and Adoption of a Resolution Approving Funding Allocations
through the Housing Development Loan Program.
REQUESTED ACTION: Consider approving affordable housing funding allocations as selected
through a Notice of Funding Availability for the Housing Development
Loan Program.
POLICY ITEM: Affordable housing.
BUDGET IMPACTS: $8,000,000 of RDA funds set aside for affordable housing
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City (“RDA”) recently
issued a Notice of Funding Availability (“NOFA”) to solicit applications for up to $8 million
available through the Housing Development Loan Program (“HDLP”) to incentivize the development
and preservation of affordable housing anywhere within Salt Lake City municipal boundaries. Of the
$8 million in available funds, $2.7 million is to be allocated to projects located within high
opportunity areas, or areas that improve a person’s chances at upward mobility. The remaining $5.3
million is to be allocated to projects located anywhere within Salt Lake City municipal boundaries.
The HLDP is being administered pursuant to the Housing Allocation Funds Policy (“Funds Policy”),
resolution R-4- 2021, and the Housing Development Loan Program Policy (“HDLP Policy”),
resolution R-7-2021. The Funds Policy establishes policies for allocating and directing resources for
the development and preservation of housing by various funding sources. Highlights of the Funds
Policy include:
•Housing Funds: The Policy establishes four housing funds based on fund source. The
revenues, expenditures, interest, and payments for each fund source shall be separately
accounted for to ensure the RDA control and oversight to comply with statutory
requirements.
•Annual Budgeting Process: The policy provides that on an annual basis, the RDA 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
will allow the RDA 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.
The HDLP Policy 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. This year’s funding
priorities set by the Board can be found in Attachment A: Project Priorities and Interest Rate
Reductions. These priorities were weighted by importance by the Board.
• 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 could 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.
Pursuant to the policies, the RDA administered a competitive and transparent application process that
resulted in eight (8) requests for funding totaling $11,476,37 - refer to Attachment A: Summary of
Applications for additional information. All eight (8) requests for funding located outside of high
opportunity neighborhoods.
The RDA has evaluated application submittals and convened a review committee (“Committee”) to
recommend applications for funding. This memorandum includes a summary of application
submittals and the Committee’s recommendations for the Board’s consideration and determination of
funding allocations.
HDLP REVIEW COMMITTEE: Pursuant to the HDLP Policy, RDA staff convened a review
committee that included members with experience relevant to the affordable housing industry. This
year’s HDLP review committee was comprised of representatives from both the Housing Trust Fund
Advisory Board (“HTFAB”) and the RDA Finance Committee/Redevelopment Advisory Committee ,
and representatives from the RDA, the City’s Division of Housing Stability, and the City’s
Department of Community and Neighborhoods (“CAN”).
HDLP REVIEW COMMITTEE RECOMMENDATION: On November 19, 2021, the
Committee made recommendations regarding all received applications. Refer to Attachment C:
HDLP Review Committee Funding Recommendation for recommendation detail.
ANALYSIS & ISSUES:
Below is an overview of the HDLP application process:
I. Application Process
The RDA solicited applications as follows:
Citywide Funds – Applications were solicited on a time-limited basis, with a call for
applications released on September 8, 2021 and an application deadline of October 29, 2021.
On September 24, 2021, the RDA hosted a virtual informational meeting to provide an
overview of the HDLP application, requirements, and selection process. The video was
recorded and a link was provided on the RDA website for those who were unable to attend.
Other outreach formats included press releases, website and email communications, social
media, and notifications through secondary outlets.
II.Funding Priorities and Project Evaluation
As part of the application review process, RDA staff analyzed applications according to the
HDLP Policy’s eligibility requirements and funding priorities set by the Board this year,
which can be found in Attachment B. The housing priorities are weighted and include the
ability for an applicant to receive an interest-rate reduction if priorities are met.
When evaluating applications, the Committee considered funding priorities along with other
factors, including developer experience, the completeness/qualit y of the application, the
amount of requested funding per affordable unit, unit mix, community impact, and the
financial and regulatory readiness of the proposed project.
III.Funding Allocations, Conditional Commitment, and Loan Closing
Pursuant to the Policy, the Board will make the final determination of applications to fund.
Subsequently, the RDA will issue a conditional commitment letter to those applications that
are selected for funding. The conditional commitment letter between the RDA and the
applicant will contain the covenants, terms and conditions upon which the RDA will provide
financial assistance to the proposed project once financial, legal, regulatory, and design
approvals are obtained. Prior to closing on a loan, RDA staff will ensure that the project is
financially viable, underwriting standards are met, and the use of public funds is necessary
for the project to succeed.
PREVIOUS BOARD ACTION:
•August 2021: The Board adopted FY21-22 Affordable Housing Funding Priorities.
•June 2021: The Board adopted the 2021-2022 budget, which allocated a total of $3,482,627 to
Housing Development Loan Program funds included in this year’s affordable housing NOFA.
The Housing Development Loan Program fund’s previous balance of $1,840,000 was also
included in this year’s NOFA, bringing the total citywide affordable housing offering to
approximately $5,300,000. $2,700,000 was also offered for high opportunity areas.
•March 2021: The Board adopted the Housing Development Loan Program Policy
•February 2021: The Board adopted the Housing Allocation Funds Policy
•December 2019: The Board approved $1,800,000 for a loan in a high opportunity area in
2019, which leaves a balance of $2,700,000 in high opportunity area funds.
•December 2017: The Board adopted the third amendment for FY 2017-2018, which includes
$4,500,000 for a high opportunity area NOFA.
