001 of 2022 - Housing Allocation Funds Policy RevisionsREDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Repealing and Replacing the Housing Allocation Funds Policy
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF
SALT LAKE CITY REPEALING AND REPLACING THE RDA HOUSING FUNDS POLICY
WHEREAS, on February 9, 2021, pursuant to Resolution No. R-04-2021, the Board of
Directors of the Redevelopment Agency of Salt Lake City (“Board”) passed the Housing Allocation
Funds Policy (“2021 Policy”, attached to this resolution as Attachment A for reference), which
established a policy dedicating and directing resources for the development and preservation of
housing.
WHEREAS, the 2021 Policy established four different housing funds, including the
Northwest Quadrant Housing Fund, which dedicated housing funds received pursuant to Section 11-
58-601(6)(b) of the Utah Inland Port Authority Act (“Inland Port Housing Funds”) to
neighborhoods adjacent to the proposed location of the Inland Port.
WHEREAS, the Board now desires to repeal and replace the 2021 Policy in order to clarify
the terms of the policy and replace the Northwest Quadrant Housing Fund with a new housing fund
entitled the Westside Community Initiative Fund in order to better direct housing funds to the City’s
westside (the redline version of the 2021 Policy is attached to this resolution as Attachment B for
reference).
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF SALT LAKE CITY, the Housing Allocation Funds Policy
adopted pursuant to Resolution No. R-4-2021 is repealed in its entirety and replaced with the following:
1. Purpose. The purpose of the RDA Housing Allocation Funds Policy (“Policy”) is to establish the
processes and guidelines for coordinating and allocating tax increment, tax differential, sales tax,
and other revenues for the development and preservation of housing. The RDA will leverage
resources and collaborate with public and private partners to incorporate a high level of public
benefits within housing developments and broaden the pool of available housing funds and
expertise.
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 Utah Code Title 17C Community Reinvestment Agency Act (the
CRA Act”).
ii. Eligible Uses of Funds: Funds shall be utilized for the purposes described in
1 of 2022
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 City’s housing plan identifying needs,
priorities and goals on a citywide basis (“Housing Plan”) and the adopted
project area plans identifying housing needs, priorities, and goals on a project
area basis (“Project Area Plans”).
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. Westside Community Initiative Fund ("WCI")
i. Source of Funds: Inland Port Housing Funds and additional funds including
revenue generated by projects.
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 and allocated for projects on
the City’s westside defined as municipal boundaries west of I-15.
iii. Policy Priorities: Funds shall be prioritized to:
1. Address the potential impacts from Inland Port development activities
and improve opportunity indicators within the westside.
2. Develop and allow for the RDA to maintain ownership of land to
ensure long-term, community serving uses.
3. Create opportunities for revenue generation that can be reinvested
back into the community while balancing the incorporation of public
benefits and other neighborhood development purposes.
4. Mitigate gentrification and displacement on the westside.
5. Give lower income households the opportunity to build wealth
through homeownership and shared equity models of development.
6. Facilitate the implementation of transformative housing and mixed-
use rental housing development projects.
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: Funds shall be utilized to promote the development
and preservation of affordable and mixed-income housing.
iii. Policy Priorities: Funds shall be prioritized to address the housing goals and
needs of identified in the Housing Plan and Project Area Plans.
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, shared equity financing, development or site costs, 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 intends to carry out these housing efforts with a collective
impact that produces measurable results. As part of the Funding Strategy, the RDA shall provide
a written briefing to the Board 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 _________ , 2022.
Chair
Approved as to form:�-='"""'----=---------------------Salt Lake City Attorney's Office
Allison Parks
D a te :
The Executive Director:
__ does not request reconsideration
__ requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Attest:
City Recorder
8th
February
Z 20220003
Allison Parks (Feb 11, 2022 11:54 MST)
Feb 11, 2022
Ana Valdemoros (Feb 21, 2022 09:22 MST)
Erin Mendenhall (Feb 22, 2022 14:29 MST)
4
Cindy Trishman (Feb 28, 2022 16:09 MST)
RDA Resolution 1 of 2022 Repealing and
Replacing the Housing Allocation Funds Policy
Final Audit Report 2022-02-28
Created:2022-02-11
By:Thais Stewart (thais.stewart@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAALbTxm33_hDQHGxbfPYLuiJWHja8E8Z1
"RDA Resolution 1 of 2022 Repealing and Replacing the Housin
g Allocation Funds Policy" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2022-02-11 - 6:50:42 PM GMT
Document emailed to Allison Parks (allison.parks@slcgov.com) for signature
2022-02-11 - 6:52:34 PM GMT
Email viewed by Allison Parks (allison.parks@slcgov.com)
2022-02-11 - 6:53:59 PM GMT
Document e-signed by Allison Parks (allison.parks@slcgov.com)
Signature Date: 2022-02-11 - 6:54:08 PM GMT - Time Source: server
Document emailed to Ana Valdemoros (ana.valdemoros@slcgov.com) for signature
2022-02-11 - 6:54:10 PM GMT
Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com)
2022-02-11 - 9:29:58 PM GMT
Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com)
2022-02-17 - 7:47:18 PM GMT
Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com)
2022-02-18 - 3:19:00 AM GMT
Email viewed by Ana Valdemoros (ana.valdemoros@slcgov.com)
2022-02-21 - 4:22:02 PM GMT
Document e-signed by Ana Valdemoros (ana.valdemoros@slcgov.com)
Signature Date: 2022-02-21 - 4:22:28 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2022-02-21 - 4:22:31 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-02-22 - 6:04:06 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2022-02-22 - 9:29:09 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2022-02-22 - 9:29:11 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2022-02-28 - 11:09:56 PM GMT - Time Source: server
Agreement completed.
2022-02-28 - 11:09:56 PM GMT