HomeMy WebLinkAbout06 of 2025 - Housing Development Funding Strategy - Annual Priorities FY 2025-26SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY
RESOLUTION 06 OF 2025
FY 2025-26 Affordable Housing Funding Priorities
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY
REINVESTMENT AGENCY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL
YEAR 2025-26
WHEREAS, the Board of Directors of the Salt Lake City Community Reinvestment
Agency (Board) adopted the Housing Funds Allocation Policy and the Housing Development
Loan Program Policy, which provide that the Salt Lake City Community Reinvestment Agency
(CRA) will present to the Board an overall funding strategy and specific funding priorities
(Funding Priorities) for how housing monies should be allocated to the housing funds and
housing loan program for the upcoming fiscal year.
WHEREAS, the Housing Development Loan Program Policy provides that the specific
Funding Priorities shall be subject to approval by the Board.
WHEREAS, the Board desires to adopt the Funding Priorities identified in this
resolution to direct resources for the development of affordable housing for fiscal year 2025-26.
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the Salt Lake
City Community Reinvestment Agency hereby adopt following Funding Priorities for fiscal year
2025-26:
Funding Priority Objective
Deeply Affordable Housing* Expand the availability of units for extremely
low-income households at 30% of the AMI or
less, thereby providing housing options for
individuals or families that are homeless or at
Family Housing with Amenities for
Children*
Provide opportunities for families to enjoy the
many benefits of urban living by encouraging
the development of housing that is more
conducive to larger household sizes that have
at least three or more bedrooms and includes
Wealth Building Opportunity
households earning up to 120% of the AMI to
build wealth through different pathways such
as homeownership, supplemental income
opportunities, stipends for renters, cooperative
Expanding Opportunity Provide affordable housing within areas that
have access to resources that may improve a
person’s chances of upward economic mobility
as identified on RDA’s High Opportunity Area
Neighborhood Services and
Commercial Spaces
Promote an array of commercial spaces that
support the neighborhoods, such as daycares,
*Threshold requirement for Housing Development Loan Program application. Deeply Affordable
Housing requires at least 10% of units to be affordable at 30% of the AMI or less. Family Housing with
Amenities for Children requires that at least 10% of the units be affordable to households earning 60% of
the AMI.
Passed by the Board of Directors of the Salt Lake City Community Reinvestment
Agency, this 8th day of April, 2025.
________________________________
Darin Mano, Chair
Approved as to form: __________________________________
Salt Lake City Attorney’s Office
Jennifer Huntsman
The Executive Director:
____ does not request reconsideration
____ requests reconsideration at the next regular Agency meeting.
________________________________
Erin Mendenhall, Executive Director
Attest:
________________________
City Recorder
Jennifer Huntsman (Apr 14, 2025 13:42 MDT)
Jennifer Huntsman
Darin Mano (Apr 25, 2025 11:52 MDT)
Erin Mendenhall (Apr 25, 2025 17:20 MDT)
4
Resolution 06 of 2025 Housing Development
Fund Strategy Annual Priorities FY 2025-26
Final Audit Report 2025-04-28
Created:2025-04-14
By:Michelle Barney (Michelle.Barney@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAA2tDCrjLtS5EkbPn0S5LN98-EZKbGN2Xo
"Resolution 06 of 2025 Housing Development Fund Strategy An
nual Priorities FY 2025-26" History
Document created by Michelle Barney (Michelle.Barney@slc.gov)
2025-04-14 - 4:18:39 PM GMT
Document emailed to jennifer.huntsman@slc.gov for signature
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Signer jennifer.huntsman@slc.gov entered name at signing as Jennifer Huntsman
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Signature Date: 2025-04-25 - 5:52:20 PM GMT - Time Source: server
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Document e-signed by Keith Reynolds (Keith.Reynolds@slc.gov)
Signature Date: 2025-04-28 - 2:37:17 PM GMT - Time Source: server
Agreement completed.
2025-04-28 - 2:37:17 PM GMT