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Transmittal - 7/4/2021SALT 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: April 16, 2021 PREPARED BY: Tammy Hunsaker RE: FY 2021-22 Affordable Housing Development Funding Strategy and Priorities REQUESTED ACTION: Briefing on the FY 2021-22 Affordable Housing Development Funding Strategy and consider approval of a resolution establishing annual Funding Priorities. POLICY ITEM: Affordable housing. BUDGET IMPACTS: N/A. EXECUTIVE SUMMARY: The Board of Directors (“Board”) of the Redevelopment Agency of Salt Lake City (“RDA”) recently adopted two policies to facilitate the funding and development of affordable housing within City boundaries. First, the RDA Housing Allocations Funds Policy (“Funds Policy”) establishes guidelines for allocating and directing resources for the development and preservation of housing by funding source. Second, the Housing Development Loan Program Policy (“HDLP Policy”) creates a program that centralizes the application, underwriting, and approval process across all funding sources, providing a one-stop-shop for community partners to access resources for the development and preservation of affordable housing. Both policies contemplate that annually, prior to the annual budget process, the RDA shall present to the Board an Affordable Housing Development Funding Strategy (“Funding Strategy”). The Funding Strategy shall include a projected amount of revenue to be allocated to housing, proposed funding allocations for housing activities, and proposed funding priorities (“Funding Priorities”) for the upcoming fiscal year. 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. Pursuant to the Funds Policy, the Board shall consider the Funding Strategy as part of the annual budget adoption process. Additionally, the HDLP Policy provides that the annual Funding Priorities, as proposed through the Funding Strategy, shall be subject to approval by the Board. Accordingly, the Funding Strategy is provided as Attachment A for the Board’s review, and the FY 2021-22 Affordable Housing Funding Priorities resolution is provided as Attachment B for the Board’s consideration. These documents are intended to provide supplemental information and policy direction on the RDA’s budget regarding housing activities and not replace the RDA’s annual budget process. PREVIOUS BOARD ACTION: • March 2021: The Board adopted the Housing Development Loan Program Policy. • February 2021: The Board adopted the RDA Housing Allocation Funds Policy was briefed by RDA Staff on a draft Housing Development Loan Program Policy. • December 2020: RDA Staff presented a draft RDA Housing Allocation Funds Policy Resolution and briefed RAC and the Board on the forthcoming draft Housing Development Loan Program Policy. • July 2020: RDA Staff proposed two draft frameworks that were envisioned to be expanded into legislative policies that would carry out the Board’s direction and intent to 1) direct the allocation of resources for affordable housing development and preservation and 2) consolidate loan administration for the development of affordable housing into a single location. • January - February 2020: RDA Staff briefed RAC and the Board on the Draft Salt Lake City Housing Implementation Framework, a framework that outlines the various roles and responsibilities across City divisions and departments for the implementation of housing. • June 2019 and June 2020: The Board and Salt Lake City Council allocated sales tax funds to the RDA with legislative intent of consolidating loan administration for the development of affordable housing into a single location. • May 2018 to March 2019: RDA Staff presented a series of briefings to RAC and the Board regarding housing, including on topics such as historical practices and funding allocations, statutory requirements, and interdepartmental coordination. • December 2017: The Board adopted a motion directing RDA Staff to draft an RDA Housing Allocation Policy. ATTACHMENTS: A. FY 2021-22 Affordable Housing Development Funding Strategy B. FY 2021-22 Affordable Housing Funding Priorities Resolution The Fiscal Year 2022 (“FY 22”) Salt Lake City Affordable Housing Funding Strategy outlines the amount of revenues available for affordable housing development activities and identifies funding priorities and activities for the expenditure of funds. In addition to expanding the supply of affordable housing, revenues shall be leveraged to elevate real