Proposed Resolution - 4/16/2024 (3)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
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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
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