ATTACHMENTS:
A.Application Overview
B.RDA Board Housing Priorities FY21-22
C.HDLP Review Committee Funding Recommendation
D.Project Summary Sheets
E.Map of Project Locations
F.HDLP 2021 Funding Allocation Resolution
1 ‐ 915 W North Temple 915 W North Temple2 ‐ The Nest382 Rio grande3 ‐ Cleveland Court 375 E Cleveland St4 ‐ Silos425 West 500 South5 ‐ 144 S 500 E 144 S 500 E6 ‐ University Heights 1060 E 100 S7 ‐ Schmidt Apts1265 S 300 W8 ‐ CDCU ADUs$1,000,000$19,050,0005.25%$52,632$1,800,000$52,685,7013.42%$8,182$1,451,375$3,359,75443.2%$207,339$2,360,000$23,639,5109.98%$22,264$775,000$32,546,9912.77%$7,045$2,000,000$20,553,8039.73%$133,333$1,590,000$40,926,9693.88%$10,000$500,000 10/301%Hard payments with balloon payment in Y1020/401.5% interestHard payments with balloon payment in Y201% interest only construction loan; convert to soft second loan.RDA paid back upon unit sales for land. TBD for soft seconds40/401.5% Amortizing Loan No interest until stabalization40/401%Amortizing Loan35/351%Amortizing Loan30/301%Amortizing LoanRDA subsidy ‐ not paid backFor Profit ‐ LLCFor Profit ‐ LLCFor Profit ‐ LLC501 c(3)For Profit ‐ LLCFor Profit ‐ LLCFor Profit ‐ LLC501 c(3)JF Development & Strategic Builders have significant experienceW3 PartnersPeter Corroon/Principals have experience in SLC and Ogden etc.GIV est 2011 & BCG ARC Fund inc. 2018 experiencedRed Gate est. 1995Valmont est. 2010EMG est. 1985BCG Holdings has municipal leadership experience in housing and financingIn business since 2001, EMG (Mgmt.) est 1985Development would be completed by Homeowner with limited Development experienceNew ConstructionNew ConstructionNew Construction(Condominium Townhomes)New ConstructionNew ConstructionRehabilitationNew ConstructionNote Eligible Activites:Financing/LoansDemolition & New Construction Gap Financing for LIHTCConstruction & Development Soft CostsConstPredevelopment & Construction CostsConstruction CostsConstruction CostsADU ConstructionPurchase Agreement. Expected Settlement Date 12/1/21Deed of Trust with Ground Lease to Project llcQuit Claim DeedGround Lease Special Warranty Deed (100% interest)Special Warranty Deed , Applicant is joint owner of property50 year Ground LeaseN/A20% @ 50% AMI80% @ 80% AMI220 (100%) @ 60% AMIFor Sale Townhomes for families @80% AMI84 units (80%) @ 60% AMI22 units (20%) @ 40% AMI100% 60@ AMI15 unit (28%) @ 60% AMI149 units @ 60@AMI10 units @ 30% AMI10 ADU's @ 60% AMI Total 50%Studio 40 (42%) 8 (42%)1BR 55 (58%) 11(58%)Total ‐ all @ 60% Studio 140 (64%) 1BR 80 (36%) 1BR 12BR 43BR 2 Total 60% 40%1BR 88 (83%) 70 (83%) 18 (82%)3BR 18 (17%) 14 (17%) 4 (18%) Total ‐ all @ 40‐60% Studio 53 (48%)1BR 57 (52%) Total 40‐60%1BR 45 (85%) 15 (28%)2BR 8 (15%) Total 60% 30%Studio 40 (25%) 35 (23%) 5 (50%)1BR 103 (65%) 98 (66%) 5 (50%)2BR 16 (10%) 16 (11%)N/ANot AvailablePreliminary Letter for ComplianceNot CompleteNet Zero, Plan to get 80, letter from consultantAll electric, zero emissions96Developer statementN/AProject PrioritiesWeight1.Family Housing3003300 002.Target Populations3300300 003.Neighborhood Safety3330000 304.Homeownership3003000 005. Transportation Opportunities3330033 306. Missing Middle and Unique HousingTypes2002000 007. Expand Opportunity2000000 008. Neighborhood Impact2220022 209. Commercial Vitality2000002 2010. Historic Preservation/Adaptive Reuse1000001 0011.Public Art1001111 10Priority Points 1189769110APPLICATIONS OVERVIEW AND THRESHOLDS ‐ SLCRDA HOUSING DEVELOPMENT LOAN PROGRAM APPLICATIONSRequest AmountProject Cost% of ProjectRDA Funds per UnitProposed Loan TermsTerm/AmortizationInterestRepayment Type Eligible Applicants: 1) For Profit,Partnersp,JV or Sole2) Private 501c33) Public Housing agency, unit of govtDevelopment Team Experience:1) Experience, Financial and technical cap.2) LT viability and complianceSustainability:1) E‐Star Score > 80Eligible Project Types:1) New Construction2) Adaptive Reuse3)Rehab: SubstantialEligible Activities: Land/Prop Acq, Hard Construction Costs, Site imp and soft costsSite Control:Ownership, option, sale agreement or LT LeaseMinimum Affordability:1) 20% @ 60 AMI Unit MixAttachment A: Application Overview
PROJECT PRIORITIES AND INTEREST RATE REDUCTIONS
The information below was included in the HDLP Guidelines. Project priority criteria will be utilized to
evaluate and rank applications as well as provide for interest rate reductions. Priority will be given to
projects that meet housing and community priorities, as follows:
CATEGORY POLICY OBJECTIVE BENCHMARK
NOFA
RANKING
WEIGHT*
0.5%
INTEREST
RATE
REDUCTION**
1 Family Housing Provide opportunities for families
to enjoy the many benefits of
urban living by encouraging the
development of housing that is
more conducive to larger
household sizes.
At least 10% of the
total units are 3+
bedroom units.
3 X
2 Target
Populations
Expand the availability of units for
extremely low-income households
and special populations, thereby
providing housing options for
individuals or families that are
homeless or at risk of
homelessness.
At least 10% of the
units are set aside for
special populations in
partnership with a
governmental or
nonprofit entity.
3 X
3 Neighborhood
Safety
Utilize the development of
housing as a method to remove
blight, reduce crime, revitalize
neighborhoods, and stabilize
communities.
Projects are located
within an active RDA
project area, refer to
Attachment B: RDA
Project Area Map and
incorporate
documented Crime
Prevention through
Environmental design
(CPTED) principals.
3 X
4 Homeownership Create opportunities for those who
have historically rented in the
community to build wealth and
establish permanent roots through
homeownership.
Project is a for-sale
product that will be
sold to income
qualified
individuals/families.
3 X
5 Transportation
Opportunities
Promote a multimodal
transportation network and ensure
convenient and equitable access
to a variety of transportation
options.
Projects must meet
two of the following:
•Includes a car
sharing, bike
sharing, or transit
pass program that is
widely available to
employees/residents
•Includes a
commercial project
that includes
employee shower,
locker, and bicycle
facilities
•Is located within 1/3
mile walking
distance of a TRAX
3 X
4
Attachment B: RDA Board Housing Priorities
station or S-Line
station
•Implements reduced
parking strategies
without negatively
impacting the
neighborhood
•Incorporates majority
of parking within a
primary structure to
minimize the need
for a surface parking
lot.
6 Missing Middle
& Unique
Housing Types
Promote an array of scale of
project types to diversify the City’s
housing stock/forms and provide
more affordable living options for
residents.
Projects are either a
missing middle
housing type (i.e.
townhomes, courtyard
apartments, small-
scale apartments) or a
housing type that is
not commonly built:
tiny homes, modular
homes, pre-fab homes,
accessory dwelling
units (ADUs)
2 X
7 Expand
Opportunity
Provide for Neighborhoods of
Opportunity by promoting the
economic diversity of the housing
stock within neighborhoods.
Projects are located
within a High
Opportunity Area,
which is defined as an
area that provides
conditions that expand
a person’s likelihood
for social mobility as
identified through an
analysis of quality-of-
life indicators. Refer to
Attachment A: High
Opportunity Area Map
and Table.
2 X
8 Neighborhood
Impact
Encourage housing that is high-
quality, enduring, and that
contributes to neighborhood
context and livability through
architectural and urban design
best practices.
Buildings shall include
an active ground floor
use, significant ground
floor glass, durable
building materials and
engaging building
entrances.
2 X
9 Commercial
Vitality
Foster a mix of land uses and
unique neighborhood business
districts that adequately meet the
local community’s needs.
Projects are mixed-use
and establish new
services, amenities, or
underrepresented
business types in the
neighborhood that the
local community
2 X
5
identifies as lacking
and desired.
10 Historic
Preservation
/Adaptive
Reuse
Encourage the preservation and/or
reuse of buildings to preserve the
character of neighborhoods.
Projects that preserve
buildings that are 50
years old or older
and/or projects that
adaptively reuse an
existing building
1 X
11 Public Art Promote cultural expression and
add to the experience and value of
the built environment through art
that is publicly visible or
accessible for all to experience.
Project contributes at
least 1.5% of the RDA
contribution towards
the installation of art
onsite or towards the
RDA art fund as
outlined in the RDA
Art Policy.
1 X
*Note: NOFA Ranking Weight: Uses a number (the weight) between 1 and 3 to assess the importance of the funding priority, with 1
being of lower importance and 3 being of the highest importance.
**Note: .05% Interest Rate Reductions: While 12 interest rate reductions will be available, the maximum a project can quality for is
four, thereby reducing the interest rate to a minimum of 1%.
6
The HDLP review committee (“Committee”) recommends the following -
*The final loan terms shall comply with the requirements, standard loan terms and conditions, interest-rate
reductions, and all other details laid out within the 2021 Housing Development Loan Program (HDLP) Guidelines
If the RDA Board would like to fund the full requests for The Nest and Schmidt Apartments, RDA
staff could allocate some of the ~$2M in “emergency funds” that the RDA plans to issue early next
year for another Notice of Funding Availability (“NOFA”). If the full amounts of The Nest and
Schmidt Apartments are funded, approximately $775,000 would be available for the next round of
the NOFA for the Housing Development Loan Program.
PROJECT/APPLICANT ADDRESS
FUNDING
REQUEST PRELIMINARY TERMS*
FUNDING
RECOMMENDATION
FUNDING
RANKING
Silos on 5th 425 W. 500 South $2,360,000 1.5% interest, 40-year term,
40-year amortization
$2,360,000 1
Giv Communities
144 S. 500 East 144 S. 500 East $775,000 1% interest, 40-year term,
40-year amortization
$775,000 2
Red Gate
The Nest 382 Rio Grande $1,800,000 1.5% interest, 20 year term,
40 year amortization,
regular payments w/ balloon
payment end of term
$1,082,500 3
W3 Partners
Schmidt Apartments 1265 S. 300 West $1,590,000 1% interest, 30 year term,
30 year amortization
$1,082,500 3
Westates
University Heights 1060 E. 100 South $2,000,000 1% interest, 35 year term,
35 year amortization
$0
BCG
915 W. North Temple 915 W. North
Temple
$1,000,000 1% interest, 10 year term,
30 year amortization,
regular payments w/ balloon
payment end of term
$0
JF Development Group
Cleveland Court 375 E. Cleveland
Street
$1,451,375 1% interest only
construction loan converted
to soft second loan(s).
RDA paid back for land
upon sale of units
$0
Sentry Financial
ADU Financing
Program
CDCU
Citywide $500,000 RDA Grant $0
TOTAL $11,476,375 $5,300,000
Attachment C: HDLP Review Committee Funding Recommendations
PROJECT NAME: #1 – 915 W North Temple
ADDRESS: 915 E North Temple
DOES THE PROJECT MEET NOFA THRESHOLD REQUIREMENTS?: Yes, will need to ensure project meets Energy Star
Statement of Design Intent requirement once the project is further along.
PROJECT SUMMARY:
According to the developer: “This project is in the initial concept phase with construction expected to start in Summer 2022
and completion by Summer 2023. Our goal is to provide a high quality, affordable housing TOD project without using Section
42 LIHTC. We plan to work with other key stakeholders in our community, including Housing Connect, Intermountain
Healthcare Impact Fund, Utah Center for Neighborhood Stabilization, and others to maximize the affordability targets of this
project. The project will include a minimum of 20% of units at 50% of AMI through a LURA and the remaining units at 80% AMI
through sponsor-initiated (self imposed) affordability. We will seek to layer in deeper affordability, additional deed-restrictions,
and targeted populations through additional community partnerships. We will include robust resident services or work non -
profits to include services such as ESL, financial literacy, after-school activities, community events, and other socially-oriented
programming.”
