Loading...
HomeMy WebLinkAboutProposed Resolution - 3/10/20261 SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY RESOLUTION NO. _______________ Affordable Housing – FY 2025-2026 Competitive Housing Development Loan Program (HDLP) Funding Allocations RESOLUTION OF THE BOARD OF DIRECTORS OF THE SALT LAKE CITY COMMUNITY REINVESTMENT AGENCY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT FUNDING ALLOCATIONS. WHEREAS, the Salt Lake City Community Reinvestment Agency (“CRA”) 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 CRA 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 $8,118,128 of Housing Funds for affordable housing (the "Competitive HDLP Funds”) through the CRA’s Competitive Housing Development Loan Program (“HDLP”). The allocation of funds is contingent upon an application and review process administered by the CRA to facilitate the funding of qualified projects that meet the goals established by the HDLP. WHEREAS, through a Notice of Funding Availability (“NOFA”), the CRA administered a loan application and review process for the Competitive HDLP Funds pursuant to the HDLP policy set forth in resolution R-2-2022 (the “HDLP Policy”) and the CRA’s Housing Funding Priorities for Fiscal Year 2025-2026 set forth in R-6-2025 (“Funding Priorities”) that resulted in nine eligible requests for funding totaling $23,297,049 (the “Competitive HDLP Applications”). WHEREAS, on February 18, 2026, the CRA’s 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, CRA staff recommends that the Board approve the funding allocations and preliminary terms described in Exhibit A. 2 WHEREAS, following the Board’s approval of the funding allocations and preliminary terms as set forth on Exhibit B, the CRA shall provide a 24-month conditional commitment period during 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 CRA, 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 (Competitive HDLP Funding Allocations), subject to revisions that do not materially affect the rights and obligations of the CRA 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 Salt Lake City Community Reinvestment Agency, this _______ day of March 2026. ________________________________ Dan Dugan, Chair Approved as to form: ___/s/ Sara Montoya________________ Salt Lake City Attorney’s Office Sara Montoya Date:____March 5, 2026____________ The Executive Director: ____ does not request reconsideration ____ requests reconsideration at the next regular Agency meeting. ________________________________ Erin Mendenhall, Executive Director Attest: ________________________ City Recorder 3 EXHIBIT A: FY2025-2026 CRA FINANCE COMMITTEE FUNDING RECOMMENDATIONS The CRA Finance Committee recommends that funding be allocated to projects in order of funding ranking. 4 EXHIBIT B: FY2025-2026 CRA BOARD APPROVED HDLP FUNDING ALLOCATIONS: