Transmittal - 3/1/2024
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
STAFF MEMO
DATE: March 1, 2024
PREPARED BY: Tracy Tran, Senior Project Manager
Kate Werrett, Project Manager
Austin Taylor, Project Manager
Lucas Goodrich, Project Coordinator
Marcus Lee, Project Coordinator
RE: Consideration and Adoption of a Resolution Approving Funding Allocations
for Gap Financing through a Competitive Notice of Funding Availability for
the Housing Development Loan Program
REQUESTED ACTION: Consider approving affordable housing funding allocations as selected
through a competitive Notice of Funding Availability for the Housing
Development Loan Program
POLICY ITEM: Affordable Housing – Housing Development Loan Program
BUDGET IMPACTS: $4,241,714 of RDA affordable housing funds and $9,519,450 of
Housing Stability Division’s HUD HOME funds issued through the
Housing Development Loan Program
EXECUTIVE SUMMARY: The Redevelopment Agency of Salt Lake City (“RDA”) recently issued
a competitive Notice of Funding Availability (“NOFA”) to solicit applications for $13.76 million
available through the Housing Development Loan Program (“HDLP”) to incentivize the development
and preservation of affordable housing. This is the first year federal Department of Housing and Urban
Development (“HUD”) funds from the City’s Housing Stability Division have been incorporated into
the competitive NOFA through the HDLP. The HDLP funds are available to projects located anywhere
within Salt Lake City municipal boundaries. After the release of the NOFA, an additional $1,665,000
became available to potentially include in this HDLP funding offering, subject to consideration and
approval by the RDA Board of Directors (“Board”). Due to the number of applications received for
funding, RDA staff proposed, and the Finance Committee recommends that the Board incorporate the
$1,665,000 within this round of the competitive HDLP. If the Board determines to incorporate the
$1,665,000, a total of $15,426,164 will be available to fund these applications.
1
Guiding Policy
The HDLP is being administered pursuant to the Housing Allocation Funds Policy (“Funds Policy”),
resolution R-1-2022, and the Housing Development Loan Program Policy (“HDLP Policy”), resolution
R-2-2022. The Funds Policy establishes policies for allocating and directing resources for the
development and preservation of housing by various funding sources. Highlights of the Funds Policy
include:
• Housing Funds: The Policy establishes four housing funds based on fund source. The revenues,
expenditures, interest, and payments for each fund source shall be separately accounted for to
ensure the RDA control and oversight to comply with statutory requirements.
• Annual Budgeting Process: The policy provides that on an annual basis, the RDA shall present
for the Board’s consideration a Housing Development Funding Strategy that projects revenues
for the upcoming fiscal year and proposes funding priorities and allocations. This will allow
the RDA to be flexible to address current needs, leverage current opportunities, coordinate with
other city resources and allow funding priorities to align with evolving plans and policies.
The HDLP provides low-cost financial assistance to incentivize the development and preservation of
affordable housing within Salt Lake City municipal boundaries. The HDLP Policy provides a
centralized application, underwriting, and approval process regardless of the fund source and also
features:
• Funding allocations and priorities determined on an annual basis. The funding priorities for
these funds were based on the FY2023-24 Annual Housing Funding Priorities.
• The transparent administration of funds through a Notice of Funding Availability (NOFA)
process. Revenue from various funds may be combined into a consolidated NOFA or a NOFA
may be issued for a specific funding source. NOFAs could be offered on an annual basis or
multiple times per year and can be competitive or open-ended depending on availability of
funds, priorities, and demand.
• A standardized process for approving applications and a uniform set of underwriting policies.
FY2023-2024 Annual Priorities
In April 2023, the Board adopted the FY2023-2024 Annual Housing Funding Priorities. These
priorities included Threshold Requirements for the HDLP. This HDLP application cycle is the second
year that these two thresholds (including the new Sustainable Development Policy requirements) were
required of development projects. Staff confirms that every application meets or will meet the
Threshold Requirements. The paragraphs below detail this year’s Threshold Requirements; projects
are required to include at least one of the following options:
• Deeply Affordable Housing Threshold Requirement
o Policy Objective: 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.
o HDLP Implementation: To meet the RDA’s deeply affordable threshold, at least 10%
of the total residential units shall be income and rent restricted to households earning
40% of the area median income (“AMI”) and below as established by the U.S.
Department of Housing and Urban Development (“HUD”). These units will be rent
and income deed restricted.
• Family Housing Threshold Requirement
o Policy Objective: 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.
o HDLP Implementation: For a development to qualify for these funds, a minimum of
10% of the total residential units shall have three or more bedrooms and shall be income
and rent restricted to those earning 60% AMI and below, with AMI limits as established
by HUD.
For affordable homeownership developments, a minimum of 10% of the total
residential units shall have three or more bedrooms.
Application Submissions
Pursuant to the policies, the RDA administered a transparent application process that resulted in twenty
(20) requests; however, five applications were determined to be ineligible during the Threshold
Requirement review phase. Eligible requests for funding total $27,464,243 – refer to Attachment A:
Applications Overview, Attachment B: Map of Project Locations, and Attachment D: Project Summary
Sheets for additional information.
The RDA has evaluated the application submittals and the RDA Finance Committee (“Committee”)
has recommended specific applications for funding. This memorandum includes a summary of
application submittals and the Committee’s recommendations for the Board’s consideration and
determination of funding allocations.
ANALYSIS & ISSUES:
Below is an overview of the HDLP application process:
I. Application Process
Applications were solicited with a NOFA released on November 17, 2023. A copy of the
FY2023-2024 HDLP Annual Affordable Housing Funds Guidelines + Application Handbook
that applicants used to apply can be found here.
On December 1, 2023, RDA and Housing Stability staff hosted a virtual information session
to provide an overview of the HDLP application, requirements, selection process, and HUD
HOME funds. Staff recorded the video and posted the video on the RDA website for those
unable to attend to watch. Staff also utilized press releases, website and email communications,
social media, and notifications through secondary outlets to publicize the competitive HDLP
NOFA. Applications were due on or before January 3, 2024.
II. Project Review
As part of the application review process, RDA staff analyzed applications according to the
HDLP Policy’s eligibility requirements and funding priorities set by the Board, which can be
found in Attachment F: Project Priorities and Interest Rate Reductions. The housing priorities
include the ability for an applicant to receive an interest rate reduction if priorities are met. All
awarded HDLP loans will have below market interest rates with funds available to selected
projects for acquisition, construction and/or development uses. The RDA recognizes that the
construction sources and uses for projects may not be the same as the permanent sources and
uses and that the amount of debt that the HDLP loans are subordinated to may vary depending
on the status of the projects.
The applications were forwarded to the RDA Finance Committee for their review and
recommendation. When evaluating applications, the Committee considered developer
experience, the completeness/quality of the application, the project’s ability to meet HDLP
Threshold Requirements, the number of Project Priorities met, targeted AMIs, unit mix,
community impact, and the financial and regulatory readiness of the proposed project.
III. Funding Allocations, Conditional Commitment, and Loan Closing
Pursuant to the Policy, the Board will make the final determination of applications to fund.
Subsequently, the RDA will issue a conditional commitment letter to those applications that
are selected for funding. The conditional commitment letter between the RDA and the applicant
will contain the covenants, terms and conditions upon which the RDA will provide financial
assistance to the proposed project once financial, legal, regulatory, and design approvals are
obtained. Prior to closing on a loan, RDA staff will ensure that the project is financially viable,
underwriting standards are met, and the use of public funds is necessary for the project to
succeed.
RDA STAFF REVIEW: As part of the initial application review process, RDA staff determined that
fifteen (15) of the twenty (20) submitted applications are eligible for funding consideration by meeting
or proving they will meet the Threshold Requirements laid out in the FY2023-2024 HDLP Annual
Affordable Housing Funds Guidelines + Application Handbook.
An overview of submitted applications in the order received is as follows:
PROJECT DEVELOPER
FUNDING REQUEST
PREVIOUS HDLP
COMMITMENTS
CURRENT
REQUEST
1. Norbridge Court Artspace - $895,000
2. Bumper House SMH Builders - $3,000,000
Innovation Park* Ivory Innovations - $1,800,000
3. New City Plaza Apartments Housing Connect - $895,000
4. 515 Tower - Conversion Phase I Perpetual Housing Fund - $2,650,000
5. 2nd South Apartments Hermes Affordable Services, LLC - $3,000,000
6. The Catherine Phase 1 22 Communities - $2,524,802
7. The Catherine Phase 2 22 Communities - $1,569,441
Maven Flats* Rise Development LLC - $300,000
Moda Griffin* J Fisher Companies - $400,000
8. Citizens West 4 Developed. By Women. & Ivan Carroll - $400,000
4
9. Fairmont Heights I Lincoln Avenue Capital - $3,200,000
10. Project Open 3 Perpetual Housing Fund - $710,000
11. Pharos Apartments Housing Authority of Salt Lake City - $880,000
12. Book Cliffs Lodge** Housing Authority of Salt Lake City $1,000,000 $740,000
Palmer Court Redevelopment* Shelter the Homeless - $800,000
Saltair* Valley Behavioral Health - $500,000
13. Liberty Corner Cowboy Partners - $4,500,000
14. 9Ten West Great Lakes Capital - $2,000,000
15. Alliance House 1805 Rebuild Alliance House & Cowboy Partners - $500,000
TOTAL FUNDING REQUEST:
$31,264,243
TOTAL ELIGIBLE FUNDING REQUEST: $27,464,243
AVAILABLE FUNDING: $13,761,164***
* During the Threshold Review, this application was determined to be ineligible.
** This project has received other HDLP loan commitment(s) in a previous year. To streamline the administration of these loans,
the loans will be consolidated if approved by the Board.
*** Funds from previous HDLP applications may be available to include as an additional funding source. The Board will need
to approve this addition, if desired. This may provide an additional $1,665,000 of funding.
A more in-depth overview of the applications can be found in Attachment A: Applications Overview,
Attachment D: Project Summary Sheets, and Attachment E: Ineligible Projects Summary.
RDA Sustainable Development Policy Clarification: As part of reviewing these funding requests, RDA
staff was asked whether the use of diesel or natural gas backup generators in case of emergencies
conflicts with the RDA Sustainable Development Policy. Backup generators are a practical and
sometimes required element in a building to ensure elements such as lighting and elevators are working
so that people can get out of buildings safely. In reviewing the policy, our policy requires buildings to
be designed to operate without fossil fuels, but it would not restrict the ability to have backup
generators for emergencies.
RDA FINANCE COMMITTEE RECOMMENDATION: On February 21, 2024, the Committee
made recommendations regarding all applications. The Committee provided the Board funding
recommendations for the five available categories of funds. The first category includes funding
recommendations with the $4.2 million in RDA committed funds, the second category includes
funding recommendations for the additional $1,665,000 in RDA funds if the Board decides to
incorporate those funds into this round. Categories 3-5 include recommendations for the three Housing
Stability Division’s HUD HOME funds that applicants qualified to receive. The Committee also
provided an overall ranking of all the projects. While reviewing applications, the Committee took into
consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and
agreed to maintain their submitted recommendation to fund 515 Tower – Conversion 1 with High
Opportunity Area funds. The Committee’s competitive HDLP funding recommendations incorporate
the previously submitted High Opportunity Area recommendation.
Refer to Attachment C: RDA Finance Committee Funding Recommendation for the Committee’s
5
recommendation detail.
PREVIOUS BOARD ACTION:
June 13, 2023: The Board adopted the FY2023-2024 budget, which allocated $4,241,714 in RDA funds
to the Housing Development Loan Program. The City Council allocated an additional $9,519,450 of
HUD funds to be included in this year’s affordable housing NOFA. The total of $13,761,164 in
Competitive NOFA Funds come from five different categories as described below:
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 Fund** $726,291
HOME Community Housing Development Organization Funds** $351,841
TOTAL: $13,761,164
*Note: Amounts are approximate. Total available funds may change after this document has been published.
**Note: See Attachment G for additional information on federal requirements associated with these funds.
•April 11, 2023: The Board adopted the Affordable Housing Funding Priorities for Fiscal Year
2023-2024.
•March 8, 2022: The Board adopted revisions to the Housing Development Loan Program
Policy to direct review of applications to the RDA Finance Committee.
•February 9, 2022: The Board adopted revisions to the Housing Allocation Funds Policy.
•March 2021: The Board adopted the Housing Development Loan Program Policy.
•February 2021: The Board adopted the Housing Allocation Funds Policy.