OVERVIEW:
DEVELOPER:
Ryan Davis/JF
Development Group
REQUEST TYPE: Construction Costs
PROJECT TYPE: New Construction
EXISTING LAND USE: Commercial/Retail
HOUSING UNITS: 95 TOTAL
TOTAL MARKET
60 - 40%
AMI <40% AMI
Studio 32 ($1292) 8 ($808)
1-Bed 44 ($1384) 11($865)
TOTAL 76 19
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$1,000,000 5.2% $19,050,000
TIMELINE:
Commence Construction June 2022
Complete Construction September 2023
TAX CREDITS:
Applying for Tax Credits (Y/N): N
Tax Credits Awarded (Y/N): n/a
SOURCES:
FUNDING SOURCES AMOUNT
Cash Equity $5,665,066 29.7%
RDA HDLP Loan $1,000,000 5.2%
Bank Debt $12,385,000 65.0%
TOTAL SOURCES: $19,050,066 100%
USES:
FUNDING USES AMOUNT
Land $2,000,000 10.5%
A&E $653,462 3.4%
Hard Costs $13,069,231 68.6%
FF&E $200,000 1.0%
Soft Costs $800,000 4.2%
Financing Costs $848,750 4.5%
Developer Fee $700,051 3.7%
Contingency $778,572 4.1%
TOTAL USES: $19,050,066 100%
PROPOSED TERMS:
Interest Rate: 1%
Term: 10 yr term/ 30 yr Am
Details Hard repayments,
subordinated to senior
lender. Balloon payment due
at end of term.
Attachment D: Project Summary Sheets
8
DEVELOPER SUMMARY:
According to the developer, “JF has been actively developing multifamily housing for over a decade and has delivered over
2,000 multifamily units, including 900 deed-restricted affordable housing units. JF has developed over $200M of affordable
housing projects in Utah and has over $150M of affordable/workforce housing projects in our pipeline. We have completed
projects with 100% affordable units at 60% AMI, projects with tiered rents at 40-50-60% AMI, mixed-income projects with
affordable and market-rate, and mixed-use with ground-floor commercial space.”
SITE MAP:
PROJECT RENDERINGS:
9
PROJECT NAME: #2 – The Nest
ADDRESS: 382 S Rio Grande St
DOES THE PROJECT MEET NOFA THRESHOLD
REQUIREMENTS?: Yes, will need to ensure project meets Energy Star Statement of Design Intent requirement.
PROJECT SUMMARY:
According to developer “W3 Partners has purchased land consisting of three parcels totaling approximately 1.59 acres and
located at 358 and 382 South Rio Grande Street and 365 South 500 West in Salt Lake City, Utah.
OVERVIEW:
DEVELOPER:
Janet West/W3 Partners,
LC
REQUEST TYPE: Construction Costs
PROJECT TYPE: New Construction
EXISTING LAND USE: Office and Vacant Land
HOUSING UNITS: 220 TOTAL
TOTAL MARKET
60 - 40%
AMI <40% AMI
Studio 140 ($926)
1-Bed 80 ($988)
TOTAL 220
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$1,800,000 3.42% $52,644,890
TIMELINE:
Commence Construction June 2022
Complete Construction November 2024
TAX CREDITS:
Applying for Tax Credits (Y/N): Y, 4%
Tax Credits Awarded (Y/N): N
SOURCES:
FUNDING SOURCES AMOUNT
Perm Loan $29,600,000 56.2%
Tax Credit Equity $18,480,345 35.1%
Deferred Developer Fee $1,387,545 2.6%
Olene Walker Loan $1,000,000 1.9%
RDA Loan $1,800,000 3.4%
Investor Equity $312,000 .6%
Questar Rebate $5,000 .01%
Rocky Mountain Power
Rebate $60,000 .1%
TOTAL SOURCES: $52,644,890 100%
USES:
FUNDING USES AMOUNT
Land (demo) $90,000 .2%
Construction $41,057,255 78%
A&E $3,774,739 7.2%
Reserves $1,214,600 2.3%
Development Fee $4,427,486 8.4%
Financing Costs $1,715,166 3.3%
Bond Issuance Expenses 364,750 .7%
TOTAL USES: $52,644,890 100%
PROPOSED TERMS:
Interest Rate: 1.5%
Term/Am: 20 yr term/ 40 yr Am
Details: Hard repayments annually
with balloon payment in Y20.
The land will be leased to
the project llc and will be
based on cashflow. Land
lease payments are paid
prior to debt service.
10
Located on Parcel 1 is an existing office building consisting of approximately 27,000 rentable square feet that is 100% leased
until 2028. Parcel 2 is adjacent to, and south of, the office building and currently has a surface parking lot that parks the office
building. Parcel 3 is vacant land and is adjacent to both parcels on their west boundary. Parcels 2 and 3 can be developed
immediately (1.08 acres), and this is the land upon which the Low-Income Housing Tax Credit (LIHTC) multi-family housing
will be built.
The LIHTC multi-family project (The Nest @ Rio Grande) will consist of six floors, with five levels of residential units totaling
220 units situated over one level of structured parking (50 stalls). Additional parking (22 stalls) will be built on the north portion
of Parcel 3 and situated behind the office building. This parking will be used by the office building during business hours
Monday through Friday and used by the tenants of the apartment building during the nights and weekends. We are
anticipating a 100% LIHTC project at 60% of the Average Median Income (AMI). We have a market study performed by
Western States Multifamily that suggests this is a great location for an affordable project, with LIHTC rents being on average
14%-29% less than the surrounding market rents.”
DEVELOPER SUMMARY:
According to the developer, “W3 Partners, LC, was founded in 2020 to continue the investment, development and
management of real estate assets that the three principals have been engaged in for many years. On a combined basis, the
three principals have been engaged in this business for over 100 years. Their previous company began as Cottonwood
Partners in 1997 and had an established record of very successfully investing over $2 billion in new development and
existing properties over its 28-year history. Founders of W3 Partners were owners of Cottonwood and/or its assets and were,
respectively, the CEO, CFO and Director of Asset Management, and Broker, Directing of Leasing and Development Officer for
Cottonwood.
