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Transmittal - 3/19/2024CITY COUNCIL OF SALT LAKE CITY 451 SOUTH STATE STREET, ROOM 304 P.O. BOX 145476, SALT LAKE CITY, UTAH 84114-5476 SLCCOUNCIL.COM TEL 801-535-7600 FAX 801-535-7651 BOARD STAFF REPORT THE REDEVELOPMENT AGENCY of SALT LAKE CITY TO:RDA Board Members FROM:Allison Rowland Senior Budget & Policy Analyst DATE:March 19, 2024 RE: RESOLUTION: HOUSING DEVELOPMENT LOAN FUNDING ALLOCATIONS FOR AFFORDABLE HOUSING ISSUE-AT-A-GLANCE The Board will review and potentially approve recommendations for allocating up to $15.4 million in affordable housing funds offered through a Notice of Funding Availability (NOFA) issued last year. The purpose of these low-interest loans is to incentivize the inclusion of affordable housing in new construction and in preservation/ rehabilitation projects. The unusually large size of this NOFA allocation reflects the combination of $4.2 million in committed RDA funds with $9.5 million of “dormant” Federal Housing and Urban Development (HUD) Home Investment Partnership (HOME) funds, which were shifted by the Council from the Housing Stability Division to the RDA’s Housing Development Loan Program (HDLP) in the Fiscal Year 2024 (FY24) budget. In addition, RDA staff proposes including another $1.7 million of additional funding to the NOFA from two rescinded FY23 HDLP loans. The 15 applications forwarded to the Board requested a total of nearly $27.5 million, and the RDA Finance Committee recommended funding 14 of these (see Attachment C1 for summary). In addition, two applications were received in response to a separate NOFA specifically for projects in High Opportunity Areas. These two applications were discussed in the February RDA meeting but the Board deferred action to be able to make funding decisions in the context of all the projects at once. The Board makes the final determination of which applications to fund and for what amount. Together, the projects recommended for funding would provide 1,540 units of new or refurbished affordable housing. Goal of the briefing: Discuss and consider adopting the Resolution entitled Affordable Housing – FY2023- 2024 Competitive Housing Development Loan Program (HDLP) Funding Allocations. Item Schedule: Briefing: March 19, 2024 Set Date: N/A Public Hearing: N/A Potential Action: March 19, 2024 Page | 2 ADDITIONAL INFORMATION A. Process Overview. Since 2018, the RDA has released multiple NOFAs to facilitate the development of affordable housing units in Salt Lake City. This year, the 15 “competitive” HDLP applications recommended to the Board requested a total of nearly $27.5 million. RDA staff indicated that five other applications also were submitted but because they did not meet the eligibility criteria for NOFA funds they were not included in the ranking process (see Attachment C2). All eligible applications were reviewed and ranked by the RDA Finance Committee, and their specific recommendations for allocating $15.1 million of the $15.4 million available are summarized in Attachment C1. Of the 15, all but one (Bumper House) were recommended for HDLP funding. Nine of these were recommended for the full amounts requested, and five were recommended for less than the full amount. A summary of all 20 applications appears in Attachment C1. The NOFA recommendations reached the Board in March this year, rather than earlier, due to the incorporation of the dormant HUD HOME funds, which involved determining a process that would comply to Federal regulations. The FY24 NOFA was released on November 17, 2023, and applications were due on January 3, 2024. B. Available Funding. The $15.4 million funding available this year includes $4.2 million approved by the Board in 2023 as part of the FY24 RDA budget, plus one-time funding provided by the Council’s allocation of $9.5 million in dormant HUD Home Investment Partnership (HOME) funds from the Housing Stability Division. If the Board chooses, an additional $1.7 million, which became available when loans for two projects approved last year were rescinded (see below), would also be included. FY24 HDLP Funding Sources Total Available Recommended Funding Funds Remaining RDA Committed Funds $4,241,714 $4,241,714 $0 Possible Additional RDA Funds $1,665,000 $1,665,000 $0 HOME Program Income $6,939,710 $6,939,710 $0 HOME Development Fund $726,291 $726,29 $0 HOME ARP Development $1,501,608 $1,501,608 $0 HOME Community Housing Development Organization Funds $351,841 $0 $351,841 Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841 In FY23, two HDLP awardees (for Liberty Corner and Book Cliffs Lodge) failed to receive 9% tax credits through LIHTC, the Federal Low-Income Housing Tax Credit in the subsequent allocation cycle, which was a condition of the loans. Both these projects applied for HDLP funds again in FY24, as can be seen in Attachment C1, and Liberty Corner was since awarded 4% LIHTC credits. Book Cliffs Lodge plans to use other funding sources for their project. The $351,841 remaining in the HDLP results from receiving no applications that would meet the relatively narrow criteria for the HOME Community Housing Development Organization Funds. These funds may be used only for projects that are owned, developed, or sponsored by a nonprofit that qualifies as a Community Housing Development Organization (CHDO), as defined in Federal regulations. The Housing Stability Division in the Community and Neighborhoods Department (CAN) has worked to recruit new CHDOs over the years, but local organizations typically do not meet the regulatory requirements. Still, since no qualified applications for these funds have been received in the past two years, HUD regulations will now allow them Page | 3 to be recaptured and proposed for reallocation during the next annual HUD application process through the HDLP as regular HOME funds. C. Project Evaluation. As part of the application review process, RDA staff first analyzes applications to ensure they meet the HDLP eligibility requirements. The RDA Finance Committee (see below) then considers the Board’s funding priorities, along with factors related to the feasibility and technical qualities of each application. These include developer experience, the completeness and quality of the application, the amount of requested funding per affordable unit, the unit mix, community impact, and the financial and regulatory readiness of the proposed project. This year, the Finance Committee recommended full funding for the five applications that ranked most highly. For the next eight highest-ranked applications, the Finance Committee considered the minimum funding needed for the projects to advance, as reported by the applicants. RDA staff reported, “This approach recognized the readiness of the top ranked applications while providing at least minimum funding needs to most other projects.” The only project that the Finance Committee did not recommend for any funding was Bumper House which had the lowest Weighted Project Priority Score of all the applications. D. Applications for Projects in High Opportunity Areas. The 515 Tower - Conversion Phase I, which the Board was briefed on in February, is included on the list of recommended projects. It ranked third among the 14 projects recommended by the RDA Finance Committee. Funding for this project would be drawn from the High Opportunity Areas HDLP—or, if the Board prefers, it could award funding to the other application received, for Fairmont Heights II. These two applications were discussed in the February RDA meeting but the Board deferred action to be able to make funding decisions in the context of all of the projects at once. Summaries of the two applications in high opportunity areas are below. Additional information can be found in the Board staff report for that item, which is included as Attachment C2. 