estate development projects that have profound impacts on people, particularly low-income and vulnerable populations, in order to uplift others, create economic opportunities, improve health outcomes, and influence the physical and socioeconomic landscape of Salt Lake City. FY 2022 AFFORDABLE HOUSING FUNDING STRATEGY SALT LAKE CITY DRAFT FY22 AFFORDABLE HOUSING FUNDING STRATEGY 2DRAFT: FOR DISCUSSION PURPOSES HOUSING REVENUES & EXPENSES: REVENUES EXPENSES FUND TOTAL HOUSING DEVELOPMENT LOAN PROGRAM ACQUISITION ADU PROGRAM NOTES FY 22 BUDGET* PRIMARY $1,498,627 $498,627 $1,000,000 SECONDARY $394,000 $394,000 Prioritized for RDA Areas NWQ (Inland Port)$250,000 $250,000 Prioritized for West of I-15 HOUSING DEV FUND $2,590,000 $2,590,000 SUBTOTAL $4,732,627 $3,482,627 $1,000,000 $250,000 PRIOR YEAR BUDGET AVAILABLE** PRIMARY $4,533,773 $4,533,773 High Opp $2,700,000 SECONDARY $30,455 $30,455 Prioritized for RDA Areas NWQ (Inland Port)$0 HOUSING DEV FUND $1,090,000 $1,090,000 SUBTOTAL $5,654,228 $5,623,773 $0 $30,455 TOTAL $10,386,855 $9,106,400 $1,000,000 $280,455 FUNDING OVERVIEW IMPACT TARGETS* 232 AFFORDABLE UNITS $10,386,855 TOTAL RDA FUNDS EXPENDED 10 DEVELOPMENT PROJECTS 116 50% AMI & BELOW UNITS 45 HIGH OPPORTUNITY AFFORDABLE UNITS 348 TOTAL UNITS $150,000,000 TOTAL PROJECT COSTS 1:15 LEVERAGE RDA FUNDS to TOTAL COST *Note: These are preliminary estimates based off of a percentage of affordable units per project and a standard development cost per unit. *Note: FY 22 Budget is based on preliminary information. The official draft budget will be transmitted through the Mayor’s Recommended Budget Book. **Note: The Prior Year Budget Available includes an estimate of revolving funds within the housing accounts that will not be expended prior to the end of FY 21. Subject to change.DRAFT FY22 AFFORDABLE HOUSING FUNDING STRATEGY 3DRAFT: FOR DISCUSSION PURPOSES •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. Benchmark: Projects include significant amount (20% or more) of affordable 3 and 4-bedroom units. •TARGET POPULATIONS: 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. Benchmark: Projects include a significant amount (20% or more) of units targeted to the following populations: households earning 50% AMI and below; persons with disabilities; the elderly; and other populations at risk for homelessness due to their economic, health, or social circumstances. •NEIGHBORHOOD SAFETY: Utilize the development of housing as a method to remove blight, reduce crime, revitalize neighborhoods, and stabilize communities. Benchmark: Projects will revitalize a property that is characterized by the State of Utah’s definition of a development impediment; and/or will redevelop a property that is significantly distressed or causing a nuisance AND is detrimental to the health, safety and welfare of the community. •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. Benchmark: Projects include significant amount (20% or more) of affordable units that are of a missing middle or unique housing type, including townhomes, rowhouses, fourplexes, duplexes, tiny homes, cottage developments, accessory dwelling units, and similar. •HOMEOWNERSHIP: Create opportunities for those who have historically rented in the community to build wealth and establish permanent roots through homeownership. Benchmark: Projects include significant amount (20% or more) of units that are affordable homeownership. •SUSTAINABILITY: Achieve green building and energy conservation standards to lower housing expenses, conserve resources, and promote resiliency. Benchmark: Projects are built to be Zero Energy Ready or are certified through an industry-recognized sustainable building certification program. •EXPAND OPPORTUNITY: Provide for Neighborhoods of Opportunity by promoting the economic diversity of the housing stock within neighborhoods. Benchmark: 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. Refer to Appendix C: Opportunity Index. •NEIGHBORHOOD IMPACT: Encourage housing that is high-quality, enduring, and that contributes to neighborhood context and livability through architectural and urban design best practices. Benchmark: Projects shall be subject to an RDA design review process. •TRANSPORTATION OPPORTUNITIES: Promote a multimodal transportation network and ensure convenient and equitable access to a variety of transportation options. Benchmark: Projects meets TWO of the following standards: •Includes a car sharing, bike sharing, or transit