The focus of W3 Partners is to invest in properties that can be significantly enhanced by development or redesign and
refurbishment. This philosophy has been successfully executed in many projects, and they include the 1 million square-foot
Cottonwood Corporate Center, the Scowcroft Office Building, the Newpark Office Buildings, and the 45-acre Forge
development. These are all in Utah and are representative of the company’s expertise and success. The capital necessary for
the these, and other projects, has been provided by wealthy individuals, private equity firms, institutional investors, banks and
insurance companies.”
SITE MAP:
11
PROJECT RENDERINGS:
12
PROJECT NAME: #3 – Cleveland Court
ADDRESS: 375 E Cleveland St
DOES THE PROJECT MEET NOFA THRESHOLD REQUIREMENTS?: No, HDLP funds are limited to 10% or less of the
project’s financing sources. The RDA has not traditionally worked on homeownership projects so this concept would be new
for the RDA to undertake. Since affordable homeownership is a priority for the RDA Board, the RDA Board may want to
consider this project and waive the 10% limit.
OVERVIEW:
DEVELOPER:
Peter Corroon/Sentry
Financial
REQUEST TYPE: Construction and Soft Costs
PROJECT TYPE:
New
Construction/Homeownership
EXISTING LAND USE: Vacant
HOUSING UNITS: 7 TOTAL
TOTAL 80% AMI
1-Bed 1
2-Bed 4
3-Bed 2
TOTAL 7
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$1,451,375 43.2% $3,359,754
TIMELINE:
Commence Construction Q4 2021
Complete Construction Q3 2022
TAX CREDITS:
Applying for Tax Credits (Y/N): N
Tax Credits Awarded (Y/N): N
SOURCES:
FUNDING SOURCES AMOUNT %
Equity $1,908,379 56.8%
RDA Loan $1,451,375 43.3%
TOTAL SOURCES: $3,359,754 100%
USES:
FUNDING USES AMOUNT %
Land $500,000 14.9%
Construction $2,301,606 68.5%
Soft Costs $415,097 12.4%
Reserves $131,952 3.9%
Development Fee - 0%
Financing Costs $11,099 .3%
TOTAL USES: $3,359,754 100%
PROPOSED TERMS:
Interest Rate: 1% interest only construction
loan on $951,375 that will
convert to soft second loan
Term/Am: Construction loan that would
convert to permanent loan
for a period of at least 15
years
Details: The applicant is requesting
that the RDA purchase the
property for $500,000 in
which that amount could be
paid back to the RDA upon
the sales of the units. The
other $951,375 would be a
construction loan that would
convert to soft second loans.
The developer has stated
that alternatively, the RDA
could provide just the
$951,375 loan if we did not
want to purchase the land.
13
PROJECT SUMMARY:
From the Developer: “The project concept is to provide affordable "missing-middle" home ownership opportunities in Salt Lake
City. The units will be built and sold to persons and families at or below 80% of the area median income (AMI). The seven
condominiums are broken up into two buildings in order to provide a more neighborhood residential feel to the project. The
Cleveland Court project is environmentally sustainable (equipped with solar generation and high insulation values), is visually
attractive and appealing, and is designed with dog runs, a fire pit, patios, balconies, and an internal courtyard – all of which
encourage residents to engage with one another and with the surrounding neighborhood. The project has gone through the
city's Planned Development process which provided additional design elements to make the project more attractive on the
exterior, such as more windows and pedestrian entries with canopies.”
The RDA currently does not have specific policies related to affordable homeownership to guide the details of this request.
The details would need to be further negotiated with the developer and will require policy direction and approval from the RDA
Board. The developer has provided some flexibility in their request since the RDA currently does not have detailed policies for
affordable homeownership.
DEVELOPER SUMMARY:
According to the developer, “The principals of Cleveland Court, LLC co-own with their partners thousands of apartments in the
Intermountain West. Most recently, the firm has developed the Tower View Apartments in Ogden, Utah (144 units) and the
Downington Place Condominiums in Salt Lake City (3 units), a for-sale townhome project.
Peter Corroon, who will oversee this development, has constructed or renovated hundreds of units of affordable housing over
the last two decades. Most recently, he has completed projects in Salt Lake City, including the Casa Milagros Apartments (61
units), a senior affordable housing project serving tenants between 25% and 50% of the area median income, and Cornell
Place (146 units), a project serving tenants between 40% and 60% of the area median income.”
SITE MAP:
14
PROJECT RENDERINGS:
15
PROJECT NAME: #4 – Silos on 5th Phase 1 and 2
ADDRESS: 425 West 500 South
DOES THE PROJECT MEET NOFA THRESHOLD REQUIREMENTS?: Yes, will need to ensure project meets Energy Star
Statement of Design Intent requirement.
PROJECT SUMMARY:
Silos on 5th Phase 1 and 2 is a a part of a larger development plan and will be located west of the former Utah Cereal Mill
property. From Developer: “Giv Group has been building all-electric, zero-emission buildings since 2017. The project will
leverage best practices in all-electric design and assembly, including solar-ready, battery-ready, and EV charging. Per LIHTC,
units will be Enterprise Green communities certified and include Energy Star appliances.
Long-term ownership entices the ownership team to optimize for operations and maintenance (O&M) and repair &
replacement cycyles. The ownership strategy rebalances the first cost/lifecycle equation to focus on durability, efficiency, and
OVERVIEW:
DEVELOPER:
Matthew Abbot/Giv
Communities
REQUEST TYPE: Construction Costs
PROJECT TYPE: New Construction
EXISTING LAND USE: Commercial/Industrial - Vacant
HOUSING UNITS: 106 TOTAL
TOTAL
MARKET
–80%60 - 40% AMI <40% AMI
1-Bed - 70 ($716-$803) 18 ($370-$613)
2-Bed - 0 0
3-Bed - 14 ($976-$1096) 4 ($497-$832)
TOTAL - 84 22
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$2,360,000 9.98% $23,673,260
TIMELINE:
Commence Construction August 2022
Complete Construction August 2023
TAX CREDITS:
Applying for Tax Credits (Y/N): Y, 9%
Tax Credits Awarded (Y/N):
Yes for phase
1, not yet for
phase 2
SOURCES:
FUNDING SOURCES AMOUNT
LIHTC Investor $16,120,978 68.2%
RMCRC $2,639,283 11%
RDA Loan $2,360,000 10%
OWHLF $1,500,000 6.4%
Deferred Developer Fee $1,000,000 4.2%
Utility Rebates $53,000 .2%
TOTAL SOURCES: $23,673,260 100%
USES:
FUNDING USES AMOUNT
Land - -
Hard Costs $18,408,055 80.8%
Soft Costs $1,059,854 4.5%
Developer Fee $2,063,892 8.7%
Financing Expense $900,500 3.8%
Contingency $830,000 3.5%
Reserves $410,960 1.7%
TOTAL USES: $23,673,260 100%
PROPOSED TERMS:
Interest Rate: Qualify for 1.5% but asking
for 1%
Term/Am: 40 yr/40yr
Details: Hard repayments,
subordinated to senior
lender. Ground lease
16
total cost of ownership. At a minimum, apartment amenities will include: bike racks, gated parking, raised garden beds, electric
charging (L2),quartz countertops, high-efficiency water heaters, low flow fixtures, LED lighting, and washer dryers”.