ATTACHMENTS:
A.Applications Overview
B. Map of Development Locations
C. RDA Finance Committee Funding Recommendation
D.Project Summary Sheets
E.Ineligible Projects Summary
F.Project Priorities and Interest Rate Reductions
G.HOME Funds Requirements
H.FY2023-2024 Competitive HDLP Funding Allocation Resolution
Application #1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Project Norbridge Court Bumper House
New City Plaza
Apartments
515 Tower -
Conversion Phase I
2nd South
Apartments
The Catherine
Phase 1
The Catherine
Phase 2 Citizens West 4 Fairmont Heights I Project Open 3 Pharos Apartments Book Cliffs Lodge Liberty Corner 9Ten West
Alliance House 1805
Rebuild
Developer Artspace SMH Builders Housing Connect
Perpetual Housing
Fund
Hermes Affordable
Services, LLC 22 Communities 22 Communities
Developed. By Women. &
Ivan Carroll
Lincoln Avenue
Communities
Perpetual Housing
Fund
Housing Authority of
Salt Lake City
Housing Authority of
Salt Lake City Cowboy Partners Great Lakes Capital
Alliance House &
Cowboy Partners TOTAL
Address 511 W 200 S 269 W Brooklyn Ave 1966 S 200 E 515 E 100 S 934-948 W 200 S 1881 W N Temple 1881 W N Temple 515 W 300 N 2557 S 1100 E 529 W 400 N 915 W 200 N 1159 S W Temple 1265 S 300 W 910 W N Temple 1805 S Main St
RDA Loan Request
RDA Request 895,000$ 3,000,000$ 895,000$ 2,650,000$ 3,000,000$ 2,524,802$ 1,569,441$ 400,000$ 3,200,000$ 710,000$ 880,000$ 740,000$ 4,500,000$ 2,000,000$ 500,000$ 27,464,243$
Previous RDA Commitments -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,000,000$ -$ -$ -$ 1,000,000$
Total RDA Request 895,000$ 3,000,000$ 895,000$ 2,650,000$ 3,000,000$ 2,524,802$ 1,569,441$ 400,000$ 3,200,000$ 710,000$ 880,000$ 1,740,000$ 4,500,000$ 2,000,000$ 500,000$ 28,464,243$
Total Project Cost 18,774,027$ 60,701,174$ 89,615,717$ 39,231,648$ 37,177,859$ 69,452,555$ 45,194,612$ 25,514,260$ 34,619,153$ 7,170,000$ 10,327,863$ 17,424,284$ 117,613,798$ 43,204,038$ 6,017,619$
RDA Loan to Cost 4.8%4.9%1.0%6.8%8.1%3.6%3.5%1.6%9.2%9.9%8.5%10.0%3.8%4.6%8.3%5.9%Average
RDA Funding per Unit 14,435$ 12,658$ 2,993$ 27,604$ 28,571$ 11,074$ 10,899$ 7,692$ 58,182$ 30,870$ 25,882$ 31,636$ 22,500$ 11,111$ 31,250$ 21,824$ Average
Other City Funds -$ -$ 2,000,000$ 10,000,000$ -$ -$ -$ -$ -$ -$ -$ 3,000,000$ -$ -$ -$ 15,000,000$
Interest Rate (w/ project priority deductions)1.0%1.5%2.5%2.0%2.0%2.0%2.0%1.0%1.0%1.0%2.5%2.5%2.0%2.0%2.5%1.8%Average
Term 30 17 40 15 30 16 16 15 2, 16 18 mo 15 15 40 16 40
Amortization 30 40 40 15 30 40 40 30 40 18 mo 40 30 40 40 40
Repayment Terms Hard Hard Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow Hard Balloon or convert to hard Balloon Payment Cash Flow Cash Flow Cash Flow Cash Flow Cash Flow
Financial Metrics
Owners' Equity 808,279$ -$ -$ -$ -$ -$ -$ -$ 100$ -$ 1,450,000$ 1,112,634$ 8,907,464$ -$ $360,000*12,278,477$
Tax Credits Yes, 9%Yes, 4%Yes, 4%Yes, 9%Yes, 4%Applying, 4%Applying, 4%Yes, 9%Applying, 9%No No No Yes, 4%Yes, 4%No
Cost per Unit 302,807$ 256,123$ 299,718$ 408,663$ 354,075$ 304,616$ 313,851$ 490,659$ 629,439$ 311,739$ 303,761$ 316,805$ 588,069$ 240,022$ 376,101$ 366,430$ Average
Threshold Requirements
Family-Sized Affordable or Deeply Affordable Units Deeply Affordable Deeply Affordable Deeply Affordable Both Both Family-Sized Family-Sized Both Deeply Affordable Family-Sized Deeply Affordable Deeply Affordable Both Deeply Affordable Deeply Affordable
Energy Star Score 90+ Cond. Of Approval 93 Cond. Of Approval 100 93 Cond. Of Approval Cond. Of Approval 100 Cond. Of Approval 100 100 95 92 90 92
100% Electric No Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Housing Unit Details
40% AMI and Below
Studio - 24 - 15 8 - - 5 - - - - - 27 - 79
1bd - - 223 2 6 - - - 18 - 5 9 - - 16 279
2bd 31 - 1 - 1 - - 3 9 - - - 22 - - 67
3bd 1 - - 2 1 - - 1 - - - - 18 - - 23
4bd - - - 1 - - - 1 - - - - 4 - - 6
Total 40% AMI & Below 32 24 224 20 16 - - 10 27 - 5 9 44 27 16 454
41%-60% AMI
Studio - 158 - 25 28 80 45 5 - - - - - 138 - 479
1bd - - 75 6 31 44 30 - 15 - 19 20 - - - 240
2bd 21 - - - 14 80 45 12 4 - - - 34 - - 210
3bd 1 - - 30 15 24 24 19 - - - - 32 - - 145
4bd - - - 15 - - - 4 - - - - 12 - - 31
Total 41%-60% AMI 22 158 75 76 88 228 144 40 19 - 19 20 78 138 - 1,105
61%-80% AMI
Studio - - - - - - - - - - - - - - - -
1bd - 18 - - - - - - 7 4 10 20 - 15 - 74
2bd 7 37 - - - - - - 2 - - - 40 - - 86
3bd 1 - - - - - - - - 12 - - 30 - - 43
4bd - - - - - - - - - 7 - - 8 - - 15
Total 61%-80% AMI 8 55 - - - - - - 9 23 10 20 78 15 - 218
Market Rate (81% & above AMI)
1bd - - - - - - - - - - - 6 - - - 6
2bd - - - - 1 - - 1 - - - - - - - 2
4bd - - - - - - - 1 - - - - - - - 1
Total Market Rate (81% & above AMI)- - - - 1 - - 2 - - - 6 - - - 9
Priorities & Interest Rate Reductions
Priorities: The four Funding Priorities determined by the FY2023-2024 Annual Housing Funding Priorities include: Family Housing, Target Populations, Homeownership, and Missing Middle/Unique Housing Type. These Funding Priorities receive a weighted ranking of 3 points each as compared to other priorities which receive 1 ranking point each for inclusion in projects.
Interest Rate Reductions: Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development application is 2%.
Family Housing 3 3 3 3 3 3
Target Populations 3 3 3 3 3 3 3 3 3 3 3
Homeownership 3
Missing Middle/Unique Housing Type 3 3
Transportation Opportunities 1 1 1 1 1 1 1 1 1 1 1 1 1
Neighborhood Safety 1 1 1 1 1 1 1
Expand Opportunity 1 1
Architecture and Urban Design 1 1 1 1 1 1
Commercial Vitality 1 1 1 1 1 1 1 1
Historic Preservation/Adaptive Reuse 1 1
Public Art 1 1 1 1 1 1 1 1
Sustainability
NOFA Ranking Weight Total 8 3 5 10 8 4 6 10 6 12 5 5 10 7 7 7.1 Average
*Anticipated Donation
**This unit will not be deed restricted. This will be the property manager's residence and included as part of their compensation.
ATTACHMENT A: APPLICATIONS OVERVIEW
7
400 S
200 S
9
0
0
W
3
0
0
W
600 N
600 S
300 S
300 N
4
0
0
W
E
S
t
North Temple St
2
0
0
W
B
S
t
S
t
a
t
e
S
t
100 S
I-
1
5
S
B
F
w
y
2
0
0
E
3
0
0
E
4
0
0
E
5
0
0
E
6
0
0
E
I-1
5
N
B
F
w
y
700 N
M
a
i
n
S
t
I-80 WB Fwy I-80 EB Fwy
I-
2
1
5
N
B
F
w
y
2nd Ave
R
e
d
w
o
o
d
R
d
I-
2
1
5
S
B
F
w
y
South Temple St
3rd Ave
W
e
s
t
T
e
m
p
l
e
S
t
11th Ave
I-
8
0
E
B
I
-
1
5
S
B
R
a
m
p
V
i
c
t
o
r
y
R
d
500 S
I-80 EB I-15 NB
R
a
m
p
1
2
0
0
W
Co
l
u
m
b
u
s
S
t
I
-
2
1
5
S
B
7
0
0
N
O
N
R
a
m
p
R
e
d
w
o
o
d
R
d
500 S
100 S
M
a
i
n
S
t
500 S
1
2
0
0
W
¯
ATTACHMENT B: MAP OF DEVELOPMENT LOCATIONS (1 of 2)
0 0.25 0.5 0.75 10.125
Miles
Eligible HDLP Application
6, 7 - THE CATHERINE PHASE 1 AND 2
11 - PHAROS APARTMENTS
14 - 9TEN WEST
5 - 2ND SOUTH APARTMENTS
10 - PROJECT OPEN 3
8 - CITIZENS WEST 4
1 - NORBRIDGE COURT
4 - 515 TOWER -
CONVERSION PHASE 1
1700 S
2100 S
1300 S
7
0
0
E
9
0
0
E
5
0
0
E
1
3
0
0
E
3
0
0
W
S
t
a
t
e
S
t
11
0
0
E
M
a
i
n
S
t
7
0
0
W
I
-
1
5
S
B
F
w
y
W
e
s
t
T
e
m
p
l
e
S
t
I-
1
5
S
B
C
o
l
l
e
c
t
o
r
R
a
m
p
I-
1
5
N
B
F
w
y
I-15 NB 900 S Off Ramp
I-15 SB SR-201 WB Ramp
H
i
g
h
l
a
n
d
D
r
7
0
0
W
1300 S
I
-
1
5
N
B
F
w
y
¯0 0.25 0.5 0.75 10.125
Miles
Eligible HDLP Application
ATTACHMENT B: MAP OF DEVELOPMENT LOCATIONS (2 of 2)
2 - BUMPER HOUSE
12 - BOOK CLIFFS LODGE
13 - LIBERTY CORNER
15 - ALLIANCE HOUSE
3 - NEW CITY PLAZA
9 - FAIRMONT HEIGHTS I
ATTACHMENT C: RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS
The RDA Finance Committee recommends that funding be allocated to projects in the order of Funding Ranking.
PROJECT/APPLICANT ADDRESS
WEIGHTED PROJECT PRIORITY
SCORE/INTEREST RATE REDUCTION*FUNDING REQUEST PRELIMINARY TERMS**
RDA Committed
Funds
Possible Additional
RDA Funds
HOME Program
Income
HOME Development
Fund
HOME ARP
Development
TOTAL FUNDING
RECOMMENDATION
FUNDING
RANKING
Norbridge Court
Artspace
Bumper House
SMH Builders
New City Plaza Apartments
Housing Connect
515 Tower - Conversion Phase I
Perpetual Housing Fund
2nd South Apartments
Hermes Affordable Services, LLC
The Catherine Phase 1
22 Communities
The Catherine Phase 2
22 Communities
Citizens West 4
Developed. By Women. & Ivan
Carroll
Fairmont Heights I
Lincoln Avenue Communities
Project Open 3
Perpetual Housing Fund
Pharos Apartments
Housing Authority of Salt Lake City
Book Cliffs Lodge
Housing Authority of Salt Lake City
Liberty Corner
Cowboy Partners
9Ten West
Great Lakes Capital
Alliance House 1805 Rebuild
Alliance House & Cowboy Partners
TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323
Funds Availability Total Available Recommended Funding Funds Remaining
RDA Committed Funds $4,241,714 $4,241,714 $- Grey box: Applicant qualifies for but doesn't want these funds.
Possible Additional RDA Funds $1,665,000 $1,665,000 $- Black box: Applicant does not qualify for these funds.
HOME Program Income $6,939,710 $6,939,710 $-
HOME Development Fund $726,291 $726,291 $-
HOME ARP Development $1,501,608 $1,501,608 $-
HOME Community Housing
Development Organization Funds $351,841 $0 $ 351,841
Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841
*** While reviewing applications, the Committee took into consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and agreed to maintain their submitted recommendation to fund 515 Tower – Conversion 1 with High Opportunity Area funds. The Committee’s competitive HDLP funding
recommendations incorporate the previously submitted High Opportunity Area recommendation.
