Transmittal - 3/25/2022
SALT 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
DATE: March 25, 2022
PREPARED BY: Lauren Parisi & Tracy Tran, RDA Project Managers
RE: FY 23 Annual Housing Funding Priorities & FY 22 Housing Report
REQUESTED ACTION: Consider adoption of a resolution to establish the FY 23 Housing Funding Priorities
POLICY ITEM: Affordable Housing
BUDGET IMPACTS: N/A
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City’s (“RDA”) Housing
Development Loan Program (“HDLP”) policy requires that the RDA Board of Directors (“Board”)
approves housing funding priorities (“Funding Priorities”) on an annual basis. These Funding Priorities
guide the upcoming fiscal year’s housing activities including the requirements of the competitive affordable
housing notice of funding availability (NOFA).
At their March 2022 meeting, the Board reviewed and discussed potential Funding Priorities for the
upcoming fiscal year – FY 23. The Board seemed to come to a consensus regarding the approval of four
priorities including:
• Affordable Homeownership
• Family Housing
• Deeply Affordable Housing
• Missing Middle Housing
This memo outlines the intent of each of the four Funding Priorities. The resolution under Attachment A
has been included for the Board’s consideration to approve the FY 23 Funding Priorities.
Additionally, this memo includes the balance of all RDA housing funds and summarizes the housing
projects that were funded during FY 22 to satisfy the reporting requirements within the RDA’s Housing
Funds Allocation Policy. A table summarizing all housing projects funded by the RDA since 2011 has also
been included under Attachment B for informational purposes.
,,,,,
,,
":.
~\
h,; ---:..,,, .... ~ ,,,,, I rr_ \\ ......
,,,,,,1111111''
2
ANALYSIS:
FY 23 Annual Housing Funding Priorities. The intent of each priority that will be used to guide housing
decisions throughout the upcoming fiscal year have been described below.
1. Affordable Homeownership – Create opportunities for those who have historically rented in the
community to build wealth and establish permanent roots through affordable homeownership.
2. 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. Family
housing is generally defined as units with three or more bedrooms.
3. Deeply Affordable Housing – Expand the availability of units for extremely low-income
households, thereby providing housing options for individuals or families that are homeless or at
risk of homelessness. Deeply affordable housing is generally defined as housing affordable to those
earning 40% of the area median income (AMI) or below.
4. Missing Middle Housing – Promote an array of housing forms such as smaller apartment buildings,
townhomes and accessory dwelling units to diversify the City’s housing stock and provide more
affordable living options for residents.
Housing Development Loan Program – Competitive NOFA. To utilize the competitive affordable
housing notice of funding availability (NOFA) to promote the Funding Priorities, family housing and/or
deeply affordable housing will be made thresholds in order for a project to be eligible for funding. To meet
the family housing threshold, at least 10% of a project’s units must have three or more bedrooms. To meet
the deeply affordable threshold, at least 10% of a project’s units must be affordable to those earning 40%
AMI or below. Projects will also be eligible for a .5% interest rate reduction for meeting other RDA
benchmarks as outlined in last year’s (2021) competitive affordable housing NOFA.
FY 22 Housing Report. The current balance of the RDA’s four housing funds (available to lend) are as
follows:
• Primary Housing Fund – $649,247
• Secondary Housing Fund – $5,136,455
• Westside Community Initiative Fund – $250,000
• Housing Development Loan Fund – $22,627
The following housing projects were funded during FY 22:
PROJECT ADDRESS DEVELOPMENT
PARTNER
FUNDING
COMMITMENT
PROJECT
COST STATUS UNIT MIX
The Silos on 5th
(Phase 1 and 2) 425 West 500 South Giv Communities $2,360,000 $23,639,510
Securing
financing and
plans
84 units ≤ 60% AMI
22 units ≤ 40% AMI
144 South 500 East 144 South 500 East Red Gate Properties $775,000 $32,528,000
Securing
financing and
plans
110 units ≤ 60%
AMI
The Nest 382 S Rio Grande W3 Partners $1,082,500 $52,685,701
Securing
financing and
plans
220 units ≤ 60%
AMI
Schmidt Apartments 1265 South 300
West EMG Mgmt $1,082,500 $40,926,969
Securing
financing and
plans
149 units ≤ 60%
AMI
10 units ≤ 40% AMI
Total(s): $5,300,000 $149,799,171
3
NEXT STEPS:
• Pursuant to the Housing Development Loan Program Policy, the Board may wish to consider the
adoption of the attached resolution to approve the Funding Priorities for FY 23.