1.515 Tower - Conversion Phase I at 515 East 100 South. The request is for $2,650,000 for 96 units of “shared-equity” affordable housing to be developed by the Perpetual Housing Fund of Utah. This developer also applied for competitive HDLP funding and would use any funds granted from either source for this project. On February 1, the RDA Finance Committee recommended fully funding the 515 Tower - Conversion Phase I. 2.Fairmont Heights II at 2257 South 1100 East. The request is for $2,700,000 for affordable housing to be developed by Lincoln Avenue Capital. This developer also applied for $3.2 million from the general competitive HDLP funding for their Fairmont Heights I project, for a total of $5,900,000. This project did not apply for general HDLP funding, but a related project planned for the same property did. Fairmont Heights I ranked second-to-lowest among the other applications, but was recommended by the RDA Finance Committed for a $1 million loan. The allocation of funds for “high opportunity areas” dates from 2017, when the Board authorized $4.5 million for projects located in neighborhoods that provide residents with improved chances at upward economic mobility, like good schools, public transit access, and health care facilities. Two years later, the Board approved a $1.8 million loan for the Richmond Flats development, leaving the current balance at $2.7 million. Page | 4 E. Potential Additional City Funding. Two of the projects in the HDLP application pool also applied for Fiscal Year 2025 HUD grant funding. 1.Alliance House 1805 Rebuild. In addition to the $500,000 recommended for the Alliance House 1805 Rebuild, the project applied for two of the City’s annual HUD grants, which the Council is currently considering. It was recommended for partial funding for both these grants: - CDBG Housing: recommended to receive $221,000 of $300,000 requested to demolish and rebuild the existing facility with 16 deeply affordable housing units. -HOME-ARPA: recommended to receive $97,000 of $150,000 requested to provide short- term rental assistance to the current residents while the housing structure is demolished and rebuilt. 2.New City Plaza Apartments. Along with the $895,000 recommended for the New City Plaza Apartments the project also applied for $2 million from the City’s annual HUD grants. Neither the resident advisory board nor the Mayor recommended funding this project. POLICY QUESTIONS 1. Some Board Members have mentioned an interest in exploring how ownership units might be funded through the RDA. The Board may wish to discuss questions like those listed below. a. Is the HDLP structured in a way that facilitates applications for home ownership projects? b. Are there differences between rental projects and home ownership projects, for example, income and wealth levels of potential residents, unit sizes, etc.? c. What are the potential benefits and disadvantages for the City of funding home ownership projects versus rental projects? d. Are there models of home ownership or wealth-building that Board Members have encountered elsewhere which they would like RDA staff to research? e. Would the Board like to schedule an RDA briefing on options for promoting home ownership? 2. The projects reviewed by the RDA Finance Committee would be charged interest rates that range from 1% to 2.5%. In the context of continued high interest rates in the broader economy (relative to recent previous decades), would the Board like to discuss the potential advantages and disadvantages of changing how the Base Interest Rate is set for HDLP loans? ATTACHMENTS Attachment C1. Summary of RDA Finance Committee Recommended FY24 HDLP Funding. Attachment C2. Applications that Did Not Meet FY24 HDLP Eligibility Requirements. Attachment C3. RDA Board Staff Report, Funding Allocation for Gap Financing for High Opportunity Areas, February 13, 2024. RDA BOARD MEETING – MARCH 19, 2024 AFFORDABLE HOUSING NOTICE OF FUNDING AVAILABILITY (NOFA) HIGH OPPORTUNITY AREA & FY2023-24 COMPETITIVE APPLICATIONS FUNDS AVAILABLE •Total: $2.7M o 2017: RDA Board set aside $4.5M to incentivize affordable housing developments located in High Opportunity Areas o High Opportunity Areas: Neighborhoods that provide access to resources that improve chances at economic mobility o 2023: Map was updated to reflect newer data and metrics APPLICATION PROCESS •Funds available since 2018 and remain open until expended APPLICATION SUMMARY •2 applications received for requests of $5.35M o 515 Tower – Conversion Phase I - $2.65M o Fairmont Heights II - $2.7M HIGH OPPORTUNITY AREA APPLICATIONS OVERVIEW APPLICATIONS HIGH OPPORTUNITY AREA FUNDS OVERVIEW PROJECT DEVELOPER ADDRESS FUNDING REQUEST PRELIMINARY TERMS RESIDENTIAL UNITS PRIORITIES MET (WEIGHTED POINTS) 515 Tower – Conversion Phase 1 Perpetual Housing Fund 515 E 100 S Salt Lake City, UT 84102 $2,650,000 Construction to perm: 2% interest rate, 15-year term/am, cash flow repayments 96: 20@ ≤40% AMI, 76 @ 41- 60% AMI; includes studios, 1, 3, and 4 bedrooms. 10 Fairmont Heights II Lincoln Avenue Capital 2257 S 1100 E Salt Lake City, UT 84106 $2,700,000 Acquisition: 1% interest rate, 2- year term, balloon payment or conversion to permanent loan. Construction to perm: 16- year term, 40-year am, hard repayments 55: 27 @ ≤40% AMI, 19 @ 41- 60% AMI, 9@ 61- 80% AMI; includes 1 and 2 bedrooms. 6 $5,350,000 •RDA Finance Committee Recommendation: Fund full $2.65M Request for 515 Tower Conversion – Phase I •RDA Sustainable Development Policy Clarification FUNDS AVAILABLE •Total: $13.76M* o *$4.24M of RDA funds were combined with $9.52M of HUD HOME funds o Additional $1.665M in funds from previous HDLP applications may be available, subject to Board approval FY2023-24 COMPETITIVE HDLP NOFA OVERVIEW COMPETITIVE FUNDS CATEGORY AMOUNT RDA Housing Development Loan Program $4,241,714 HOME Program Income $6,939,710 HOME ARP Development $1,501,608 HOME Development Funds $726,291 HOME Community Housing Development Organization Funds $351,841 TOTAL: $13,761,164 APPLICATION PROCESS •Competitive Process •Applications Released: November 17, 2023 •Information Session: December 1, 2023 •Applications Due: January 3, 2024 APPLICATION SUMMARY •20 applications received •15 applications eligible, 5 applications ineligible for HDLP funding •$27,464,243 total eligible funding request FY2023-24 COMPETITIVE HDLP NOFA OVERVIEW MAP OF DEVELOPMENT: MAP 1 of 2 MAP OF DEVELOPMENT: MAP 2 of 2 THRESHOLDS REQUIREMENTS SUSTAINABILITY: Projects required to be designed to achieve a “Designed to Earn the Energy Star” Score of 90 or higher, contain no onsite fossil fuel combustion, and participate in the City’s Elevate Buildings program once the building is operating. AND ONE OF THE FOLLOWING: FAMILY -SIZED UNITS: At least 10% of the total residential units shall have 3+ bedrooms and shall be rent restricted to those earning 60% AMI. asd OR asd DEEPLY AFFORDABLE UNITS: At least 10% of the total residential units shall be restricted as affordable to households earning 40% AMI. PROJECT PRIORITIES PROJECT PRIORITIES: USED TO EVALUATE PROJECTS & PROVIDE INTEREST RATE REDUCTIONS •Family Housing •Target Populations •Homeownership •Missing Middle and Unique Housing Types •Sustainability •Transportation Opportunities •Neighborhood Safety •Expand Opportunity •Architecture and Urban Design •Commercial Vitality •Historic Preservation/Adaptive Reuse •Public Art PROJECT EVALUATION •Alignment with project priorities •Content & Quality of Application •Qualifications & Experience of Development Team •Content, Effectiveness & Financial Details Appropriateness •Project Readiness •Building & Site Design APPLICATION REVIEW APPLICATIONS OVERVIEW Application #1 2 3 4 5 6 7 Project Norbridge Court Bumper House New City Plaza Apartments 515 Tower - Conversion Phase I 2nd South Apartments The Catherine Phase 1 The Catherine Phase 2 Developer Artspace SMH Builders Housing Connect Perpetual Housing Fund Hermes Affordable Services, LLC 22 Communities 22 Communities Address 511 W 200 S 269 W Brooklyn Ave 1966 