DEVELOPER SUMMARY:
From Developer: “Giv has completed and manages multiple projects in Salt Lake City, Provo, and Ogden. These projects
include Citizens West, Exchange, Project Open (One & Two), North Sixth, Startup Crossing, Imagine Jefferson (One & Two)
and as a consultant on many other projects, including the Denver Apartments and Pamela’s Place. More on Give Group and
the team here: https://giv.group/
BCG holdings, the project guarantor, has been actively developing The Granary District recently completing Industry, amongst
other projects. Jonathan Hardy, part of the BCG team, was formerly the head of Housing and Community Development for the
State of Utah and a board member for Utah Housing Corporation. In this role, he managed compliance for over 500 projects.
BCG and Giv are currently collaborating on The Silos on 5th Phase 1 &2 as part of a broader redevelopment project.”
SITE MAP:
PROJECT RENDERINGS:
17
18
PROJECT NAME: #5 – 144 South
ADDRESS: 144 S. 500 East
DOES THE PROJECT MEET NOFA THRESHOLD
REQUIREMENTS?: Yes
PROJECT SUMMARY:
From Developer – The developer, 144 South Apartments, LLC, proposes to build the 144 South project, a 6-story (above-
grade), 110-unit apartment building on a 0.62-acre parcel located at 144 S 500 East in Salt Lake City. The project will include
a 420 square-foot cafe (or other retail) which is integrated into the entry lobby, an approximately 1,600 sf co-working business
center, plus an abundance of amenity spaces including a club house, exercise facility, pet wash, secure bike parking and
large outdoor deck. There will be 53 studio units and 57 one-bedroom units. The developer is seeking Low-Income Housing
Tax Credits so that building contains 110 affordable housing units (100%) with rents for tenants at or below 60% Area Median
Income.
OVERVIEW:
DEVELOPER:
Peter Corroon – 144 South
Apartments LLC
REQUEST TYPE:
Pre-Development &
Construction Costs
PROJECT TYPE: New Construction
EXISTING LAND USE:
Vacant Office
Building/House
HOUSING UNITS: 110 TOTAL
TOTAL MARKET
60 - 40%
AMI <40% AMI
Studio 53 ($925)
1-Bed 57 ($988)
TOTAL 110
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$775,000 2.3% $32,547,991
TIMELINE:
Commence Construction February 2022
Complete Construction October 2023
TAX CREDITS:
Applying for Tax Credits (Y/N): Y – 4%
Tax Credits Awarded (Y/N): N
SOURCES:
FUNDING SOURCES AMOUNT
Senior Lender Debt $16,900,000 51%
Seller Land Note $2,702,000 8.3%
Deferred Developer’s Fee $1,057,335 3.2%
RDA Loan $775,000 2.3%
Olene Walker $500,000 1.5%
County HOME Funds $250,000 .7%
LIHTC Equity $10,303,156 31%
Energy Rebates $65,000 2.3%
TOTAL SOURCES: $32,547,991 100%
USES:
FUNDING USES AMOUNT
Acquisition (land & demo) $4,823,000 14.8%
Site Work $1,458,954 4.4%
Construction $17,980,171 55%
Contingency $1,572,631 4.8%
Architect and Engineering Fees $423,500 1.3%
Profit and Overhead $3,047,253 9.3%
Financing $1,159,386 3.5%
Soft Costs $453,036 1.3%
Interim Proration Schedule Exp. $958,796 2.9%
Project Reserves $671,264 2%
TOTAL USES: $32,547,991 100%
PROPOSED TERMS:
Interest Rate: 1%
Term/Amortization: 40/40
Loan Details Hard Repayments
Repayment Priority: Subordinate to Senior Lender
19
The building will consist of five floors of wood frame construction over a 3-level concrete parking structure with 113 parking
spaces available for tenants. The Department of Housing and Urban Development is requiring at least one-to-one parking for
each apartment in order to obtain its funding.
DEVELOPER SUMMARY:
From Developer – 144 South Apartments, LLC consists of two partners, Red Gate Properties and Valmont Investments. Red
Gate Properties was founded in 1995 by brothers Peter and Christopher Corroon. Red Gate Properties has developed,
rehabilitated and/or managed several multi-family and commercial real estate properties in Utah, including seven multi-family
properties as well as a self-storage facility, two office buildings and two warehouses. Peter Corroon has completed three
affordable tax-credit projects. More recent affordable housing projects include the Cornell Street Apartments with 146 units
and the Casa Milagros by Centro Civico Housing with 61 apartments.
Valmont Investments, LLC invests in single-family and multi-family investment properties in the Salt Lake valley.
Once completed, the property will be professionally managed on a day-to-day basis by the EMG Management which has
many years of experience with multi-family affordable housing projects.
SITE MAP:
PROJECT RENDERINGS:
20
21
PROJECT NAME: #6 – University Heights
ADDRESS: 1060 E. 100 South
DOES THE PROJECT MEET NOFA THRESHOLD REQUIREMENTS?: Yes
PROJECT SUMMARY:
From Developer: “This project proposes to adaptively reuse an existing office building for 53 apartments units and maintain
some commercial office space on the ground floor. It is proposed to be a partnership with the University of Utah incorporating
the existing transit infrastructure and elements to house incoming faculty looking to relocate to the University area and for
employees that meet the income restricted nature of the units.