pass program that is widely available to employees/residents •Is 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 •HISTORIC PRESERVATION/ADAPTIVE REUSE: Encourage the preservation and/or reuse of buildings to preserve the character of neighborhoods. Benchmark: Developers shall work with the SLC Planning Division to identify appropriate methods to preserve, rehabilitate, or restore architecturally or historically significant properties, including those listed individually as local landmarks, located within local historic districts, and/or located within a District listed on the National Register of Historic Places; OR preserve or repurpose a building through the conversion of existing structures into new uses that contribute positively to its surrounding neighborhood. •COMMERCIAL VITALITY: Foster a mix of land uses and unique neighborhood business districts that adequately meet the local community’s needs. Benchmark: Projects are mixed-use and establish new services, amenities, or underrepresented business types in the neighborhood that the local community identifies as lacking and desires. •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. Benchmark: Projects provide publicly visible or accessible, original art that enriches the site and promotes City, and/or neighborhood identity or initiatives and raises awareness of community history, identity, cultures, or geography. •FUND LEVERAGING: Maximize impact by leveraging funds with the private market and with other available public resources. Benchmark: RDA funding shall provide a maximum of 10% of the total project cost. FUNDING PRIORITIES DRAFT FY22 AFFORDABLE HOUSING FUNDING STRATEGY 4DRAFT: FOR DISCUSSION PURPOSES The HDLP provides a centralized application, underwriting, and approval process across all funding sources, providing a one-stop-shop for community partners to access resources for the development and preservation of affordable housing. In FY22, the RDA will release three notices of funding availability through the HDLP. A competitive Citywide NOFA of $5,319,402 will be available for projects located within Salt Lake City municipal boundaries, with a minimum of $394,000 prioritized for projects located in RDA project areas. An Emergency Gap Financing NOFA of $1,000,000 will be released on an open-ended basis for projects, with a majority of units at or below 60% AMI, that have an unexpected financial gap due to unforeseen circumstances. Finally, a High Opportunity NOFA will be released on an open-ended basis for projects located in designated High Opportunity census tracts - refer to Appendix C. BUDGET TARGETED IMPACTS NOFA TYPE TOTAL FUNDING / UNIT UNITS CITYWIDE*$5,406,400 $40,000 135 EMERGENCY GAP $1,000,000 $40,000 25 HIGH OPPORTUNITY $2,700,000 $60,000 45 TOTAL $9,106,400 205 * A minimum of $394,000 shall be prioritized projects located in RDA areas. To be utilized for the purchase of strategic properties located within RDA project areas that may included distressed motels, properties that are located at target locations, and other properties that align with the RDA project area goals and City’s objectives. Properties will be redeveloped to bring resources and projects together to amplify social impact and build communities of opportunity. BUDGET TARGETED IMPACTS FUNDING / UNIT UNITS $1,000,000 $40,000 25 TACTIC 1: HOUSING DEVELOPMENT LOAN PROGRAM TACTIC 2: STRATEGIC ACQUISITION TACTIC 3: ADU PROGRAM To be utilized for a pilot accessory dwelling unit (ADU) program targeted to the 9 Line CRA. ADUs are gaining momentum across the country as part of the solution to address the affordable housing crisis. By establishing a pilot ADU program, the RDA will mitigate some of the barriers for homeowners to construct ADUs including cost and lack of available financing. In addition to fostering the development of ADUs, the program will require homeowners to rent their ADU units at a rate that is affordable to low and moderate income households. BUDGET TARGETED IMPACTS FUNDING / UNIT UNITS $280,455 $95,000 2 TOTAL $280,455 2DRAFT FY22 AFFORDABLE HOUSING FUNDING STRATEGY 5DRAFT: FOR DISCUSSION PURPOSES GOAL 1 INCREASE HOUSING OPTIONS: REFORM CITY PRACTICES TO PROMOTE A RESPONSIVE, AFFORDABLE, HIGH-OPPORTUNITY HOUSING MARKET Objective 1 Modernize land-use and zoning regulations to reflect the affordability needs of a growing, pioneering city Objective 2 Remove impediments in City processes to encourage housing development Objective 3 Lead in the construction