S 200 E 515 E 100 S 934-948 W 200 S 1881 W N Temple 1881 W N Temple Preliminary Terms 1%, 30/30 1.5%, 17/40 2.5%, 40/40 2%, 15/15 2%, 30/30 2%, 16/40 2%, 16/40 Repayment Type Hard Hard Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow RDA Request Amount $ 895,000 $3,000,000 $ 3,000,000 $895,000 $ 895,000 $2,650,000 $ 2,650,000 Funding Recommendations $895,000 $0 $895,000 $2,650,000***$2,420,000 $1,000,000 $134,323 Previous RDA Commitment $ - $ - $ - $ - $ - $ - $ - Project Cost $18,774,027 $60,701,174 $60,701,174 $89,615,717 $89,615,717 $39,231,648 $39,231,648 RDA % of Total Project Cost 4.8%4.9%1.0%6.8%8.1%3.6%3.5% RDA Requested Funds per Affordable Unit $14,435 $12,658 $10,033 $9,323 $8,524 $11,623 $18,403 RDA FC Recommended Funding per Affordable Unit $14,435 $0 $2,993 $27,604 $23,048 $4,386 $933 Tax Credits?Yes, 9%Yes, 4%Yes, 4%Yes, 9%Yes, 4%Applying, 4%Applying, 4% Affordable Units Breakdown 40% AMI & Below..32 24 224 20 16 - - 41-60% AMI..22 158 75 76 88 228 - 61%-80% AMI..8 55 - - - - 144 >81% AMI & Above. (Market) ..- - - - 1 - - Total. 62 237 299 96 105 228 144 Percent Affordable (60% AMI & below)87%77%100%100%99%100%0% Unit Mix Studio..- 182 - 40 36 80 45 1bd.. - 18 298 8 37 44 30 2bd.. 59 37 1 - 16 80 45 3bd.. 3 - - 32 16 24 24 4bd.. - - - 16 - - - Weighted Project .. Priority Score..8 3 5 10 8 4 6 APPLICATIONS OVERVIEW CONTINUED Application #8 9 10 11 12 13 14 15 TOTALProjectCitizens West 4 Fairmont Heights I Project Open 3 Pharos Apartments Book Cliffs Lodge Liberty Corner 9Ten West Alliance House 1805 Rebuild Developer Developed. By Women. & Ivan Carroll Lincoln Avenue Communities Perpetual Housing Fund Housing Authority of Salt Lake City Housing Authority of Salt Lake City Cowboy Partners Great Lakes Capital Alliance House & Cowboy Partners ..Address 515 W 300 N 2557 S 1100 E 529 W 400 N 915 W 200 N 1159 S W Temple 1265 S 300 W 910 W N Temple 1805 S Main St ..Preliminary Terms 1%, 15/30 1%, 2yr balloon or 16/40 1%, 18 month 2.5%, 15/40 2.5%, 15/30 2%, 40/40 2%, 16/40 2.5%, 40/40 ..Repayment Type Hard Balloon or convert to hard Balloon Payment Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow RDA Request Amount $3,000,000 $ 3,000,000 $2,524,802 $ 2,524,802 $1,569,441 $ 1,569,441 $400,000 $ 400,000 $ 28,973,486 Funding Recommendations $400,000 $1,000,000 $710,000 $880,000 $740,000 $4,500,000 $1,000,000 $500,000 $15,074,323 Previous RDA Commitment $ - $ - $ - $ - $1,000,000 $ - $ - $ - $1,000,000 Project Cost $37,177,859 $37,177,859 $69,452,555 $69,452,555 $45,194,612 $45,194,612 $25,514,260 $25,514,260 $752,549,677 RDA % of Total Project Cost 1.6%9.2%9.9%8.5%10.0%3.8%4.6%8.3% RDA Requested Funds per Affordable Unit $57,692 $54,545 $109,774 $74,259 $28,535 $7,847 $2,222 $25,000 RDA FC Recommended Funding per Affordable Unit $7,692 $18,182 $30,870 $25,882 $13,455 $22,500 $5,556 $31,250 Tax Credits?Yes, 9%Applying, 9%No No No Yes, 4%Yes, 4%No Affordable Units Breakdown 40% AMI & Below..10 27 - 5 9 44 27 16 454 41-60% AMI..40 19 - 19 20 78 138 - 961 61%-80% AMI..- 9 23 10 20 78 15 - 362 >81% AMI & Above.(Market) ..2 - - - 6 - - - 9 Total.. 52 55 23 34 55 200 180 16 1,786 Percent Affordable (60% AMI & below)96%84%0%71%53%61%92%100% Unit Mix Studio..10 - - - - - 165 - 558 1bd.. - 40 4 34 55 - 15 16 599 2bd.. 16 15 - - - 96 - - 365 3bd.. 20 - 12 - - 80 - - 211 4bd.. 6 - 7 - - 24 - - 53 Weighted Project .. Priority Score..10 6 12 5 5 10 7 7 PROJECT/APPLICANT ADDRESS WEIGHTED PROJECT PRIORITY SCORE FUNDING REQUEST RDA Committed Funds Possible Additional RDA Funds HOME Program Income HOME Development Fund HOME ARP Development TOTAL FUNDING RECOMMENDATION FUNDING RANKINGNorbridge Court 511 W 200 S 8 $895,000 $895,000 $895,000 7Artspace Bumper House 269 W Brooklyn Ave 3 $3,000,000 $0 14SMH Builders New City Plaza Apartments 1966 S 200 E 5 $895,000 $895,000 $895,000 5Housing Connect 515 Tower - Conversion Phase I 515 E 100 S 10 $2,650,000 $0***3Perpetual Housing Fund 2nd South Apartments 934-948 W 200 S 8 $3,000,000 $2,420,000 $2,420,000 6Hermes Affordable Services, LLC The Catherine Phase 1 1881 W N Temple 4 $2,524,802 $1,000,000 $1,000,000 1022 Communities The Catherine Phase 2 1881 W N Temple 6 $1,569,441 $134,323 $134,323 1022 Communities Citizens West 4 515 W 300 N 10 $400,000 $400,000 $400,000 2Developed. By Women. & Ivan Carroll Fairmont Heights I 2557 S 1100 E 6 $3,200,000 $1,000,000 $1,000,000 13Lincoln Avenue Communities Project Open 3 529 W 400 N 12 $710,000 $710,000 $710,000 1Perpetual Housing Fund Pharos Apartments 915 W 200 N 5 $880,000 $47,101 $726,291 $106,608 $880,000 12Housing Authority of Salt Lake City Book Cliffs Lodge 1159 S W Temple 5 $740,000 $740,000 $740,000 11Housing Authority of Salt Lake City Liberty Corner 1265 S 300 W 10 $4,500,000 $1,236,714 $1,530,677 $1,732,609 $4,500,000 4Cowboy Partners 9Ten West 910 W N Temple 7 $2,000,000 $1,000,000 $1,000,000 9Great Lakes Capital Alliance House 1805 Rebuild 1805 S Main St 7 $500,000 $500,000 $500,000 8Alliance House & Cowboy Partners TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323 FINANCE COMMITTEE RECOMMENDATION <40%41- 60% 61- 80% Market Rate 1 Project Open 3 - Homeownership D3 $710,000 $710,000 23 0 0 23 0 12 No IR: 1%. Term: 18 months. Repaymt: Balloon.49 2 Citizens West 4 D3 $400,000 $400,000 52 10 40 0 2 10 9%IR: 1%. Term: 15 years with 30 year amortization. Repaymt: Hard.41 3 515 Tower - Conversion Phase I - Recommended for High Opportunity NOFA funding D4 $2,650,000 $2,650,000 96 20 76 0 0 10 9%IR: 2%. Term: 15 years. Repaymt: Cash Flow.24 4 Liberty Corner D5 $4,500,000 $4,500,000 200 44 78 78 0 10 4%IR: 2%. Term: 40 years. Repaymt: Cash Flow.60 5 New City Plaza Apartments - Historic Preservation/ Adaptive Reuse D5 $895,000 $895,000 299 223 75 0 0 5 4%IR: 2.5%. Term: 40 years. Repaymt: Cash Flow.20 6 2nd South Apartments D2 $3,000,000 $2,420,000 105 16 88 0 1 8 4%IR: 2%. Term: 30 years. Repaymt: Cash Flow.28 7 Norbridge Court - Historic Preservation/ Adaptive Reuse D2 $895,000 $895,000 62 32 22 8 0 8 9%IR: 1%. Term: 30 years. Repaymt: Hard.12 8 Alliance House 1805 Rebuild D5 $500,000 $500,000 16 16 0 0 0 7 No IR: 2.5%. Term: 40 years. Repaymt: Cashflow.68 9 9Ten West D2 $2,000,000 $1,000,000 180 27 138 15 0 7 4%IR: 2%. Term: 16 years with 40 year amortization. Cash Flow.64 10 The Catherine Phase 1 D1 $2,524,802 $1,000,000 228 0 228 0 0 4 No (applying for 4%) IR: 2%. Term: 16 years with 40 year amortization. Repaymt: Cash Flow.33 10 The Catherine Phase 2 D1 $1,569,441 $134,323 144 0 144 0 0 6 No (applying for 4%) IR: 2%. Term: 16 years with 40 year amortization. Repaymt: Cash Flow.37 11 Book Cliffs Lodge D5 $740,000 $740,000 55 9 20 20 6 5 N/A IR: 2.5%. Term: 15 years with 30 year amortization. Repaymt: Cash Flow.56 12 Pharos Apartments D2 $880,000 $880,000 34 5 19 10 0 5 No IR: 2.5%. Term: 15 years with 40 year amortization. Repaymt: Cash Flow.52 13 Fairmont Heights I D7 $3,200,000 $1,000,000 55 27 19 9 0 6 No (applying for 9%) IR: 1%. Term: 2-year ballon or conversion to permanent, 16 years with 30 year amortization. Repaymt: Hard. 45 14 Bumper House D5 $3,000,000 $0 237 24 158 55 0 3 4%IR: 1.5%. Term: 17 years with 40 year amortization. Repaymt: Hard.16 Summary of RDA Finance Committee Recommended FY24 HDLP Funding. Weighted Priority Score Tax Credits Rec'd Preliminary terms Summary Page in Trans- mittal Units per AMI LevelRDA Finance Cmtee Ranking Project Funding Request Funding Recommend- ation Total Units Council District Funding Request $1,800,000 $300,000 $400,000 $800,000 $500,000 Saltair Requested loan for preconstruction design and soft costs Maven Flats Did not include family-sized and/or deeply affordable units Moda Griffin Did not include family-sized and/or deeply affordable units Palmer Court Redevelopment Requested loan for preconstruction design and soft costs Applications that Did Not Meet FY24 HDLP Eligibility Requirements. Project Basis for ineligibility Innovation Park Requested loan for "sleeping second mortgages"