Amenities will include high level amenities such as an indoor bike storage and locker area, fitness facility options, self serve
dog wash station that can be commercially utilized by the neighborhood. New green landscaping will be incorporated to soften
current concrete elements like the upper parking deck that serves the proposed commercial space.
This project is an opportunity to create affordable housing without tax credits. Rather than RDA being a minor portion of
creating affordability, this loan and the subsequent state match program grant will create affordability where market units
would otherwise exist.”
OVERVIEW:
DEVELOPER:
Jonathan Hardy/BCG
Holdings
REQUEST TYPE: Construction Costs
PROJECT TYPE: Adaptive Reuse
EXISTING LAND USE: Office Building
HOUSING UNITS: 53 TOTAL
TOTAL MARKET
60 - 40%
AMI <40% AMI
1-Bed 30 15 ($1000)
2-Bed 8
TOTAL 38 15
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$2,000,000 9.73% $20,553,803
TIMELINE:
Commence Construction July 2022
Complete Construction September 2023
TAX CREDITS:
Applying for Tax Credits (Y/N): N
Tax Credits Awarded (Y/N): N
SOURCES:
FUNDING SOURCES AMOUNT
Senior Lender Debt $14,593,455 71%
RDA Loan $2,000,000 10%
State of Utah Match Grant $1,057,335 5%
Owner Equity $775,000 4%
TOTAL SOURCES: $20,553,803 100%
USES:
FUNDING USES AMOUNT
Land/Existing Structures $6,316,000 30.7%
Hard Costs $11,495,674 55.9%
Soft Costs $545,000 2.7%
Developer Fee $768,387 3.7%
Financing Expense $1,028,742 5%
Reserves $400,000 1.9%
TOTAL USES: $20,553,803 100%
PROPOSED TERMS:
Interest Rate: 1%
Term/Amortization: 35/35
Loan Details Hard Repayments,
subordinated to senior
lender
22
DEVELOPER SUMMARY:
From Developer: “BCG Holdings is a current guarantor and co-developer of the Silos on 5th. In addition, Jonathan Hardy on
the BCG Holdings team managed the State of Utah Housing and Community Development Division (HCD) and its Olene
Walker Housing Loan Fund for over 10 years. In addition, having served on the board of the Utah Housing Corporation and
being responsible as a Trustee and in his position with HCD, Jonathan was charged with maintaining compliance over a
portfolio of 10,000 plus units as a pass through entity for HUD. BCG is committed and has the experience to meet all
objectives set forth and agreed to between the RDA and BCG.”
SITE MAP:
PROJECT RENDERINGS:
23
24
PROJECT NAME: #7 – Schmidt Apartments
ADDRESS: 1265 S. 300 West
DOES THE PROJECT MEET NOFA THRESHOLD REQUIREMENTS?: Yes.
PROJECT SUMMARY:
From Developer – “This is a proposed new construction project with 159 affordable units (100% affordable) and 3,500 square
feet of commercial space on the found floor. The site is ideal for affordable housing due to its proximity to employment
opportunities and public transportation. It is located withing walking distance to the TRAX Ballpark Station.
In addition to the significant project attributes above, the projects will be designed to be a netZero project meaning it will
generate sufficient energy through on-site solar panels to offset 100% of project energy usage. All appliances and HVAC will
be electric only. The project will also meet Energy Star standards. The project will be a valuable asset to the neighborhood
and the city.”
OVERVIEW:
DEVELOPER: Corey Johnson/Westates
REQUEST TYPE: Construction Costs
PROJECT TYPE: New Construction
EXISTING LAND USE: Commercial Building
HOUSING UNITS: 159 TOTAL
TOTAL
60 - 40%
AMI <40% AMI
Studio 35 ($936) 5 ($484)
1-Bed 98 ($1,038) 5 ($519)
2-Bed 16 ($1,245)
TOTAL 149 10
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$1,590,000 3.9% $40,950,402
TIMELINE:
Commence Construction July 2022
Complete Construction July 2024
TAX CREDITS:
Applying for Tax Credits (Y/N): Y – 4%
Tax Credits Awarded (Y/N): N
SOURCES:
FUNDING SOURCES AMOUNT
Senior Lender Debt $20,100,000 49.1%
RDA Loan $1,590,000 3.9%
Tax Credit Equity $18,721,252 45.7%
Deferred Developer Fee $404,000 1.0%
Utility Rebates $135,150 .3%
TOTAL SOURCES: $40,950,402 100%
USES:
FUNDING USES AMOUNT
Demolition $75,000 .2%
Site Work & Construction $30,446,948 74.4%
Contingency $1,927,552 4.7%
Architect and Engineering Fees $425,000 1.0%
Development Fee $3,651,696 8.9%
Financing Expenses $2,406,075 5.9%
Soft Costs $213,856 .5%
Syndication Costs $163,000 .4%
Project Reserves $1,640,890 4.0%
Misc. $386 .001%
TOTAL USES: $40,950,402 100%
PROPOSED TERMS: Interest Rate: 1%
Term/Amortization: 30/30
Loan Details Hard Repayments,
Subordinate to senior
lender. Ground lease
25
DEVELOPER SUMMARY:
From Developer: “Westates Companies is the principal partner within the general partnership. Westates is a Utah construction
and development firm headquartered in Salt Lake City. It began operations in 2001. Westates is a partner in three 9% LIHTC
projects and two 4% LIHTC projects. Furthermore, they have constructed or developed over 2,000 apartments and townhome
units.”
SITE MAP:
PROJECT RENDERINGS:
26
PROJECT NAME: #8 – CDCU ADU Financing Program
ADDRESS: Citywide
DOES THE PROJECT MEET NOFA THRESHOLD REQUIREMENTS?: No – This request would require an exception from
the Review Body and RDA Board.
PROJECT SUMMARY:
OVERVIEW:
DEVELOPER:
Community Development
Corporation of Utah (CDCU)
REQUEST TYPE: Construction Loan(s)
PROJECT TYPE: ADU Financing Program
EXISTING LAND USE: n/a
HOUSING UNITS: ADU rent limited to 60% AMI for at
least 3 years.