Legend:
Target Populations: 3
Missing Middle: 3
Neighborhood Safety: 1
TOTAL: 7
* Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall
be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from Project Priorities met may require Board approval.
NOTE: For all loan awards greater than $899,999, the Sustainable Development Policy requires buildings to be designed to operate without fossil fuels, but it would not restrict the ability to have backup generators for emergencies.
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2023-2024 Housing Development Loan Program ( HDLP) Guidelines. Changes to repayment type may occur ( hard repayment versus cash flow repayment) and shall be
based on requirements listed in the HDLP Guidelines or it required by a senior lender. Changes in repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loan; consideration may be made for other government entity loans if required through their
policies. Funds may be disbursed in a lump sum if required by senior lender(s).
Funding Recommended by Finance Committee
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 4
Family Housing: 3
Transportation Opportunities: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 6
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 10
Target Populations: 3
Expand Opportunity: 1
Transportation Opportunities: 1
Architecture & Urban Design: 1
TOTAL: 6
Family Housing: 3
Homeownership: 3
Missing Middle: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Public Art: 1
TOTAL: 12
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
TOTAL: 10
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 7
8
13
$500,000 $500,000
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 8
Interest Rate: 1.0%
Term: 30 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.5%
Term: 17 year
Amortization: 40 year
Hard Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 15 year
Amortization: 15 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 30 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 1.0%
Term: 15 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.0%
Acquisition Term: 2-year Balloon
or conversion to Permanent:
Term: 16 year
Amortization: 40 year
Hard Repayments
Interest Rate: 1.0%
Term: 18 month
Balloon Repayment
Interest Rate: 2.5%
Term: 15 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 15 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Transportation Opportunities: 1
Neighborhood Safety: 1
Public Art: 1
TOTAL: 3
Target Populations: 3
Commercial Vitality: 1
Historic Preservation/Adaptive Reuse: 1
TOTAL: 5
4
9
12
11
1
10
2
7
14
5
3
10
6
511 W 200 S $895,000 $895,000
$0
$895,000
$3,000,000
$895,000
$0***
$1,000,000
$2,420,000
Family Housing: 3
Target Populations: 3
Expand Opportunity: 1
Historic Preservation/Adaptive Reuse: 1
Transportation Opportunities: 1
Commercial Vitality: 1
TOTAL: 10
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Public Art: 1
TOTAL: 8
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
515 W 300 N
1805 S Main St
2557 S 1100 E
529 W 400 N
915 W 200 N
1159 S W Temple
1265 S 300 W
910 W N Temple
$895,000$895,000
$2,650,000
$3,000,000
$2,524,802
$1,569,441
$2,000,000
$500,000
$134,323
$1,000,000
$400,000
$3,200,000
$710,000
$880,000
$740,000
$4,500,000
$1,000,000
$740,000
$1,236,714 $1,530,677
$134,323
$2,420,000
$1,000,000
$400,000 $400,000
$1,000,000
$710,000 $710,000
$47,101 $106,608$726,291
$1,000,000
$1,732,609
$880,000
$740,000
$4,500,000
ATTACHMENT D: PROJECT SUMMARY SHEETS
11
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
OVERVIEW
Developer Artspace
Request Type HDLP Loan – Competitive
Project Type Rehabilitation
Existing Land Use Mixed Use
RDA FUNDING REQUEST
Funding Request $895,000
Total Project Cost $18,774,027
RDA Loan to Cost 4.8%
PROPOSED TERMS
Interest Rate 1.0%
Term, Amortization 30 Yr, 30 Yr
Repayment Terms Hard
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score Condition of Approval
100% Electric No
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety,
Architecture & Urban
Design, Commercial
Vitality, Public Art
TIMELINE
Construction Start Winter 2024
Construction Completion Summer 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 9%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed - - - - -
2 Bed 59 - 7 21 31
3 Bed 3 - 1 1 1
4 Bed - - - - -
Total 62 - 8 22 32
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $12,993,686
PERMANENT SOURCES
Source Amount % of Total
LIHTC Equity $12,508,749 66.6%
Senior Debt $3,550,000 18.9%
RDA Loan $895,000 4.8%
Owner Equity $808,279 4.3%
Grants $500,000 2.7%
Utility Rebates $475,000 2.5%
Deferred Fee $36,999 0.2%
Total $18,774,027 100%
USES
Use Amount % of Cost
Hard Costs $14,081,396 75.0%
Soft Costs $1,157,601 6.2%
Developer Fee $1,573,813 8.4%
Financing $1,048,625 5.6%
Contingency $648,775 3.5%
Reserves $248,818 1.3%
Public Art $15,000 0.1%
Total $18,774,027 100%
12
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
PROJECT SUMMARY
From Developer:
“Norbridge Court is a four-story, mixed-used building with street level commercial space and 3 exclusively
residential floors above. By resyndicating the LIHTC, the existing substandard housing will be substantially
rehabilitated to update and completely renovate all 62 residential units and common areas. The original building
was completed in 2001 and has many deficiencies that will be addressed through the rehab. Major items include
replacing all appliances, updating lighting and electrical, replacing windows, and installing a highly efficient
mechanical system. The rehab will also add washers/dryers to each unit, secure indoor bike storage, and provide a
furnished exercise room and a computer room with free internet for tenants. The project is transit-oriented,
located directly adjacent to UTA's Trax Blue line, on a bus stop on 200 South, Utah’s busiest transit street, and a
block from UTA's Central Station. The building will incorporate highly efficient design measures and will include a
solar array of around 350kW with the goal of net zero. All residential units in the project will remain affordable and
rent restricted.”
DEVELOPER SUMMARY
From Developer:
“Norbridge Court will be owned by Bridge Projects, LLC, the current owner of the building of which Artspace is the
sole managing member. Established in 1980, Artspace has developed 7 mixed-use projects in the RDA’s Granary
and Depot District project areas. Artspace's portfolio includes 278 residential units affordable for households
earning between 34-80% of AMI and over 125,000 SF of commercial space occupied by artists, nonprofits, and
local small businesses. Artspace's projects include 3 historic preservation projects, 2 low-income housing tax
credit projects, 2 net zero energy buildings including Utah's first net zero multi-family building with onsite solar
production, and the first Gold LEED certified mixed-use building in Utah. Artspace has the demonstrated ability to
maintain long-term viability and compliance of affordable housing projects. As a 501(c)3 nonprofit, we do not sell
our buildings and ensure they remain affordable for the community. Artspace’s President, Jessica Norie, has been
the President of Artspace since 2001 and will be Principal of this project. She has 27 years of experience
developing mixed-use and affordable housing projects.”
13
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
SITE MAP
PROJECT RENDERINGS
14
PROJECT NAME: 1 - Norbridge Court
ADDRESS: 511 W 200 S
15
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
OVERVIEW
Developer SMH Builders
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $3,000,000
Total Project Cost $60,701,174
RDA Loan to Cost 4.9%
PROPOSED TERMS
Interest Rate 1.5%
Term, Amortization 17 Yr, 40 Yr
Repayment Terms Hard
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score 93
100% Electric Yes
Priorities Met Transportation
Opportunities,
Neighborhood Safety,
Public Art
TIMELINE
Construction Start June 2024
Construction Completion June 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 182 - - 158 24
1 Bed 18 - 18 - -
2 Bed 37 - 37 - -
3 Bed - - - -
4 Bed - - - -
Total 237 - 55 158 24
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $43,280,077
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $27,300,000 45.0%
LIHTC Equity $24,187,374 39.8%
OWHLF $4,000,000 6.6%
RDA Loan $3,000,000 4.9%
State Tax Credit $1,629,800 2.7%
Deferred Fee $508,000 0.8%
Utility Rebates $76,000 0.1%
Total $60,701,174 100%
USES
Use Amount % of Cost
Acquisition $6,400,000 10.5%
Hard Costs $42,491,254 70.0%
Developer Fee $4,451,563 7.3%
Financing $5,765,834 9.5%
Reserves $1,592,523 2.6%
Total $60,701,174 100%
16
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
PROJECT SUMMARY
From Developer:
“Bumper House is a proposed 237-unit family LIHTC project that will be restricted to households earning 40 and
60 percent of the Area Median Income (AMI) or less. Upon completion of construction, the project will consist of
182 studio units, 18 one-bedroom units, and 37 two-bedroom units contained within one, eight-story, elevator
serviced, mid-rise residential building. The site currently consists of vacant, undeveloped land.
The project consists of a three-level concrete podium with lobby, support spaces and enclosed parking on level 1,
residential units and parking on level 2 and residential units and a landscaped courtyard on level 3. There are 5
levels of residential units above the podium. The developed roof offers outdoor recreation and gardening.
The residential units feature large areas of glass opening onto balconies and mountain views, high-end finishes
including stained concrete flooring, European style cabinets, quartz stone counters, LED lighting, wardrobe
systems with interchangeable storage components and stainless-steel appliances including a dishwasher,
microwave/fan, oven, and refrigerator. Refer to renderings and photos section for examples of typical residential
units, Attachment 2.A. and 1.G. Project Amenities.
Community amenity spaces include a 700 SF community clubhouse with kitchenette, 400 SF exercise room,
1,000 SF outdoor seating area, secure bike storage in the garage, and a 1,500 SF rooftop recreation area and
communal garden with raised beds. Other amenities include EV charging station, central laundry rooms on every
residential level, on-site management, and common area Wi-Fi.”
DEVELOPER SUMMARY
From Developer:
“George Hauser and Jesse Curtis are owners of the property at 269 W. Brooklyn in Salt Lake City, they own 62 %
and 38% respectively. Frederick H. Olsen has been engaged to provide low-income housing tax credit advisory
services for the applicants.
George Hauser, SMH Builders, Inc., President
George F. Hauser has over 35 years of experience in the real estate industry. Mr. Hauser is a licensed Utah General
Contractor and California General Contractor and Real Estate Broker. He is a Licensed Architect in Utah, California
and New York and certified by the National Council of Architectural Registration Boards (NCARB). In 1988 he
formed Hauser Architects and, subsequently, SMH Builders, a licensed Utah and California General Contractor,
which designs, entitles, finances and constructs his real estate development projects.
Jesse Curtis, JCI, President
Jesse Curtis is a real estate developer with 15 years of extensive real estate experience. Jesse has devoted the past
10 years to multi-family & commercial development in Salt Lake and Davis counties. He has over 1,000+ multi-
family units under construction or in planning and architectural phases. He sits on 3 advisory and consulting
boards for other local businesses or developers.”
17
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
SITE MAP
PROJECT RENDERINGS
18
PROJECT NAME: 2 - Bumper House
ADDRESS: 269 W. Brooklyn Avenue
19
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
OVERVIEW
Developer Housing Connect
Request Type HDLP Loan – Competitive
Project Type Rehabilitation
Existing Land Use Multifamily Housing
RDA FUNDING REQUEST
Funding Request $895,000
Total Project Cost $89,615,717
RDA Loan to Cost 1.0%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 40 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score Condition of Approval
100% Electric No
Priorities Met Target Populations,
Commercial Vitality,
Historic
Preservation/Adaptive
Reuse
TIMELINE
Construction Start June 22, 2022
Construction Completion November 1, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 298 - - 75 223
2 Bed 1 - - - 1
3 Bed - - - - -
4 Bed - - - - -
Total 299 - - 75 224
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $45,683,393
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $25,700,000 28.7%
LIHTC Equity $32,858,269 36.7%
Developer Financing $19,983,393 22.3%
Deferred Fee $3,828,231 4.3%
SLC HOME Funds $2,000,000 2.2%
SLCO ARPA Funds $1,400,000 1.6%
Cash Flow Prior to
Conversion $1,325,849 1.5%
OWHLF $1,000,000 1.1%
RDA Loan $895,000 1.0%
State Tax Credit $500,000 0.6%
Utility Rebates $95,485 0.1%
Interest $29,490 0.0%
Total $89,615,717 100%
USES
Use Amount % of Cost
Acquisition $19,398,000 21.6%
Hard Costs $54,876,793 61.2%
Soft Costs $9,415,068 10.5%
Developer Fee $4,202,211 4.7%
Reserves $1,723,645 1.9%
Total $89,615,717 100%
20
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
PROJECT SUMMARY
From Developer:
“New City Plaza consists of two apartment towers at 1966 and 1992 South 200 East with construction of a new
building connector between the two towers to connect them and to add a community space to provide services.