• RDA staff will present proposed funding allocations to housing activities as a part of the FY 23
budget discussion.
ATTACHMENTS:
Attachment A – FY 23 Affordable Housing Funding Priorities Resolution
Attachment B – RDA Affordable & Mixed-Income Housing Summary: 2010/11 - 2021/22
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2022-23 Affordable Housing Funding Priorities
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL YEAR
2022-23
WHEREAS, the Board of Directors of the Redevelopment Agency of Salt Lake City
(“Board”) adopted the Housing Funds Allocation Policy and the Housing Development Loan
Program Policy, which provide that the Redevelopment Agency (“RDA”) will present to the
Board an overall funding strategy and specific funding priorities (“Funding Priorities”) for how
housing funds should be allocated to the housing funds and housing loan program for the
upcoming fiscal year.
WHEREAS, the Housing Development Loan Program Policy provides that the specific
Funding Priorities shall be subject to approval by the Board.
WHEREAS, the Board desires to adopt the Funding Priorities identified in this
resolution to direct resources for the development of affordable housing for fiscal year 2022-23.
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the
Redevelopment Agency of Salt Lake City hereby adopt following Funding Priorities for fiscal year
2022-23:
Housing Priority Objective
Deeply Affordable Housing
Threshold requirement for Housing
Development Loan Program applications
Expand the availability of units for extremely
low-income households, thereby providing
housing options for individuals or families that
are homeless or at risk of homelessness.
Family Housing
Threshold requirement for Housing
Development Loan Program applications
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.
Affordable Homeownership Create opportunities for those who have
historically rented in the community to build
wealth and establish permanent roots through
affordable homeownership.
Missing Middle Housing Promote an array of housing forms to diversify
the City’s housing stock and provide more
affordable living options for residents.
Attachment A
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
_______ day of ________________, 2022.
________________________________
Ana Valdemoros, 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
March 25, 2022
FUNDING TOOL PROJECT ADDRESS PROJECT AREA 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 TOTAL
Liberty Village 2150 McClelland Street Sugar House $0 $1,060,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,060,000
Pamela's Place 525 South 500 West Citywide Housing $0 $0 $0 $0 $0 $0 $500,000 $0 $0 $0 $0 $0 $500,000
Capitol Homes 1749 South State Street State Street $0 $0 $0 $0 $0 $0 $0 $3,200,000 $0 $0 $0 $0 $3,200,000
Citifront Apartments 641 West North Temple North Temple $0 $0 $0 $0 $0 $0 $422,266 $0 $0 $0 $0 $0 $422,266
Exchange Building B 340 East 400 South Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $3,000,000 $0 $0 $0 $3,000,000
255 State Street 255 State Street Central Business $0 $0 $0 $0 $0 $0 $0 $0 $2,000,000 $11,403,480 $1,151,399 $0 $14,554,879
Jefferson Mixed-Use 912/916 Jefferson Street West Temple $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,998,000 $0 $0 $1,998,000
Bookcliffs Lodge 1159 South West Temple State Street $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $0 $1,000,000
SPARK!1500 West North Temple North Temple $0 $0 $0 $0 $0 $0 $0 $0 $2,500,000 $3,956,000 $0 $0 $6,456,000
Richmond Flats 2960 S Richmond St High Opportunity $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,800,000 $0 $0 $1,800,000
Central Station Apartments 549 W 200 South Depot District $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $1,000,000
Jackson Apartments 274 W 200 South Central Business $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $1,000,000
Liberty Wells 501 E 1700 South Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $150,000 $0 $0 $150,000
The Silos on 5th (Phase 1 and 2)425 West 500 South Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,360,000 $2,360,000
144 South 500 East 144 South 500 East Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $775,000 $775,000
The Nest 382 S Rio Grande Depot District $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,082,500 $1,082,500
Schmidt Apartments 1265 South 300 West State Street $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,082,500 $1,082,500
Artspace Commons 423 West 800 South Granary $21,332 $48,880 $38,843 $36,237 $38,364 $38,431 $38,813 $21,194 $100,025 $34,000 $0 $0 $416,119
Northgate Apartments 135 South 500 West Depot $853,673 $802,648 $838,207 $856,452 $696,064 $708,427 $586,103 $426,209 $521,038 $600,000 $712,922 tbd $7,601,743
West Montrose 300 West 800 South West Capitol Hill $407,912 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $407,912
Pugsley Street 571 North Pugsley St West Capitol Hill $0 $96,267 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $96,267
Arctic Court 524/528 N Arctic Court West Temple $0 $0 $0 $0 $200,000 $0 $0 $0 $0 $0 $0 $0 $200,000
9th East Lofts 440 South 900 East Citywide Housing $77,821 $556,224 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $634,045
SPARK!1500 West North Temple North Temple $0 $0 $0 $0 $0 $0 $0 $4,000,000 $0 $0 $0 $0 $4,000,000
9th East Lofts 440 South 900 East Citywide Housing $0 $0 $0 $189,625 $0 $0 $0 $0 $0 $0 $0 $0 $189,625
Macaroni Flats 244 South 500 West Depot $0 $0 $0 $1,100,000 $0 $0 $0 $0 $0 $0 $0 $0 $1,100,000
Jefferson Mixed-Use 912/916 Jefferson Street West Temple $0 $0 $0 $0 $0 $0 $0 $0 $385,000 $0 $0 $0 $385,000
Utah Paperbox 300 West 200 South Central Business $0 $0 $0 $0 $0 $0 $3,200,000 $0 $0 $0 $0 $0 $3,200,000
Utah Theater 144-156 Main Street Central Business $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,070,000 $0 $0 $2,070,000
Diamond Rail 535 W 300 North Citywide Housing $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000,000 $0 $0 $1,000,000
Colony B 228 W 1300 South State Street $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,340,000 $0 $1,340,000
HTF (TRANSFER TO HAND)Housing Trust Fund (HAND)N/A Citywide Housing $288,910 $109,000 $208,578 $124,350 $899,902 $518,393 $0 $3,000,000 $0 $0 $0 $5,149,133
$1,649,648 $2,673,019 $1,085,628 $2,306,664 $1,834,330 $1,265,251 $4,747,182 $10,647,403 $9,506,063 $25,011,480 $3,204,321 $5,300,000 $69,230,989Note Pursuant to Utah Title 17C, Community Reinvestment Agency Act, Affordable Units are defined as being affordable to household earning 80% of the area median income and below.
Note: Funding allocations are approximations based on the RDA's annual budgets, annual reports, Board resolutions, and loan tracking system.
Note: Table includes projects that received one or more funding allocations during FY 2010-11 through FY 2021-22 YTD (March 22, 2022). Projects were not necessarily completed during this timeframe.
Note: For projects receiving a tax increment reimbursement, the actual amount of FY 2021-22 tax increment reimbursement will be determined in March of 2022, once the 2020 tax year has been equalized.
Note: The total Utah Theater property discount is $4,070,000. Approximately $2,070,000 can be attributed to affordable housing.
Note: The 2016-17 allocation of $422,266 for Citifront Apartments was for loan forgiveness.
HDTF (APPROVED)
RDA AFFORDABLE & MIXED-INCOME HOUSING: FY 2010/11 - 2021/22 YTD: FUNDING ALLOCATIONS BY YEAR Last Updated: 3/24/2022
LOANS (HDLP/NOFA & RDA
LOAN PROGRAM)
TI REIMBURSEMENT
ACQUISITION
DISPOSITION: PROPERTY
DISCOUNT
Attachment B
Last Updated: 3/24/2022
AMOUNT TYPE
144 South 500 East 144 South 500 East Red Gate Properties 110 110 $775,000 Loan: HDLF NOFA Loan approved in December 2021. Borrower is securing financing and finalizing project plans.
255 State Street 255 State Street Brinshore Development 190 168 $14,554,879 Seller's note; loan; NOFA Under construction.
Arctic Court 524/528 North Arctic Court TBD 2 1 $200,000 Property acquisition Single family residence designed and permitted.
Bookcliffs Lodge 1159 South West Temple Housing Assistance Mgmt.
Enterprise (HAME)
54 43 $1,000,000 NOFA The developer is assembling financing.
Central Station Apartments 549 W 200 South Gardner Batt 65 52 $1,000,000 Loan Under construction.
Colony B 228 West 1300 South Defi 1/Neighborhood Nonprofit
Housing Corporation
140 106 $ 1,340,000 Loan Under construction.
Liberty Wells 501 E 1700 South Community Development Corp
of UT (CDCU)
10 10 $150,000 Loan Acquisition and predevelopment phase. Unit mix and affordability targets may change.
The Nest 382 S Rio Grande W3 Partners 220 220 $ 1,082,500 Loan Loan approved in December 2021. Borrower is securing financing and finalizing project plans.