FUNDING REQUEST:
NOFA REQUEST TOTAL PROJECT COST
$500,000
Average ADU Loan -
$125,000
TIMELINE:
Commence Construction Ongoing
Complete Construction Ongoing
TAX CREDITS:
Applying for Tax Credits (Y/N): N
Tax Credits Awarded (Y/N): N
SOURCES:
FUNDING SOURCES AMOUNT
RDA Subsidy $500,000
US Treasury Grant Unknown at this time
CDCU Funds Unknown at this time
USES:
FUNDING USES AMOUNT
ADU Construction Amount
(average) $150,000 each 100%
PROPOSED TERMS – See pages 14 and 15 of
project proposal for more detail.
RDA Subsidy Does not get paid back
CDCU Loan -Interest only for 12 months.
-Thereafter, interest due monthly
based on 20-year amortization until
maturity.
-Loan term of 3 years.
-When loan term expires, total loan
amount must be paid back to
CDCU or the total loan excluding
the RDA’s $30-50K subsidy. If the
latter, Deed of Trust must be
maintained to rent to lessee at
$60% AMI.
27
DEVELOPER SUMMARY:
PROJECT RENDERINGS:
(ADU Design to vary based upon owner preferences)
28
6 - University
Heights5 - 144 S 500 E
2 - The Nest
4 - The Silos
1 - 915 W
North Temple
7 - Schmidt
Apts
3 - Cleveland Court
ATTACHMENT E: Map of Project Locations
Legend
High Opportunity Area
2021 HDLP Submittals
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Affordable Housing – Housing Development Loan Program (HDLP)
Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) was created to transact the
business and exercise the powers provided for in the Utah Community Reinvestment Agency Act
(the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of
increasing the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the RDA Board of Directors (“Board”) approved the Housing Funds Allocation
Policy (“Funds Policy”), Resolution R-4-2021, which establishes policies with respect to
dedicating and directing resources for the development and preservation of housing based on
funding source (“Housing Funds”).
WHEREAS, the Board has set aside $8,000,000 of Housing Funds for affordable housing
through the RDA’s Housing Development Loan Program (“HDLP”) including $5,300,000 in
HDLP funds and $2,700,000 in high opportunity funds. The allocation of funds is contingent
upon an application and review process administered by the RDA to facilitate funding of
qualified projects that meet the goals established by the HDLP.
WHEREAS, through a Notice of Funding Availability (“NOFA”), the RDA administered a loan
application and review process pursuant to the HDLP policy set forth in resolution R-7-2021 (the
“HDLP Policy”) and the RDA’s Housing Funding Priorities for Fiscal Year 2021-2022 (“Funding
Priorities”) that resulted in eight requests for funding totaling $11,476,375. All eight applications are
for projects located outside of high opportunity area neighborhoods.
WHEREAS, on November 19, 2021, the HDLP Review Committee (“Review Committee”)
reviewed the HDLP applications and recommended funding allocations and preliminary terms as
further described in on Exhibit A.
WHEREAS, based on the Review Committee’s recommendations, RDA staff recommend that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
WHEREAS, following approval of funding allocations and preliminary terms as set forth on
Exhibit B, the RDA shall provide a conditional commitment period during which the approved
Attachment F: HDLP 2021 Funding Allocation Resolution
2
applicant shall have the opportunity to obtain needed financial, legal, and regulatory approvals,
as well as satisfy other conditions determined by the RDA, to finalize the loan terms.
WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of
the conditional commitment shall be invited to execute a Letter of Commitment to finalize the
loan terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the
funding allocations and preliminary terms as further described in Exhibit B, subject to revisions
that do not materially affect the rights and obligations of the RDA hereunder. For approved
applicants that successfully meet the required conditions, the Board authorizes the Executive
Director to negotiate and execute the conditional commitment letter, the Letter of Commitment,
and the loan agreements and other relevant documents consistent with the funding allocations and
terms contained on Exhibit B and incorporating such other terms and conditions as recommended
by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______
day of December 2021.
________________________________
Ana Valdemoros, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Sara Montoya
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
November 23, 2021
3
EXHIBIT A: RDA HDLP REVIEW COMMITTEE RECOMMENDED FUNDING
ALLOCATIONS
The RDA HDLP Review Committee recommends that funding be allocated to projects in order
of priority ranking.
*The final loan terms shall comply with the requirements, standard loan terms and conditions, interest-rate
reductions, and all other details laid out within the 2021 Housing Development Loan Program (HDLP) Guidelines
PROJECT/APPLICANT ADDRESS
FUNDING
REQUEST PRELIMINARY TERMS*
FUNDING
RECOMMENDATION
FUNDING
RANKING
Silos on 5th 425 W. 500 South $2,360,000 1.5% interest, 40-year term,
40-year amortization
$2,360,000 1
Giv Communities
144 S. 500 East 144 S. 500 East $775,000 1% interest, 40-year term,
40-year amortization
$775,000 2
Red Gate
The Nest 382 Rio Grande $1,800,000 1.5% interest, 20 year term,
40 year amortization,
regular payments w/ balloon
payment end of term
$1,082,500 3
W3 Partners
Schmidt Apartments 1265 S. 300 West $1,590,000 1% interest, 30 year term,
30 year amortization
$1,082,500 3
Westates
University Heights 1060 E. 100 South $2,000,000 1% interest, 35 year term,
35 year amortization
$0
BCG
915 W. North Temple 915 W. North
Temple
$1,000,000 1% interest, 10 year term,
30 year amortization,
regular payments w/ balloon
payment end of term
$0
JF Development Group
Cleveland Court 375 E. Cleveland
Street
$1,451,375 1% interest only
construction loan converted
to soft second loan(s).
RDA paid back for land
upon sale of units
$0
Sentry Financial
ADU Financing
Program
CDCU
Citywide $500,000 RDA Grant $0
TOTAL $11,476,375 $5,300,000
4
EXHIBIT B: HDLP RDA BOARD FUNDING ALLOCATIONS
(To add after Board Meeting)