The project consists of two (2) buildings; the first building is a seven (7) story structure. That building’s features
include a leasing office, community room, activities room, centralized laundry, and maintenance shop. The second
residential building is a sixteen (16) story structure. This building’s features include a leasing office, community
room, activity room, laundry, and maintenance shop. The proposed project will continue to operate as senior and
non-elderly disabled housing for individuals whose rents are between 37% and 59% of the area median income
(AMI). As the two towers were built in 1973 and 1974, the Developer will work with SLC Benchmarking Staff to
ensure Energy requirements are met to perform better than 90% of other 50-year-old high-rise buildings. In
addition, New City Plaza Partners worked with ICast to establish the anticipated energy rebates from Rocky
Mountain Power and Dominion Energy. Please see Exhibit G for additional information.
DEVELOPER SUMMARY
From Developer:
“Housing Connect and its affiliate Housing Opportunities, Inc. Real Estate and Property Management Departments
focuses on acquiring, developing, managing, and owning multifamily housing developments that provide those we
serve with affordable housing options that allow tenants to pay no more than 30% of their income towards rents;
allowing them to meet their financial obligations and to strive towards self-sufficiency. As a housing developer, we
equally understand that housing (brick & stick) is only one component of building a strong community. Housing
Connect and its affiliate organizations support a total of 4,981 housing units under 28 different housing programs.
Housing Connect owns 524 units in the Public Housing/RAD program. The organization has a proven track record
in planning and developing Section 42 Low-Income Housing Tax Credit projects to provide PSH and workforce
housing to Salt Lake City and County. Housing Connect can demonstrate extensive experience, capacity, and a
strong commitment to developing and long-term managing extremely-low and low-income housing projects.
Please see Exhibit H for additional information.”
21
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
SITE MAP
PROJECT RENDERINGS
22
PROJECT NAME: 3 - New City Plaza Apartments
ADDRESS: 1966 S 200 E
23
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
OVERVIEW
Developer Perpetual Housing Fund of Utah
LLC
Request Type HDLP Loan – Competitive
Project Type Adaptive Reuse
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $2,650,000
Total Project Cost $39,030,425
RDA Loan to Cost 6.8%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 15 Yr, 15 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations, Expand
Opportunity, Historic
Preservation/Adaptive
Reuse, Transportation
Opportunities, Commercial
Vitality
TIMELINE
Construction Start May 1, 2024
Construction Completion December 31, 2024
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 9%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
41-60%
AMI
<40%
AMI
Studio 40 - 25 15
1 Bed 8 - 6 2
2 Bed - - - -
3 Bed 32 - 30 2
4 Bed 16 - 15 1
Total 96 - 76 20
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $16,960,000
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $6,508,958 16.7%
RDA Loan $2,650,000 6.8%
OWHLF $1,000,000 2.6%
Utility Rebates $76,800 0.2%
LIHTC Equity $27,696,083 71%
SLCO ARPA Grant $598,584 1.5%
Deferred Fee1 $500,000 1.3%
Total $39,030,425 100%
USES
Use Amount % of Cost
Acquisition $16,000,000 41.0%
Hard Costs $15,466,320 39.6%
Soft Costs $1,097,907 2.8%
Developer Fee $2,249,922 5.8%
Financing Expense $1,921,418 4.9%
Contingency $1,686,134 4.3%
Reserves $608,724 1.6%
Total $39,030,425 100%
1 The Developer is committing an additional $625,000 of developer fee from the project to create an equity line of credit so that residents can access their equity prior to a refinance or sale event, for a total of $1,125,000 deferred developer fee.
24
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
RDA APPLICATION NOTES
The RDA, through the City’s American Rescue Act Plan (ARPA) funds, allocated $10 million to the Perpetual
Housing Fund of Utah, LLC to purchase this property for an affordable housing development with a tenant wealth
building program. This $10 million will be used for the purchase of the property that would then allow PHF to
develop additional projects that carry out their goals to provide 1,000 affordable homes that will help families and
individuals build wealth. This is a unique model in which the developer will be contributing their own profits, which
they will share with the tenants of the building. This development also applied for funding through the High
Opportunity Area NOFA. The 515 Tower needs a total of $2,650,000 and if the full amount is received through the
high opportunity area funding, they will not need to request funds through the competitive HDLP process.
PROJECT SUMMARY
From Developer:
“515 Conversion Phase I a mixed-income, sustainable, adaptive-reuse project located on the East side of Salt Lake
City. The project is part of multi-phase, mixed-use project on the site and will be a beacon of affordable housing in
the rapidly unattainable east side of Salt Lake City. The overall project is planned to include a mixed-income
daycare, local retailers, and impact-focused commercial and co-working space. This project is being developed by
Perpetual Housing Fund and all 96 units in this phase will feature a shared-equity model - sharing 75% of the
phase's profits and appreciation with the residents living here. 515 will incorporate an array of amenities that will
benefit the lives of its residents including a fitness center, a clubhouse, a Greenbike station on site (with annual
passes included at no charge), indoor bike storage, a bike-repair station, and shared outdoor space. Located
within walking distance of the project is an elementary school, a core bus route, and a public park. The project will
also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its
tenants. The units will also be built within the criteria for Enterprise Green Communities 2020.”
DEVELOPER SUMMARY
From Developer:
“The project is being developed by Perpetual Housing Fund with Giv Communities as a development consultant.
The team has successfully developed or consulted on over a thousand affordable housing units utilizing the Low-
Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing
projects by the development team include:
Exchange - Salt Lake City
Project Open Phases 1 and 2 - Salt Lake City
Citizens West Phase I - Salt Lake City
Denver Street Apartments - Salt Lake City
Pamela's Place - Salt Lake City
Imagine Jefferson - Ogden
Startup Crossing - Provo
Harris Village Shelter and Permanent Supportive Housing – Tooele”
25
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
SITE MAP
PROJECT RENDERINGS
26
PROJECT NAME: 4 - 515 Tower - Conversion Phase I
ADDRESS: 515 E 100 S
27
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
OVERVIEW
Developer Hermes Affordable Services,
LLC
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use 3 Single Family Homes & 1
Duplex
RDA FUNDING REQUEST
Funding Request $3,000,000
Total Project Cost $37,177,859
RDA Loan to Cost 8.1%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 30 Yr, 30 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations,
Transportation
Opportunities, Public Art
TIMELINE
Construction Start October 2024
Construction Completion June 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
1 One 2-bedroom unit will be the property manager’s residence and included as part of their compensation, therefore only 104 units will be rented at the respective AMIs to the public.
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
A8MI
Studio 36 - - 28 8
1 Bed 37 - - 31 6
2 Bed 16 1 1 - 14 1
3 Bed 16 - - 15 1
4 Bed - - - - -
Total 105 1 - 88 16
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $27,479,842
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $11,160,000 30.0%
Senior Debt $1,250,000 3.4%
RDA Loan $3,000,000 8.1%
OWHLF HOME $2,000,000 5.4%
LIHTC Equity $15,772,525 42.4%
State Tax Credit
Equity $2,899,710 7.8%
Deferred Fee $853,659 2.3%
Solar Equity $166,965 0.4%
Rocky Mtn Rebates $75,000 0.2%
Total $37,177,859 100%
USES
Use Amount % of Cost
Land $3,120,100 8.6%
Hard Costs $22,162,722 59.6%
Soft Costs $1,699,723 4.6%
Developer Fee $3,232,424 8.7%
Financing Expense $4,482,474 12.1%
Contingency $2,074,923 5.6%
Reserves $315,493 0.8%
Total $37,177,859 100%
28
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
PROJECT SUMMARY
From Developer:
“2nd Street Apartments will appeal to a wide variety of households and provide larger units that are mostly missing
in the Fairpark Neighborhood. While most of the new affordable and market rate housing in the Fairpark
Neighborhood is providing studio and one-bedroom apartments, 2nd South will also provide two- and three-
bedroom homes. In addition to the variety of apartment sizes, we will appeal to even more households with rents
from 40% of area median income to 60% of AMI.
Located in the Fairpark neighborhood, 2nd South will provide much needed affordable housing in this quickly
transforming part of Salt Lake City. The site is only 1.3 miles from the heart of downtown and 2 miles from the
international airport. The Jackson/Euclid TRAX Sta�on is only a half mile north of the site while multiple bus stops
are a third of a mile to the south along 400S/Poplar Grove Blvd S. Parks and the Folsom Trail are located nearby.”
DEVELOPER SUMMARY
From Developer:
“EXECUTIVE TEAM
Charles A. Schmid
Chief Executive Officer
Charles has been with Chelsea since 1986 and serves as President of Chelsea’s affiliated general contractor,
Emmerson Construction. He applies experience with real estate finance, development, and management to
facilitate the needs of both companies. Charles, a licensed general contractor, has supervised the construction of
more than 8,000 units throughout California and Arizona. With a degree from UC San Diego, he has a thorough
understanding of the life cycle of apartment development, from feasibility analysis through lease-up.
Cheri Hoffman
President
Cheri has been part of the Chelsea development team since 1994 and has participated in the development of
close to 100 affordable apartment communities, involving over $2 billion in financing. She is an authority in
financial modeling incorporating tax credits and tax-exempt bonds, and has extensive experience securing
multiple forms of local, state, federal and private funding sources. She is involved throughout the development
process, from early feasibility analysis to lease up and stabilization. Cheri received her degree in Accounting from
California State University in Fullerton and continued her education with finance studies at California Polytechnic
University in Pomona.
Eric Paul
Chief Financial Officer
Eric has over 20 years of experience in a variety of areas of the real estate industry including real estate investment
and development, finance, construction, and asset management. He oversees financial planning and analysis,
financial reporting, treasury, tax strategy and risk management for Chelsea Investment Corporation, Emmerson
Construction, CIC Management and affiliates. Eric began his professional career at Ernst & Young and most
recently served as Finance Director for Southwest Value Partners. Eric graduated with honors from San Jose State
University where he earned a Bachelor’s in Business Administration; he also holds a Master’s in Accounting from
the University of Virginia. Eric is a Certified Public Accountant and real estate broker.
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
Jim Andersen
Chief Financial Officer
Jim serves as the CFO of Chelsea Investment Corporation. He has over 30 years of experience in a variety of roles
in the Real Estate industry. Proficient in both Financial Management and Development, Jim has served as a
Development Partner and executive for Legacy Partners, Del Mar Development, Trammell Crow Company, and
NMS Properties. In his career, he has sourced, entitled, financed and/or completed several thousand units in
California. In addition, Jimwas Chief Financial Officer for Bay Apartment Communities (predecessor to Avalon
Bay), and Trammell Crow Company. Jim is very active in the industry as a member of ULI and NMHC. He earned
his CPA while at Peat Marwick and Company and graduated from Loyola Marymount University with a Bachelor of
Science in Accounting.
MANAGEMENT TEAM
Heidi W. Mather
Director of Development
Heidi W. Mather has been a real estate professional for over 30 years. Early in her career, Heidi’s responsibilities
included land use planning for the city of San Diego and private sector entitlement processing. For the last 22
years she has focused on market-rate apartment development. Heidi has been responsible for the entire life cycle
of a deal: due diligence, investment approvals, project design, consultant management, the entitlement and public
approval process, permit processing, government and stakeholder interface, capitalization, and loan management.
She has also acted as the Owner’s Representative during the construction and lease-up phases and assisted with
project disposition. Heidi has developed nearly 9,000 homes in California and Arizona represented by a variety of
product types with an aggregate capitalization value in excess of $2.5 billion. With an Urban Studies and Planning
degree from the University of California, San Diego, she has a deep understanding of the multi-family development
process.
Shannon Vanderhei
Capital Transactions Manager
Shannon Vanderhei has over 15 years of experience working for real estate development, syndication, lending, and
property management companies. Her experience includes acquisitions, dispositions, financing, property
management, asset management, construction, rehabilitation, and due diligence. Her role at Chelsea Investment
Corporation includes financing and financial modeling of projects along with managing the closing and conversion
transactions. Shannon earned a B.B.A. in Real Estate and Marketing from the University of Wisconsin at
Milwaukee.
Jeffrey A. Ryan
Senior Development Manager
Jeff has over 23 years of experience in affordable housing development and real estate, working with both non-
profit and for-profit developers. He has managed a range of multifamily projects for large families, mixed-use, and
special needs housing. His experience developing spans across multiple states. As Senior Development Executive,
he leads each project from conception to completion, and his responsibilities include due diligence, entitlements,
design team management, loan closing, and funding applications. Jeffrey earned his B.A. in Political Science and
studied Urban Development Planning at Indiana University-Indianapolis.”
