Transmittal - 3/24/2023SALT 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 24, 2023
PREPARED BY: Lauren Parisi & Tracy Tran, RDA Senior Project Managers
RE: FY 24 Annual Housing Funding Priorities
REQUESTED ACTION: Consider adoption of a resolution to establish the FY 24 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”) approve
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 HDLP's competitive affordable
housing notice of funding availability (NOFA).
At their March 2023 meeting, the Board reviewed and discussed potential Funding Priorities for the
upcoming fiscal year 2023-2024 (“FY 24”). More detail regarding the information presented at this meeting
can be found within the March RDA Board Memo. The Board seemed to come to a consensus regarding
the approval of four priorities including:
•Wealth Building Opportunity
•Affordable 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 24 Funding Priorities.
ANALYSIS:
FY 24 Annual Housing Funding Priorities. The intent of each priority that will be used to guide housing
decisions throughout the upcoming fiscal year are described below.
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1.Wealth Building Opportunity – Facilitate the ability for low-moderate income households to build
wealth through different pathways such as homeownership, supplemental income opportunities,
stipends for renters, cooperative housing, and other wealth building models.
2.Affordable 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 with at least three (3) or more bedrooms. Affordable family housing is generally defined as
units with three or more bedrooms affordable to those earning 80% of the area median income
(AMI) or below.
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 – but not limited to – smaller
apartment buildings, townhomes and accessory dwelling units to diversify the City’s housing stock
and provide more affordable living options for residents.
Workforce Housing. As a part of the housing priorities discussion in March, the Board indicated that
workforce housing – designated for essential workers such as police officers, teachers, nurses, etc. – is a
housing type important to promote across the city. While it’s not proposed as one of the four main housing
priorities for the upcoming fiscal year, staff will aim to reserve units for essential workers as part of land
disposition projects. This may also be a priority for the Board to consider next fiscal year.
Housing Development Loan Program – Competitive NOFA. To utilize the competitive HDLP notice of
funding availability (NOFA) to promote the Funding Priorities, RDA staff recommends to make family
housing and/or deeply affordable housing into thresholds requirements 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 housing threshold, at least 10% of a project’s units must be
affordable to those earning 40% AMI or below. Similar to previous year, the priorities for the upcoming
fiscal year will be weighted more in scoring than other benchmarks. Projects will also be eligible for
interest rate reductions for meeting other RDA benchmarks as outlined in the HDLP guidelines.
FY 24 Housing Fund Projections. RDA staff will share the housing fund projections for the upcoming
fiscal year when it becomes available.
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 24.
•RDA staff will present proposed funding allocations to housing activities as a part of the FY 24
budget discussion.
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ATTACHMENTS:
Attachment A – FY 24 Affordable Housing Funding Priorities Resolution
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ATTACHMENT A - FY 24 AFFORDABLE HOUSING FUNDING PRIORITIES
RESOLUTION
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2023-24 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
2023-24
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 of Salt Lake City (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 2023-24.
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
2023-24:
Funding 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.
Affordable 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.
Wealth Building Opportunity Facilitate the ability for low-moderate income
households to build wealth through different
pathways such as homeownership,
supplemental income opportunities, stipends
for renters, cooperative housing, and other
wealth building models.
Missing Middle Housing Promote an array of housing forms to diversify
the City’s housing stock and provide more
affordable living options for residents.
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Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
_______ day of ________________, 2023.
________________________________
Alejandro Puy, 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 23, 2023
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