Transmittal - 3/29/2024
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 29, 2024
PREPARED BY: Lauren Parisi & Tracy Tran, RDA Senior Project Managers
RE: FY 2024-25 Annual Housing Funding Priorities
REQUESTED ACTION: Consider adoption of a resolution to establish the FY 2024-25 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 HDLP's competitive
affordable housing notice of funding availability (NOFA).
At their March 2024 meeting, the Board reviewed and discussed potential Funding Priorities for the
upcoming fiscal year 2024-2025 (“FY 25”). 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 with Amenities for Children
• Deeply Affordable Housing
• Neighborhood Commercial and Services
In March 2024, the Board expended nearly all of the remaining high opportunity area funds, which are
focused on incentivizing affordable housing in high opportunity areas (east side of Salt Lake City). Since
these funds are no longer available, RDA Staff wanted to check if the Board would be interested in adding
an Expand Opportunity priority to the list above that could further incentivize affordable housing in high
opportunity areas. A map of the high opportunity areas has been included under Attachment A.
This memo outlines the intent of each of the four Funding Priorities and a potential fifth priority if the
Board would like to include. Two resolution options are included under Attachment B for the Board’s
consideration to approve the FY 25 Funding Priorities.
1
ANALYSIS:
FY 25 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.
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 that have at least three or more bedrooms and includes family-oriented amenities.
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. Neighborhood Commercial and Services – Promote an array of commercial spaces that support the
neighborhoods, such as daycares, restaurants, and retail spaces. This priority ensures that as
housing continues to be built throughout the City, residents and neighbors continue to have access
to neighborhood services and amenities.
5. Potential Priority: Expand Opportunity – Provide affordable housing within areas that have access
to resources that may improve a person’s chances of upward economic mobility as identified on
RDA’s High Opportunity Area Map. In previous years, the RDA Board dedicated funding towards
areas of high opportunity. With the majority of that funding expended, including this priority
maintains that the Board wants to see affordable housing expanded to Salt Lake City’s eastside
neighborhoods.
Housing Development Loan Program – Competitive NOFA. To utilize the competitive HDLP notice of
funding availability (NOFA) to promote the Funding Priorities, RDA staff recommends making affordable
family housing with amenities for children 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 and be affordable to households earning 60% of the area
median income as established by the U.S. Department of Housing and Urban Development (“HUD”). 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 as established by HUD. Similar to previous years, the priorities the Board
approves 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 25 Housing Fund Projections. RDA staff will share the housing fund projections for the upcoming
fiscal year when it becomes available.
2
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 25.
• RDA staff will present proposed funding allocations to housing activities as a part of the FY 25
budget discussion.
ATTACHMENTS:
Attachment A - High Opportunity Area Map and Table
Attachment B – Resolution Options: FY 25 Affordable Housing Funding Priorities Resolution
3
ATTACHMENT A – HIGH OPPORTUNITY AREA MAP
High opportunity areas are geographical locations within the city that provide conditions that expand a person’s
likelihood for social mobility. These areas have been identified through an analysis of a variety of economic,
housing, health, and community metrics. With these multiple indicators, a single composite, or standardized score
is calculated for each census tract. Scores may range from 0 to 10, with 1 indicating low opportunity and 10
indicating high opportunity.
A Census Tract with an Opportunity Index score of 7 or higher shall be designated as an Area of High Opportunity.
HIGH OPPORTUNITY AREA MAP
4
HIGH OPPORTUNITY AREA TABLE
SCORING NOTES
The High Opportunity Index uses an eleven-point rating scale to evaluate metrics associated with high economic
opportunity by census tract. Scores 0-2 indicate very low opportunity, 3-4 indicates low opportunity, 5-6 indicate
moderate opportunity, 7-8 indicate high opportunity, and 9-10 indicate very high opportunity.
For the methodology, scoring for the Opportunity Index was done by evaluating each tract on the variables in
Attachment A as compared to other census tracts in the city. A normalization formula is used to establish the
thresholds for scoring in 11 equal scoring ranges (0-10). Each tract’s normalized scores for all variables were then
multiplied by their determined weight and aggregated. The aggregate scores are then put through the same
normalization formula to determine the overall Opportunity Index score.
Tract Opportunity
Index Score Tract Opportunity
Index Score
1001 3 1028.01 2
1002 5 1028.02 4
1003.06 3 1029 2
1003.07 2 1030 6
1003.08 1 1031 8
1005 1 1032 6
1006 0 1033 7
1007 5 1034 8
1008 5 1035 7
1010 8 1036 10
1011.01 6 1037 8
1011.02 9 1038 7
1012 8 1039 7
1014.01 3 1040 9
1014.02 4 1041 8
1015 8 1042 9
1016 6 1043 6
1017 8 1044 7
1018 4 1047 8
1019 7 1048 5
1020 6 1049 5
1021 7 1118.02 6
1023 5 1140 6
1025.01 4 1141 7
1025.02 6 1145 1
1026 3 1147 3
1027.01 3 1148 8
1027.02 1
5
ATTACHMENT B – RESOLUTIONS: FY 25 AFFORDABLE HOUSING FUNDING
PRIORITIES RESOLUTION
6
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2024-25 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
2024-25
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 monies 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 2024-25.
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
2024-25:
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 with
Amenities for Children
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 that have
at least three or more bedrooms and includes
family-oriented amenities.
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.
Resolution - Option A
7
Neighborhood Commercial and
Services
Promote an array of commercial spaces that
support the neighborhoods, such as daycares,
restaurants, and retail spaces.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
_______ day of ________________, 2024.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
8
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
FY 2024-25 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
2024-25
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 monies 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 2024-25.
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
2024-25:
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 with
Amenities for Children
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 that have
at least three or more bedrooms and includes
family-oriented amenities.
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.
Resolution - Option B
9
Neighborhood Commercial and
Services
Promote an array of commercial spaces that
support the neighborhoods, such as daycares,
restaurants, and retail spaces.
Expand Opportunity Provide affordable housing within areas that
have access to resources that may improve a
person’s chances of upward economic mobility
as identified on RDA’s High Opportunity Area
map.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this
_______ day of ________________, 2024.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Allison Parks
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
10