30
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
SITE MAP
PROJECT RENDERINGS
31
PROJECT NAME: 5 - 2nd South Apartments
ADDRESS: 934-948 W 200 S
32
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
OVERVIEW
Developer 22 Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $2,524,802
Total Project Cost $69,452,555
RDA Loan to Cost 3.6%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 16 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Transportation
Opportunities, Architecture
& Urban Design,
Commercial Vitality, Public
Art
TIMELINE
Construction Start September 2024
Construction Completion July 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) No, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 80 - - 80 -
1 Bed 44 - - 44 -
2 Bed 80 - - 80 -
3 Bed 24 - - 24 -
4 Bed - - - - -
Total 228 - - 228 -
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $52,189,043
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $27,541,202 39.7%
OWHLF $3,000,000 4.3%
SLC RDA $2,524,802 3.6%
LIHTC Equity $30,627,027 44.1%
State Tax Credit
Equity $4,759,524 6.9%
Deferred Fee $1,000,000 1.4%
Total $69,452,555 100%
USES
Use Amount % of Cost
Acquisition $5,710,000 8.2%
Hard Costs $43,906,872 63.2%
Soft Costs $3,225,662 4.6%
Developer Fee $5,636,749 8.1%
Financing Expense $7,889,000 11.4%
Contingency $2,504,272 3.6%
Reserves $580,000 0.8%
Total $69,452,555 100%
33
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
PROJECT SUMMARY
From Developer:
“This phase of the project will include 228 units, all of which will be restricted units. There will be 80 studio units,
44 one-bedroom units, 80 two-bedroom units, and 24 three-bedroom units. The units will be available to tenants
living at 60% AMI or below. The project will provide eighteen (18) "Type A" units for persons with long-term
mobility impairments.”
DEVELOPER SUMMARY
From Developer:
“Jake has over a decade of development, design, and project management experience with public, for-profit, and
nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned
the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects.
Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development
company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements,
and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at
Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all
single-family subdivisions and multi-family tax credit developments.
This work included the acquisition and initial concept planning for a 100-acre master-planned community in
Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a
managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140-
unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development
lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple
Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking
garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the
privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor’s
degree in Business Management, a master’s degree in Real Estate Development, and an Urban Planning
Certificate from the University of Utah.”
34
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
SITE MAP
PROJECT RENDERINGS
35
PROJECT NAME: 6 - The Catherine Phase 1
ADDRESS: 1881 W North Temple
36
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
OVERVIEW
Developer 22 Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Industrial
RDA FUNDING REQUEST
Funding Request $1,569,441
Total Project Cost $45,194,612
RDA Loan to Cost 3.5%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 16 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family Sized Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Family Housing,
Transportation
Opportunities, Commercial
Vitality, Public Art
TIMELINE
Construction Start September 2024
Construction Completion July 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) No, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 45 - - 45 -
1 Bed 30 - - 30 -
2 Bed 45 - - 45 -
3 Bed 24 - - 24 -
4 Bed - - - - -
Total 144 - - 144 -
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $37,095,412
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $17,033,754 37.7%
OWHLF $2,500,000 5.5%
SLC RDA $1,569,441 3.5%
LIHTC Equity $20,011,725 44.3%
State Tax Credit
Equity $3,079,692 6.8%
Deferred Fee $1,000,000 2.2%
Total $45,194,612 100%
USES
Use Amount % of Cost
Acquisition $3,600,000 8.0%
Hard Costs $29,314,459 64.9%
Soft Costs $2,169,453 4.8%
Developer Fee $4,014,863 8.9%
Financing Expense $4,062,000 9.0%
Contingency $1,733,837 3.8%
Reserves $300,000 0.7%
Total $45,194,612 100%
37
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
PROJECT SUMMARY
From Developer:
“22 Communities LLC (22) (Applicant, Sponsor, Developer, Owner) and KTG Holdings, LLC (KTG) acting as the
Sponsor, and Developer, Owner (collectively as "Parties”) are pleased to apply for the April 2024 Private Activity
Bond round for the new construction of The Catherine Phase 1. The Catherine will be a 2-phase 2-building 378
unit apartment project directly southeast of the 1940 W North Temple Trax station at 1881 W North Temple, Salt
Lake City, Utah. Of the 378 units listed above,144 units will be a part of this Phase 2 Application and will be
restricted to incomes at 60% of the Area Median Income (AMI).
DEVELOPER SUMMARY
From Developer:
“Jake has over a decade of development, design, and project management experience with public, for-profit, and
nonprofit entities. While at the Salt Lake City Housing and Neighborhood Development Department, Jake planned
the disposition and redevelopment of city-owned assets and oversaw CDBG funded construction projects.
Following that, Jake spearheaded the creation and early growth of CW Urban, a fast-growing Utah development
company. He stayed on as the Director of Acquisition and Development, overseeing acquisitions, entitlements,
and design for all infill and mixed-use developments. Next, Jake was the Director of Real Estate Development at
Neighborhood Housing Solutions, a non-profit Real Estate Development company. He was responsible for all
single-family subdivisions and multi-family tax credit developments.
This work included the acquisition and initial concept planning for a 100-acre master-planned community in
Smithfield Utah, and the development and management of a LIHTC multi-family portfolio. Most recently he was a
managing member of Defy Co.labs where he was the Director of Development and Design and spearheaded a 140-
unit LIHTC project called Colony B along with multiple other entitlement projects. Jake has been the development
lead on over 20 development projects and underwritten hundreds more equating to over 1000 units over multiple
Utah communities. Each project has had its unique challenges from environmental clean up to mechanical parking
garages or unique entitlement processes. Jake has faced each challenge with creativity, passion and joy for the
privilege to participate in the building of communities where people will live out their lives. Jake holds a bachelor’s
degree in Business Management, a master’s degree in Real Estate Development, and an Urban Planning
Certificate from the University of Utah.”
38
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
SITE MAP
PROJECT RENDERINGS
39
PROJECT NAME: 7 - The Catherine Phase 2
ADDRESS: 1881 W North Temple
40
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
OVERVIEW
Developer Developed. By Women. &
Ivan Carroll
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $400,000
Total Project Cost $25,514,260
RDA Loan to Cost 1.6%
PROPOSED TERMS
Interest Rate 1.0%
Term, Amortization 15 Yr, 30 Yr
Repayment Terms Hard
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations,
Transportation
Opportunities, Architecture
& Urban Design,
Commercial Vitality, Public
Art
TIMELINE
Construction Start October 1, 2024
Construction Completion May 1, 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 9%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 10 - - 5 5
1 Bed - - - - -
2 Bed 16 1 - 12 3
3 Bed 20 - - 19 1
4 Bed 6 1 - 4 1
Total 52 2 - 40 10
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $9,715,984
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $3,591,261 14.1%
RDA Loan $400,000 1.6%
Utility Rebates $15,600 0.1%
LIHTC Equity $20,007,399 78.4%
SLCO ARPA Grant $1,000,000 3.9%
Deferred Fee $500,000 2.0%
Total $25,514,260 100%
USES
Use Amount % of Cost
Acquisition $2,420,000 9.5%
Hard Costs $17,298,836 67.8%
Soft Costs $726,690 2.8%
Developer Fee $2,032,901 8.0%
Financing Expense $1,689,432 6.6%
Contingency $998,006 3.9%
Reserves $348,385 1.4%
Total $25,514,260 100%
41
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
PROJECT SUMMARY
From Developer:
“Citizens West 4 completes the Citizens West block, bringing sorely-needed affordable housing with retail and
recreational amenities to a rapidly gentrifying part of SLC. This phase will provide homes for large-household,
multi-generational, refugee, and un-housed populations that have a particularly difficult time finding suitable
housing in our state. This transit-oriented project provides quick access to public transit, employment, and
schools, and is a perfect location for affordable family housing. This phase will provide additional outdoor
recreation amenities such as a sport court and gym while maintaining access to those already built by the previous
phases of the overall project. Together with a local community serving non-profit, the project will build a public-
facing plaza that connects the street outside to the recreational and outdoor uses on the site. The property will be
fully-electric, utilizing high efficiency heat pump technology for space and water heating/cooling. International
Rescue Committee (IRC) will provide access to services for the refugees and formerly homeless individuals living at
the property.”
DEVELOPER SUMMARY
From Developer:
“The project team has successfully completed several 9% tax credit projects including Imagine Jefferson (phases
1 & 2), North Sixth, Startup Crossing, Project Open (phases 1 & 2), and Diamond Rail Apartments (OBA Citizens
West phase 1 ). The owners and developers of the project have a track record of more than a decade in utilizing the
LIHTC program to bring high-quality affordable housing to multiple communities, particularly on the west side of
SLC. Now partnering with Developed. By Women., a non-profit focusing on elevating female decision-making and
ownership in real estate, the team brings a well-rounded, experienced, and diverse background to the project.
Evergreen Management Group (EMG) will do property management, having section 42 compliance experience for
decades on numerous different properties across the state of Utah.”
42
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
SITE MAP
PROJECT RENDERINGS
43
PROJECT NAME: 8 - Citizens West 4
ADDRESS: 515 W 300 N
44
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
OVERVIEW
Developer Lincoln Avenue Communities
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Office
RDA FUNDING REQUEST
Funding Request $3,200,000
Total Project Cost $34,619,153
RDA Loan to Cost 9.2%
PROPOSED TERMS
Interest Rate 1%
Term,
Amortization
Acq: 2 Yr, Balloon or Conversion
Perm: 16 Yr, 40 Yr
Repayment Terms Hard for construction to perm
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable Units
90+ Energy Star Score Condition of Approval
100% Electric Yes
Priorities Met Target Populations, Expand
Opportunity,
Transportation
Opportunities, Architecture
& Urban Design
TIMELINE
Acquisition May 1, 2024
Construction Start October 2025
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-
80%
AMI
41-
60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 40 - 7 15 18
2 Bed 15 - 2 4 9
3 Bed - - - - -
4 Bed - - - - -
Total 55 - 9 19 27
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes, 9%
Tax Credits Reserved (Y/N) No
ACQUISITION SOURCES
Source Amount % of Total
RDA -HDLP
Competitive $3,200,000 45.1%
RDA High Opp Funds $2,700,000 38.1%
HASLC Cash $800,000 11.3%
LAC Cash $390,000 5.5%
Total $7,090,000 100%
ACQUISITION USES
Source Amount % of Costs
Acquisition $7,000,000 98.7%
Insurance $40,000 0.6%
Closing Costs $50,000 0.7%
Total $7,090,000 100%
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $21,767,665
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $3,790,000 11.1%
RDA Loan $3,200,000 9.2%
Utility Rebates $142,500 .42%
LIHTC Equity $26,147,384 76.9%
Deferred Fee $1,339,296 3.6%
GP Capital
Contribution $100 0.0%
Total $34,619,280 100%
PERMANENT USES
Use Amount % of Cost
Acquisition $3,900,000 11.3%
Hard Costs $23,888,751 69.0%
Soft Costs $898,000 2.6%
Developer Fee $3,113,699 9.0%
Financing Expense $2,456,398 7.1%
Contingency $0 0.0%
Reserves $362,432 1.0%
Total $34,619,280 100%
45
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
RDA APPLICATION NOTES
This project also applied for $2,700,000 for their Fairmont Heights II project through the High Opportunity Area
HDLP process. Both phases of the project will be located on the same parcel with Phase 1 being built first and
Phase 2 to follow. The developer is seeking an acquisition to permanent financing loan, which means initial funds
would be used to buy the property, but the developer would need to obtain tax credits, financing, and building
approvals within 2 years. If successful, they would be able to convert their acquisition loan to a longer-term
permanent financing loan. If they are not successful, they will be required to pay back the loan at the end of the
acquisition loan term. This project is seeking funding from both sources of funds.
PROJECT SUMMARY
From Developer:
“Fairmont Heights I has engaged the seasoned LIHTC architectural group of Encompass to design a high quality,
cost effective mid rise building (1 building, 2 stories of structured parking and 5 stories of wood constructed units
above the parking deck, serviced by an elevator) that blends well with the surrounding neighborhood, paying
particular attention to the relationship of the ground floor space and the adjacent Fairmont Park. This site is an A+
location for an affordable site. The site presents an incredible opportunity to tie into the neighborhood fabric and
locate housing near transit, employment, recreation and services. Both phases are designed to mirror the
surrounding neighborhood. The project transitions into the neighborhood using elements in both the contemporary
form of the building and the materials that clad its skin. The space on the ground floor along Simpson Avenue and
1100 S will activate the building to the public and bring the design into the neighborhood. The pedestrian nature of
the activities within and the rhythm of the living units help the project feel comfortable.”
DEVELOPER SUMMARY
From Developer:
“Fairmont Heights Apartments, LP is a Utah limited partnership that blends both local and national LIHTC
development experience. Lincoln Avenue Capital (“LAC”) is the project sponsor with national experience in the
development and ownership of affordable housing. LAC was formed in 2016 and currently has a portfolio of over
22,000 units over 20 states across the country. LAC's extensive experience is specific to the development and
acquisition of LIHTC multifamily projects across the US. This includes taking a project from the conceptual stage,
through awarding of tax credits (for LIHTC projects), negotiating agreements with equity investors and lenders,
construction, and final hand off to the property management company, Asset Living/Shelton Residential. LAC is
responsible for the development of affordable multifamily, independent senior living, tax credit acquisition and
rehabilitation. Please see attached 2022 Impact Report for more information on LAC.”
46
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
SITE MAP
PROJECT RENDERINGS
47
PROJECT NAME: 9 - Fairmont Heights I
ADDRESS: 2257 S 1100 E
48
PROJECT NAME: 10 - Project Open 3
ADDRESS: 529 W 400 N
OVERVIEW
Developer Perpetual Housing Fund of Utah
LLC
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant
RDA FUNDING REQUEST
Funding Request $710,000
Total Project Cost $7,170,000
RDA Loan to Cost 9.9%
PROPOSED TERMS
Interest Rate 1.0%
Term, Amortization 18-month
Repayment Terms Balloon Repayment
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing,
Homeownership, Missing
Middle, Transportation
Opportunities, Architecture
& Urban Design, Public Art
TIMELINE
Construction Start July 1, 2024
Construction Completion May 1, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 4 - 4 - -
2 Bed - - - - -
3 Bed 12 - 12 - -
4 Bed 7 - 7 - -
Total 23 - 23 - -
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $5,328,480
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $5,328,480 74.3%
RDA Loan $710,000 9.9%
Utility Rebates $18,400 0.3%
SLCO ARPA Grant $813,120 11.3%
Donated Fee $300,000 4.2%
Total $7,170,000 100%
USES
Use Amount % of Cost
Acquisition $483,000 6.7%
Hard Costs $5,356,350 74.7%
Soft Costs $650,000 9.1%
Developer Fee $300,000 4.2%
Financing Expense $120,000 1.7%
Contingency $250,000 3.5%
Public Art $10,650 0.1%
Total $7,170,000 100%
49
PROJECT NAME: 10 - Project Open 3
ADDRESS: 529 W 400 N
PROJECT SUMMARY
From Developer: Project Open is a transit-oriented, carbon-neutral, mixed-income, development in Salt Lake City’s
rapidly gentrifying Guadalupe neighborhood. It serves as a diverse home to over 200 households that span across
income, family size, and demographic spectrums. Phase 3 of the development looks to further this effort by
developing homes for families at a price-point that is currently not available in Salt Lake City’s market. According
to Kem C. Gardner Institute, the mortgage payment in October 2022 for the median price single-family in the
Wasatch Front Counties was $4,276/month. This is double the payment that is affordable to a family making 80%
of AMI and double the payment amount that new three-bedroom condos in this proposal will provide. This project
will provide 23 new condos and town homes that are affordable to individuals and families making 80% of AMI.
The development team has discounted the land value and eliminated its fees to bring this product to market. We
see this as a demonstration project, showing a path for new construction, for-sale, unsubsidized housing product
that is actually affordable to those currently unable to afford a home.
DEVELOPER SUMMARY
From Developer: The project is being developed by the Perpetual Housing Fund. The team has successfully
developed or consulted on over a thousand affordable housing units utilizing the Low-Income Housing Tax Credit,
OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing projects by the development
team include: Exchange – Salt Lake City, Pamela’s Place – Salt Lake City, Imagine Jefferson – Ogden, Startup
Crossing – Provo, and Harris Village Shelter and Permanent Supportive Housing – Tooele.
The development team also has experience developing for-sale attached housing across the Salt Lake Valley.
SITE MAP
50
PROJECT NAME: 10 - Project Open 3
ADDRESS: 529 W 400 N
PROJECT RENDERINGS
51
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
OVERVIEW
Developer Housing Authority of
Salt Lake City
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant Single-Family Home
RDA FUNDING REQUEST
Funding Request $880,000
Total Project Cost $10,327,863
RDA Loan to Cost 8.5%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 15 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to primary lender
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety
TIMELINE
Construction Start April 5, 2024
Construction Completion June 1, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 34 - 10 19 5
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - -
Total 34 - 10 19 5
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $6,403,275
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $5,013,745 48.5%
RDA Loan $880,000 8.5%
OWHLF $500,000 4.8%
Utility Rebates $21,500 0.2%
Office of Homeless
Services Grant $2,000,000 19.4%
Deferred Fee $462,618 4.5%
Owner Equity $1,450,000 14.0%
Total $10,327,863 100%
USES
Use Amount % of Cost
Acquisition $1,400,000 13.6%
Hard Costs $6,737,937 65.2%
Soft Costs $283,000 2.7%
Developer Fee $929,570 9.0%
Financing Expense $168,742 1.6%
Contingency $393,215 3.8%
Reserves $415,399 4.0%
Total $10,327,863 100%
52
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
PROJECT SUMMARY
From Developer:
“The Housing Authority of Salt Lake City is proposing a new 34-unit apartment complex called Pharos Apartments.
Pharos will have 33 resident units, one live-in managers unit and a dedicated service space/wellness room.
Located just a few blocks from the Jackson/Euclid Trax station and adjacent to the Utah State Fairgrounds, this
property is situated in a growth area that provides easy access to the Downtown corridor. Additionally, this
property is just blocks away from a large Rocky Mountain Power property that is slated for significant retail and
entertainment development. This unique location that is both transit oriented and in an opportunity zone, will
provide residents the convenience of living in close proximity to services, shopping, recreation and employment.
Five of the units at this unique property will be permanent supportive housing with appropriate direct services and
service connections to support a McKinney–Vento homeless population that may have physical or mental
challenges or have a dual-diagnosis. The property will also have 3 ADA units for any residents that may also have
physical or mobility related challenges.
Additionally, the property will serve additional low income and workforce tenants by providing units aimed at the
41-60% AMI population and some units aimed at 61-80% AMI tenants.
The 450 square foot one-bedroom units will be perfectly suited to low and very low-income tenants in the 30-80%
AMI range buy providing an excellent entry into the Salt Lake rental market in an up-and-coming neighborhood
with convenient access to public transportation. The low rent threshold and priority population will allow the
development to directly address several pressing community needs. All apartments will be well equipped with
amenities such as air conditioning, energy star appliances, microwaves and vent hoods, self-cleaning ovens,
garbage disposals, water saving fixtures, ample light and balconies that give each unit some private outdoor space.
Efficient design, ample storage, durable and quality finishes and purposeful community spaces combine to make a
welcoming and healing environment for residents calling the development home.”
DEVELOPER SUMMARY
From Developer:
“Housing Assistance Management Enterprise (HAME) will act as development consultant for the development of
the proposed property. Over the last several years HAME has constructed and managed hundreds of LIHTC
affordable housing units that vary in style, population served and location throughout Salt Lake City. Our familiarity
and knowledge of the local building process will help facilitate the completion of this project. HAME is the
nonprofit affiliate of the Housing Authority of Salt Lake City; an entity that is consistently cited as one of the most
financially sound and well-managed public housing authorities in the U.S.”
53
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
SITE MAP
PROJECT RENDERINGS
54
PROJECT NAME: 11 - Pharos Apartments
ADDRESS: 915 W 200 N
55
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
OVERVIEW
Developer Housing Authority of
Salt Lake City
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant
RDA FUNDING REQUEST
Funding Request $740,000
Previous RDA
Commitment $1,000,000
Total Project Cost $17,424,284
RDA Loan to Cost 10%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 15 Yr, 30 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to primary lender
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety
TIMELINE
Construction Start April 15, 2024
Construction Completion June 15, 2025
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 55 6 20 20 9
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - - -
Total 55 6 20 20 9
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $10,315,400
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $9,230,757 53.0%
RDA Loans $1,740,000 10.0%
OWHLF $1,000,000 5.7%
Owner Equity $1,112,634 6.4%
Utility Rebates $39,000 0.2%
Federal Home
Loan Bank $1,000,000 5.7%
SLC Grant $3,000,000 17.2%
Deferred Fee $301,893 1.7%
Total $17,424,284 100%
USES
Use Amount % of Cost
Acquisition $1,700,000 9.6%
Hard Costs $13,995,238 79.0%
Soft Costs $507,676 2.9%
Developer Fee $701,893 4.0%
Financing Expense $66,424 0.4%
Contingency $293,215 1.7%
Reserves $159,838 0.9%
Total $17,424,284 100%
56
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
PROJECT SUMMARY
From Developer:
“The Housing Authority of Salt Lake City is proposing a new 55-unit apartment complex named Book Cliffs Lodge.
Book Cliffs Lodge will feature one-bedroom units for low income individuals that live in an area of Salt Lake City
that has experienced substantial growth in recent years.
The unit mix at Book Cliffs Lodge will be composed of 55 standard one-bedroom units. The development will
provide a mix of 30% up to 80% of AMI rents. The broad range of rent and income targeting will allow the
development to address the community need. Additionally, through the tenant selection plan, the development is
committed to setting aside 5 units for persons experiencing homelessness and 5 units for veterans. All apartments
will be well equipped with amenities such as air conditioning, energy star appliances, microwaves and vent hoods,
self-cleaning ovens, garbage disposals and water saving fixtures.
The project is located at 1159 South West Temple in Salt Lake City, which will provide residents the convenience
of living in close proximity to services, shopping, recreation and employment. The site is within an easy walk to
public transportation, including the Ball Park Station TRAX line, which is 0.3 miles from the site. Additionally, the
site has achieved a walk-score of 83, or "very walkable", which will allow residents to accomplish most errands by
foot if they choose. Within a half mile radius of the site, there are many restaurants, parks, grocery stores, and
numerous employment opportunities.”
DEVELOPER SUMMARY
From Developer:
“Housing Assistance Management Enterprise (HAME) will act as development consultant for the development of
the proposed properties. As the landowner, HAME has/will executed a land lease option for the property and will
oversee the entitlement process as well as provide local support. Over the last several years HAME has
constructed and managed hundreds of LIHTC affordable housing units that vary in style, population served and
location throughout Salt Lake City. Our familiarity and knowledge of the local building process will help facilitate
the entitlement, permitting and plan review processes with the City. HAME is the nonprofit affiliate of the Housing
Authority of Salt Lake City; an entity that is consistently cited as one of the most financially sound and well-
managed public housing authorities in the U.S. Recently, HAME was awarded tax credits in partnership with
Volunteers of America for a special needs renovation project in Salt Lake City.”
57
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
SITE MAP
PROJECT RENDERINGS
58
PROJECT NAME: 12 - Book Cliffs Lodge
ADDRESS: 1159 S W Temple
59
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
OVERVIEW
Developer Cowboy Partners
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Commercial
RDA FUNDING REQUEST
Funding Request $4,500,000
Total Project Cost $117,613,798
RDA Loan to Cost 3.8%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 40 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Family-Sized Units &
Deeply Affordable Units
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Family Housing, Target
Populations,
Transportation
Opportunities,
Neighborhood Safety,
Architecture & Urban
Design, Commercial Vitality
TIMELINE
Construction Start June 12, 2023
Construction Completion June 11, 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed - - - - -
2 Bed 96 - 40 34 22
3 Bed 80 - 30 32 18
4 Bed 24 - 8 12 4
Total 200 - 78 78 44
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $27,151,960
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $27,151,960 23.1%
SLCO HTF $6,976,632 5.9%
RDA Loan $4,500,000 3.8%
OWHLF $2,000,000 1.7%
UCNS HOME $1,500,000 1.3%
SLCO HOME $461,000 0.4%
LIHTC Equity $49,577,269 42.2%
State Tax Credit $5,500,000 4.7%
Owner Equity $8,907,464 7.6%
Deferred Fee $11,039,473 9.4%
Total $117,613,798 100%
USES
Use Amount % of Cost
Acquisition $14,900,000 12.7%
Hard Costs $78,932,816 67.1%
Soft Costs $3,268,878 2.8%
Developer Fee $11,039,473 9.4%
Financing Expense $4,637,368 3.9%
Contingency $3,981,412 3.4%
Reserves $853,852 0.7%
Total $117,613,798 100%
60
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
PROJECT SUMMARY
From Developer:
“Liberty Corner is a mixed-use development located on the Northeast corner of the 1300 South 300 West
intersection. The community will feature 200 affordable units with the purpose of providing deeply targeted,
family-sized units. The unit mix will feature a majority of 3- and 4- bedroom units along with 96 2-bedroom units.
All units in the project will have at least 2 bedrooms. Liberty Corner is unique in that it not only provides family
housing units in an urban setting, but includes deeply targeted affordable units, reaching to provide housing at
30% AMI. Liberty Corner is designed for the family. In addition to large, family-sized units, the community will
feature indoor and outdoor amenities and spaces meant to serve a broad range of ages, interests, and needs.