Richmond Flats 2960 S Richmond St CDCU 55 55 $1,800,000 Loan Finalizing budgets and construction costs.
Schmidt Apartments 1265 South 300 West Westates 159 159 $1,082,500 Loan Loan approved in December 2021. Borrower is securing financing and finalizing project plans.
Silos on 5th 425 West 500 South GIV Development 106 106 $2,360,000 Loan Loan approved in December 2021. Borrower is securing financing and finalizing project plans.
SPARK!1500 West North Temple Brinshore Development 200 89 $10,456,000 Property acquisition; NOFA The RDA entered into a purchase agreement with Brinshore Development/HAME for a mixed use,
multi family development. Awarded 2019 4% LIHTCs.
Main Street Aparments 144-156 Main Street Hines Acquisitions; 160 Main 400 40 $2,070,000 Property discount Project design and due diligence. Number of units may change as the design is finalized.
West Montrose 745-765 S 300 W; 244-264 W 800 S TBD Pending Pending $407,912 Property acquisition RDA is marketing the property for development.
IN PROCESS SUBTOTAL:1711 1159 $38,278,791
Various: Transfer to HAND Various Various $5,149,133 Loan Funds tranfer to HAND FY2010-11 to FY2017-18
Artspace Commons 423 West 800 South Artspace Utah 102 102 $416,119 Tax Increment Reimbursement Ongoing annual TI reimbursement obligation.
Macaroni Flats 244 South 500 West Artspace Utah 13 13 $1,100,000 Property disposition (discount)Disposition complete, project closed-out.
Citifront Apartments 641 West North Temple Neighborworks Salt Lake 155 94 $422,266 Loan forgiveness In October 2016, the RDA Board approved waiving a $422,266 note for the project; project closed-out.
Liberty Village 2150 McClelland Street Cowboy Development 171 35 $1,060,000 Loan Loan paid in full, project closed-out.
9th East Lofts 440 South 900 East HAME 68 54 $823,670 Property acquisition; property
di t
Disposition complete, project closed-out.
Northgate Apartments 135 South 500 West BOYER 330 159 $7,601,743 Tax Increment Reimbursement Ongoing annual TI reimbursement obligation.
Pugsley Street 571 North Pugsley Street n/a 1 1 $96,267 Property acquisition Disposition complete, project closed-out.
Utah Paperbox 300 West 200 South PEG Dev. /Clearwater homes 183 36 $3,200,000 Property discount Project complete.
Pamela's Place 525 South 500 West HAME and GIV Development 100 100 $500,000 Loan Project complete.
Exchange Building B 340 East 400 South Domain Companies and GIV
Dl t
126 80 $3,000,000 Loan Project complete.
Capitol Homes Apartments 1749 South State Street HAME 93 62 $3,200,000 Loan Project complete.
Jefferson Mixed-Use 912/916 Jefferson Street Red Gate Properties. Big
T b H ldi
3 3 $2,383,000 Property discount; loan Project complete.
Jackson Apartments 274 W 200 South Hampstead Dev. Partners 80 80 $1,000,000 Loan Project complete.
Diamond Rail Apartments 535 West 300 North GIV Development 80 55 $1,000,000 Loan Project complete.
COMPLETED SUBTOTAL:1505 874 $30,952,198
TOTAL:3,216 2,033 $69,230,989
RDA AFFORDABLE & MIXED-INCOME HOUSING: FY 2010/11 - 2021/22 YTD: FUNDING ALLOCATIONS BY PROJECT
PROJECT ADDRESS DEVELOPMENT
PARTNER
RESIDENTIAL UNITS RDA FINANCIAL PARTICIPATION
Note: Funding allocations are approximations based on the RDA's annual budgets, annual reports, Board resolutions, and loan tracking system. Only funds allocated by the RDA to a specific project are reflected. Funds allocated to the Housing Trust Fund or funds in the process of allocation are not reflected on the table.
Note: Table includes projects that received one or more funding allocations during FY 2010-11 through FY 2021-22. Projects were not necessarily completed during this timeframe.
Note: For projects currently in the development pipeline and not yet completed, the number of units/affordable units is subject to change as designs and financing is finalized.
STATUS TOTAL/AFFORDABLE
IN PROCESSCOMPLETEDNote Pursuant to Utah Title 17C, Community Reinvestment Agency Act, Affordable Units are defined as being affordable to household earning 80% of the area median income and below.I I I I