Liberty Corner will also be a sustainable community. The community will promote accessible and equitable
transportation options as the Ballpark TRAX Station is within walking distance, at less than 1/3 of a mile away. In
addition, the community will feature bicycle amenities to encourage alternative means of transportation. The
community will be all electric and achieve Energy Star certification.”
DEVELOPER SUMMARY
From Developer:
“Cowboy Partners is a multifamily developer based out of Salt Lake City, Utah. Cowboy Partners was established in
2001, rebranded from a company that had been developing housing in the Salt Lake Valley since the 1960s.
Cowboy Partners is a recognized leader in the development, construction, and management of affordable housing;
the company has experience in developing luxury, market rate, mixed-income and affordable housing
communities through its development of dozens of communities within Salt Lake and across the State of Utah.
Cowboy Properties, the sister company to Cowboy Partners, operates as the property management company for
these communities. Cowboy Properties has deep experience with multifamily property management, including
affordable housing and compliance, as the sole operator of Cowboy communities for decades.”
61
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
SITE MAP
PROJECT RENDERINGS
62
PROJECT NAME: 13 - Liberty Corner
ADDRESS: 1265 S 300 W
63
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
OVERVIEW
Developer Great Lakes Capital
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Vacant Commercial
RDA FUNDING REQUEST
Funding Request $2,000,000
Total Project Cost $43,204,038
RDA Loan to Cost 4.6%
PROPOSED TERMS
Interest Rate 2.0%
Term, Amortization 16 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to primary lender
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations,
Transportation
Opportunities,
Neighborhood Safety,
Commercial Vitality, Public
Art
TIMELINE
Construction Start May 1, 2024
Construction Completion January 1, 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) Yes
Tax Credits Reserved (Y/N) Yes, 4%
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio 165 - - 138 27
1 Bed 15 - 15 - -
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - - -
Total 180 - 15 138 27
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $32,592,698
PERMANENT SOURCES
Source Amount % of Total
Senior Debt $16,268,000 37.7%
RDA Loan $2,000,000 4.6%
OWHLF $1,903,121 4.4%
SLCO Loan $1,091,590 2.5%
Utility Rebates $90,000 0.2%
LIHTC Equity $20,201,424 46.8%
Deferred Fee $1,382,937 3.2%
45L & ITC Equity $266,976 0.6%
Total $43,204,038 100%
USES
Use Amount % of Cost
Acquisition $3,735,000 8.6%
Hard Costs $25,668,559 59.4%
Soft Costs $1,593,701 3.7%
Developer Fee $3,296,715 7.6%
Financing Expense $6,535,154 15.1%
Contingency $1,415,784 3.3%
Reserves $959,125 2.2%
Total $43,204,038 100%
64
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
PROJECT SUMMARY
From Developer:
“9Ten West has been designed to be energy efficient, transit-oriented, decent, safe, affordable housing. The
project is a single six story building (five stories of wood frame construction over one concrete podium). The
podium contains 31 parking spaces (including ADA and EV chargers), building services, community room (aka
clubhouse), gym, property leasing, maintenance, bathrooms, mailroom, and space for a community service facility
to provide needed services to low-income neighborhood residents. Each of the five residential floors above the
podium will contain 36 residential units (3 one-bedroom and 33 studio units, ranging in size from 250 - 611 square
feet), a laundry room, mechanical rooms, and two elevators. The 2nd floor includes a large Xeriscaped plaza for
resident gatherings and a pet relief area. The project has been designed to utilize non-combustible sources of
energy and will include solar PV panels, will certify under ENERGY STAR and Enterprise Green Community
Standards, and provide residents with needed deeply affordable units in a transit-oriented context.”
DEVELOPER SUMMARY
From Developer:
“Great Lakes Capital is a prominent Real Estate Development and Private Equity Firm with several core
development types including Multifamily, Industrial, Mixed-Use, Flex, Office, Medical & Life Science, and Hotel
Properties. With a core focus on the development of Multifamily, Industrial, and Mixed-Use properties, GLC has
established itself as a leader in these high-growth segments. Since its inception in 2005, GLC has demonstrated
excellence by successfully spearheading billions of dollars' worth of real estate projects. With a current
development pipeline exceeding $923 million, GLC's commitment to innovation and expansion remains
unwavering. Fueling its success are six principals with a cumulative experience of over 170 years, leveraging their
expertise to navigate and execute commercial real estate investments. Having closed deals surpassing $7 billion,
panning various property types, geographies, and economic cycles, GLC stands as a beacon of resilience and
achievement in the dynamic world of real estate development.”
65
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
SITE MAP
PROJECT RENDERINGS
66
PROJECT NAME: 14 - 9Ten West
ADDRESS: 910 W N Temple
67
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
OVERVIEW
Developer Alliance House &
Cowboy Partners
Request Type HDLP Loan – Competitive
Project Type New Construction
Existing Land Use Housing
RDA FUNDING REQUEST
Funding Request $500,000
Total Project Cost $6,017,619
RDA Loan to Cost 8.3%
PROPOSED TERMS
Interest Rate 2.5%
Term, Amortization 40 Yr, 40 Yr
Repayment Terms Cash Flow
Lien Priority Subordinate to permanent debt
HDLP THRESHOLDS AND PRIORITIES
Family-Sized Units
and/or Deeply
Affordable Units
Deeply Affordable
90+ Energy Star Score Yes
100% Electric Yes
Priorities Met Target Populations, Missing
Middle, Neighborhood
Safety
TIMELINE
Construction Start August 12, 2024
Construction Completion Spring 2026
LOW-INCOME HOUSING TAX CREDIT
Applying for Tax Credits
(Y/N) No
Tax Credits Reserved (Y/N) N/A
HOUSING UNITS
Bedroom
Count
Total
Units
Market
Rate
61-80%
AMI
41-60%
AMI
<40%
AMI
Studio - - - - -
1 Bed 16 - - - 16
2 Bed - - - - -
3 Bed - - - - -
4 Bed - - - - -
Total 16 - - - 16
CONSTRUCTION DEBT AHEAD OF RDA
Source Amount
Senior Debt $0
PERMANENT SOURCES
Source Amount % of Total
OWHLF NHTF $1,000,000 16.6%
OWHLF HOME $631,864 10.5%
SLC RDA $500,000 8.3%
SLCO HOME $499,848 8.3%
Office of Homeless
Services Grant $2,000,000 33.2%
SLCO HTF Grant $241,000 4.0%
Donations $360,000 6.0%
Donated Developer
Fee $784,907 13.0%
Total $6,017,619 100%
USES
Use Amount % of Cost
Acquisition $0 0%
Hard Costs $4,059,282 67.5%
Soft Costs $517,553 8.6%
Developer Fee $784,907 13%
Financing Expense $218,150 3.6%
Contingency $437,727 7.3%
Reserves $0 0%
Total $6,017,619 100%
68
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
PROJECT SUMMARY
From Developer:
“The housing is open to any person who is a member of Alliance House. Members living in the apartments pay 30%
of income with a one-time allowance of $0 rent for up to six months for those coming out of homelessness or
waiting to be approved for Social Security or other benefits. The building is an old motel that has exceeded its life
expectancy. The Alliance House Board of Directors has approved a campaign to demolish the old building and
construct a new 16 unit deeply affordable complex on the existing property. Cowboy Partners is providing the
development management services on a pro bono basis for the rebuild of the property. THINK Architects has been
engaged to develop the architectural drawings and Bonneville Builders has been retained as the contractor. The
project has been approved by the city planning commission. The new facility will consist of 16 Deeply Affordable
single occupancy units that will be 100% subsidized at 30% of income by Alliance House on a permanent basis.
Eligibility for tenancy will be for those who are members of Alliance House. Membership is open to anyone in the
community with a SPMI. All members living in the 1805 apartments receive intensive wrap around support
services available every day at Alliance House including case management, vocational training, education support,
social support.
DEVELOPER SUMMARY
From Developer:
“Alliance House has owned this specific housing property since 1991. We have been the property managers the
duration of this time. We also own a housing facility at 1736 South Main Street since 2014 that we manage.
Members that live at the 1805 property pay 30% of their income. Members that live at the 1736 property can live
there for up to 6 months rent free. After 6 months we ask for a good faith effort of $50 a month or 30% of income
up to $200 monthly.”
69
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
SITE MAP
PROJECT RENDERINGS
70
PROJECT NAME: 15 - Alliance House 1805 Rebuild
ADDRESS: 1805 S Main
71
ATTACHMENT E: INELIGIBLE PROJECTS SUMMARY
Ineligible Applications A B C D E
Project Name
Innovation Park at
Liberty Wells Maven Flats Moda Griffin Palmer Court Saltair
Developer Ivory Innovations Rise Development J Fisher The Road Home Valley Behavioral Health
Address 707 S 400 E 777 S 300 E 915 W North Temple 515 E 100 S 107 S 800 W
HDLP Funding Request 1,800,000$ 300,000$ 400,000$ 800,000$ 500,000$
Total Project Cost 24,971,426$ 3,000,000$ 40,957,938$ 60,000,000$ 21,000,000$
INELIGIBILITY REASON
Ineligible Activities:
Requested HDLP funds to
be used for "sleeping
second mortgages"
Did not meet Threshold
Requirements: did not
include family-sized and/or
deeply affordable units
Did not meet Threshold
Requirements: did not
include family-sized and/or
deeply affordable units
Ineligible Activities:
Requested HDLP funds to be
used for "pre-construction
design and soft costs"
Ineligible Activities:
Requested HDLP funds to be
used for "pre-construction
design and soft costs"
72
ATTACHMENT F: PROJECT PRIORITIES AND INTEREST RATE REDUCTIONS
Project priority criteria will be utilized to evaluate applications as well as provide for interest rate
reductions.
CATEGORY POLICY OBJECTIVE BENCHMARK
NOFA
RANKING
WEIGHT*
0.5%
INTEREST
RATE
REDUCTION**
1 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
Project provides at least
15%*** of the total units as
3+ bedroom units AND
includes family-oriented
community amenities, as
approved by RDA Staff.
3 X
2 Target
Populations
Expand the availability of
units for extremely low-
income households and
special populations,
thereby providing
housing options for
individuals or families
that are homeless or at
risk of homelessness
Project sets aside at least
15%*** of the units for
extremely low-income
households (40% AMI or less)
and/or special populations in
partnership with a
governmental or nonprofit
entity
3 X
3 Homeownership
Create opportunities for
those who have
historically rented in the
community to build
wealth and establish
permanent roots through
homeownership
Project is a for-sale product
that will be sold to income
qualified individuals/families
3 X
4
Missing Middle
& Unique
Housing Types
Promote an array of scale
of project types to
diversify the City’s
housing stock/forms and
provide more affordable
living options for
residents
Projects are either a missing
middle housing type (i.e.
townhomes, courtyard
apartments, small-scale
apartments) or a housing type
that is not commonly built:
tiny homes, modular homes,
pre-fab homes, accessory
dwelling units (ADUs)
3 X
5 Sustainability
Achieve green building
and energy conservation
standards to lower
housing expenses,
Projects must be built to Off-
Site Net Zero or On-Site Net
Zero standard as described in
the RDA’s Sustainable
1 X***
73
conserve resources, and
promote resiliency
Development Policy
Resolution.
6 Transportation
Opportunities
Promote a multimodal
transportation network
and ensure convenient
and equitable access to a
variety of transportation
options
Projects must meet two of the
following:
• Includes a car sharing, bike
sharing, or transit pass
program that is widely
available to employees/
residents
• Includes a commercial
project that includes
employee shower, locker,
and bicycle facilities
• Is located within 1/3 mile
walking distance of a TRAX
station or S-Line station
• Implements reduced
parking strategies without
negatively impacting the
neighborhood
• Incorporates majority of
parking within a primary
structure to minimize the
need for a surface parking
lot
1 X
7 Neighborhood
Safety
Utilize the development
of housing to reduce the
number of vacant and
distressed buildings and
lots to reduce crime and
return land to a
productive use
Projects are located within an
active RDA project area and
incorporate documented
Crime Prevention through
Environmental Design (CPTED)
principals
1 X
8 Expand
Opportunity
Provide for
Neighborhoods of
Opportunity by
promoting the economic
diversity of the housing
stock within
neighborhoods
Projects are located within a
High Opportunity Area, which
is defined as an area that
provides conditions that
expand a person’s likelihood
for social mobility as
identified through an analysis
of quality-of-life indicators.
1 X
9 Architecture &
Urban Design
Encourage housing that is
high-quality, enduring,
and that contributes to
neighborhood context
and livability through
architectural and urban
design best practices
Buildings shall include an
active ground floor use,
significant ground floor glass,
durable building materials and
engaging building entrances
as determined by RDA staff
1 X
10 Commercial
Vitality
Foster a mix of land uses
and unique neighborhood
business districts that
adequately meet the local
community’s needs
Projects are mixed-use and
establish new services, or
underrepresented business
types in the neighborhood
that the local community
identifies as lacking and
desired. These spaces shall be
open to the public and shall
not be spaces that are
exclusive to the development
1 X
11
Historic
Preservation
/Adaptive Reuse
Encourage the
preservation and/or
reuse of buildings to
preserve the character of
neighborhoods
Project acknowledges a
neighborhood’s history and
maintain its unique character
through preservation,
rehabilitation, or repurposing
of historic or underutilized
structures
1 X
12 Public Art
Promote cultural
expression and add to the
experience and value of
the built environment
through art that is
publicly visible or
accessible for all to
experience
Project contributes at least
1.5% of the RDA contribution
towards the installation of art
onsite or towards the RDA art
fund as outlined in the RDA
Art Policy
1 X
*Note: NOFA Ranking Weight: Uses a number (the weight) between 1 and 3 to assess the importance of the funding priority, with 1
being of lower importance and 3 being of the highest importance.
**Note: 0.5% Interest Rate Reductions: While 12 interest rate reductions are available, interest rates can be reduced by a maximum of
2.0%. Please see Attachment B for applicable standard loan terms and conditions.
***Note: Between the two threshold requirements laid out in Section 3.7, if a project includes both family housing units and deeply
affordable units in accordance with this section, the project may receive the interest rate reduction by meeting the second threshold
requirement at a percentage of 10% instead of 15%.
****Note: Sustainability Interest Rate Reduction: As per the RDA’s Sustainable Development Policy, projects built to an Off-Site Net Zero
standard are eligible for a 1% interest rate reduction and projects built to an On-Site Net Zero standard are eligible for a 2% interest rate
reduction.
75
ATTACHMENT G: HOME FUNDS REQUIREMENTS
As part of the FY2023-2024 NOFA, Numerous HUD HOME funds are available. An overview of the
HOME Program is available here: https://www.hudexchange.info/programs/home/home-overview/
and is located within 24 CFR 92.1 of the Code of Federal Regulations.
Details on the different categories of funds are available here:
FUNDS CATEGORY AMOUNT* ADDITIONAL DETAILS
HOME Program Income** $6,939,710 24 CFR 92 (F)
https://www.hudexchange.info/programs/home/home-overview/
HOME ARP Development** $1,501,608 https://www.hudexchange.info/programs/home-arp/overview/
HOME Development Fund** $726,291
24 CFR 92.206(a): https://www.ecfr.gov/current/title-24/subtitle-
A/part-92/subpart-E/subject-group-ECFRf448ea7bbdfb69a/section-
92.206
HOME Community Housing
Development Organization
Funds**
$351,841
Additional Requirements are located here:
• 24 CFR 92.208
• 24 CFR 92.300
• 24 CFR 92.301
*Note: Amounts are approximate. Total available funds may change after this document has been published.
ATTACHMENT H: HDLP FUNDING ALLOCATION RESOLUTION
1
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Affordable Housing – FY2023-2024 Competitive Housing Development Loan Program
(HDLP) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT
FUNDING ALLOCATIONS.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) was created to transact the
business and exercise the powers provided for in the Utah Community Reinvestment Agency Act
(the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing
the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the RDA Board of Directors (“Board”) approved the Housing Funds Allocation
Policy (“Funds Policy”), Resolution R-1-2022, which establishes policies with respect to
dedicating and directing resources for the development and preservation of housing based on
funding source (“Housing Funds”).
WHEREAS, the Board has set aside $13,761,164 of Housing Funds for affordable housing
through the RDA’s Competitive Housing Development Loan Program (“HDLP”). The Board may
also allocate an additional $1,665,000, which is the result of loan commitments from FY2022-
2023 that were rescinded. The allocation of funds is contingent upon an application and review
process administered by the RDA to facilitate funding of qualified projects that meet the goals
established by the HDLP.
WHEREAS, through a Notice of Funding Availability (“NOFA”), the RDA administered a loan
application and review process pursuant to the HDLP policy set forth in resolution R-2-2022 (the
“HDLP Policy”) and the RDA’s Housing Funding Priorities for Fiscal Year 2023-2024 set forth
in R-3-2023 (“Funding Priorities”) that resulted in fifteen eligible requests for funding totaling
$27,464,243.
WHEREAS, on February 21, 2024, the RDA’s Finance Committee (“Finance Committee”)
reviewed the Competitive HDLP applications, and recommended funding allocations and
preliminary terms as further described in Exhibit A.
WHEREAS, based on the Finance Committee’s recommendations, RDA staff recommends that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
WHEREAS, following the Board’s approval of the funding allocations and preliminary terms as
set forth on Exhibit B, the RDA shall provide a 24-month conditional commitment period during
78
2
which the approved applicant shall have the opportunity to obtain needed financial, legal, and
regulatory approvals, as well as satisfy other conditions determined by the RDA, to finalize the
loan terms.
WHEREAS, pursuant to the HDLP Policy, applicants that successfully meet the conditions of the
conditional commitment shall be invited to execute a Letter of Commitment to finalize the loan
terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the
funding allocations and preliminary terms as further described in Exhibit B, subject to revisions
that do not materially affect the rights and obligations of the RDA hereunder. For approved
applicants that successfully meet the required conditions, the Board authorizes the Executive
Director to negotiate and execute the conditional commitment letter, the Letter of Commitment,
the loan agreements, and other relevant documents consistent with the funding allocations and
preliminary terms contained on Exhibit B and incorporating such other terms and conditions as
recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______
day of March 2024.
________________________________
Alejandro Puy, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Sara Montoya
Date:____________________________
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
February 29, 2024
79
3
EXHIBIT A: RDA FINANCE COMMITTEE RECOMMENDED COMPETITIVE HDLP
FUNDING ALLOCATIONS
The RDA HDLP Finance Committee recommends that funding be allocated to projects
in order of funding ranking.
80
EXHIBIT A: RDA FINANCE COMMITTEE FUNDING RECOMMENDATIONS
The RDA Finance Committee recommends that funding be allocated to projects in the order of Funding Ranking.
PROJECT/APPLICANT ADDRESS
WEIGHTED PROJECT PRIORITY
SCORE/INTEREST RATE REDUCTION*FUNDING REQUEST PRELIMINARY TERMS**
RDA Committed
Funds
Possible Additional
RDA Funds
HOME Program
Income
HOME Development
Fund
HOME ARP
Development
TOTAL FUNDING
RECOMMENDATION
FUNDING
RANKING
Norbridge Court
Artspace
Bumper House
SMH Builders
New City Plaza Apartments
Housing Connect
515 Tower - Conversion Phase I
Perpetual Housing Fund
2nd South Apartments
Hermes Affordable Services, LLC
The Catherine Phase 1
22 Communities
The Catherine Phase 2
22 Communities
Citizens West 4
Developed. By Women. & Ivan
Carroll
Fairmont Heights I
Lincoln Avenue Communities
Project Open 3
Perpetual Housing Fund
Pharos Apartments
Housing Authority of Salt Lake City
Book Cliffs Lodge
Housing Authority of Salt Lake City
Liberty Corner
Cowboy Partners
9Ten West
Great Lakes Capital
Alliance House 1805 Rebuild
Alliance House & Cowboy Partners
TOTAL $27,464,243 $4,241,714 $1,665,000 $6,939,710 $726,291 $1,501,608 $15,074,323
Funds Availability Total Available Recommended Funding Funds Remaining
RDA Committed Funds $4,241,714 $4,241,714 $- Grey box: Applicant qualifies for but doesn't want these funds.
Possible Additional RDA Funds $1,665,000 $1,665,000 $- Black box: Applicant does not qualify for these funds.
HOME Program Income $6,939,710 $6,939,710 $-
HOME Development Fund $726,291 $726,291 $-
HOME ARP Development $1,501,608 $1,501,608 $-
HOME Community Housing
Development Organization Funds $351,841 $0 $ 351,841
Total Potential HDLP Funds $15,426,164 $15,074,323 $351,841
*** While reviewing applications, the Committee took into consideration their February 1, 2024 High Opportunity Area HDLP funding recommendation and agreed to maintain their submitted recommendation to fund 515 Tower – Conversion 1 with High Opportunity Area funds. The Committee’s competitive HDLP funding
recommendations incorporate the previously submitted High Opportunity Area recommendation.
Legend:
Target Populations: 3
Missing Middle: 3
Neighborhood Safety: 1
TOTAL: 7
* Projects receive a 0.5% interest rate reduction for each included priority. Sustainability allows for a 1% or 2% reduction. The maximum reduction per development is 2%. The interest rate is calculated as follows: Base Interest Rate minus (-) Interest Rate Reductions (up to 2%) = proposed interest rate; Base interest rate shall
be locked within a month of closing. Projects shall maintain project priorities and the same weighted score at closing. Deviation from Project Priorities met may require Board approval.
NOTE: For all loan awards greater than $899,999, the Sustainable Development Policy requires buildings to be designed to operate without fossil fuels, but it would not restrict the ability to have backup generators for emergencies.
** Final Terms shall comply with the requirements, standard loan terms and conditions, interest- rate reductions, and all other details laid out within the FY2023-2024 Housing Development Loan Program ( HDLP) Guidelines. Changes to repayment type may occur ( hard repayment versus cash flow repayment) and shall be
based on requirements listed in the HDLP Guidelines or it required by a senior lender. Changes in repayment type will cause a change in the base interest rate. Repayment priority and lien position shall be based on the size of the loan; consideration may be made for other government entity loans if required through their
policies. Funds may be disbursed in a lump sum if required by senior lender(s).
Funding Recommended by Finance Committee
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 4
Family Housing: 3
Transportation Opportunities: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 6
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 10
Target Populations: 3
Expand Opportunity: 1
Transportation Opportunities: 1
Architecture & Urban Design: 1
TOTAL: 6
Family Housing: 3
Homeownership: 3
Missing Middle: 3
Transportation Opportunities: 1
Architecture & Urban Design: 1
Public Art: 1
TOTAL: 12
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
TOTAL: 5
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
TOTAL: 10
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 7
8
13
$500,000 $500,000
Target Populations: 3
Transportation Opportunities: 1
Neighborhood Safety: 1
Architecture & Urban Design: 1
Commercial Vitality: 1
Public Art: 1
TOTAL: 8
Interest Rate: 1.0%
Term: 30 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.5%
Term: 17 year
Amortization: 40 year
Hard Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 15 year
Amortization: 15 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 30 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 1.0%
Term: 15 year
Amortization: 30 year
Hard Repayments
Interest Rate: 1.0%
Acquisition Term: 2-year Balloon
or conversion to Permanent:
Term: 16 year
Amortization: 40 year
Hard Repayments
Interest Rate: 1.0%
Term: 18 month
Balloon Repayment
Interest Rate: 2.5%
Term: 15 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 15 year
Amortization: 30 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.0%
Term: 16 year
Amortization: 40 year
Cash Flow Repayments
Interest Rate: 2.5%
Term: 40 year
Amortization: 40 year
Cash Flow Repayments
Transportation Opportunities: 1
Neighborhood Safety: 1
Public Art: 1
TOTAL: 3
Target Populations: 3
Commercial Vitality: 1
Historic Preservation/Adaptive Reuse: 1
TOTAL: 5
4
9
12
11
1
10
2
7
14
5
3
10
6
511 W 200 S $895,000 $895,000
$0
$895,000
$3,000,000
$895,000
$0***
$1,000,000
$2,420,000
Family Housing: 3
Target Populations: 3
Expand Opportunity: 1
Historic Preservation/Adaptive Reuse: 1
Transportation Opportunities: 1
Commercial Vitality: 1
TOTAL: 10
Family Housing: 3
Target Populations: 3
Transportation Opportunities: 1
Public Art: 1
TOTAL: 8
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
515 W 300 N
1805 S Main St
2557 S 1100 E
529 W 400 N
915 W 200 N
1159 S W Temple
1265 S 300 W
910 W N Temple
$895,000$895,000
$2,650,000
$3,000,000
$2,524,802
$1,569,441
$2,000,000
$500,000
$134,323
$1,000,000
$400,000
$3,200,000
$710,000
$880,000
$740,000
$4,500,000
$1,000,000
$740,000
$1,236,714 $1,530,677
$134,323
$2,420,000
$1,000,000
$400,000 $400,000
$1,000,000
$710,000 $710,000
$47,101 $106,608$726,291
$1,000,000
$1,732,609
$880,000
$740,000
$4,500,000
4
EXHIBIT B: RDA BOARD APPROVED COMPETITIVE HDLP FUNDING
ALLOCATIONS
(To add after Board Meeting)
82