of innovative housing solutions Objective 4 Provide residents, community advocates, business leaders, and elected officials with high quality data to drive decision- making GOAL 2 AFFORDABLE HOUSING: INCREASE HOUSING OPPORTUNITIES AND STABILIZATION FOR COST-BURDENED HOUSEHOLDS Objective 1 Prioritize the development of new affordable housing with an emphasis on households earning 40% AMI and below Objective 2 Pursue funding sources for affordable housing opportunities Objective 3 Stabilize very low-income renters Objective 4 Secure and preserve long-term affordability Objective 5 Work with landlords to both improve their housing stock and rent to very low-income households Objective 6 Increase home ownership opportunities GOAL 3 EQUITABLE & FAIR HOUSING: BUILD A MORE EQUITABLE CITY Objective 1 Eliminate incidences of housing discrimination in Salt Lake City Objective 2 Align resources to create Areas of Opportunity Objective 3 Implement Lifecycle Housing principles in neighborhoods throughout the city ALIGNMENT WITH GROWING SLC: A FIVE-YEAR HOUSING PLAN 2017-2021 The RDA Housing Strategy addresses all three of the Goals and the majority of the Objectives outlined in the Administration’s recommended housing plan. Growing SLC: A Five-Year Housing Plan 2017 - 2021 - Goals & Objectives FY22 HOUSING FUNDING STRATEGYAPPENDIX A: POLICY ALIGNMENT DRAFT FY22 AFFORDABLE HOUSING FUNDING STRATEGY 6DRAFT: FOR DISCUSSION PURPOSES APPENDIX B: INCOME & RENTS 2021 Income Limits: Salt Lake County AMI Number of Persons in Family 1 2 3 4 5 6 7 8 40%$25,780 $29,500 $33,200 $36,875 $39,825 $42,775 $45,725 $48,675 50%$32,300 $36,900 $41,500 $46,100 $49,800 $53,500 $57,200 $60,900 60%$38,760 $44,280 $49,800 $55,320 $59,760 $64,200 $68,640 $73,080 80%$51,560 $59,000 $66,400 $73,750 $79,650 $85,550 $91,450 $97,350 Note: Based on data acquired from the U.S. Department of Housing and Urban Development’s (HUD’s) FY 2021 Income Limits Documentation System. 2020 Maximum Rents AMI Bedrooms Studio 1 2 3 4 5 40%$616 $660 $792 $914 $1,020 $1,125 50%$770 $825 $990 $1,143 $1,275 $1,406 60%$924 $990 $1,188 $1,371 $1,530 $1,688 80%$1,232 $1,320 $1,584 $1,829 $2,040 $2,251 Note: Fair Market Rents are HUD’s determination of the average rents in a particular area for each bedroom size. The FMRs are set each year based on the rental rates of unsubsidized units so that participants in HUD programs have equal access for affordable housing.DRAFT FY22 AFFORDABLE HOUSING FUNDING STRATEGY 7DRAFT: FOR DISCUSSION PURPOSES APPENDIX C: OPPORTUNITY INDEX AREAS OF OPPORTUNITY High opportunity areas are geographical locations within the city that provide conditions that expand a person’s likelihood for social mobility. These areas have been identified through an analysis of quality-of-life indicators, such as school proficiency, poverty, labor market engagement, housing stability, and job access. With these multiple indicators, a single composite, or standardized, score is calculated for each census tract. Scores may range from 1 to 10, with 1 indicating low opportunity and 10 indicating high opportunity. A census tract with a standardized score above that of the citywide average shall be designated as an Area of Opportunity. STANDARDIZED OPPORTUNITY INDEX BY CENSUS TRACT Note: Map is subject to change as new data/resources become available.DRAFT REDEVELOPMENT AGENCY OF SALT LAKE CITY RESOLUTION NO. _______________ FY 2021-22 Affordable Housing Funding Priorities RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY ADOPTING HOUSING FUNDING PRIORITIES FOR FISCAL YEAR 2021-22 WHEREAS, on February 9, 2021 the Board of Directors of the Redevelopment Agency of Salt Lake City (“Board”) confirmed approval of the Housing Funds Allocation Policy (“Funds Policy”) which establishes polices with respect to dedicating and directing resources for the development and preservation of housing by funding source (“Housing Funds”). WHEREAS, the Funds Policy provides that annually, prior to the annual budget process, the RDA shall present to the Board a Housing Development Funding Strategy (“Funding Strategy”). WHEREAS, the Funding Strategy shall include a projected amount of revenue to be allocated to the Housing Funds, proposed funding allocations for housing activities, and proposed funding priorities (“Funding Priorities”) for the upcoming fiscal year. WHEREAS, pursuant to the Funds Policy, the Board shall consider the Funding Strategy as part of the annual budget adoption process. WHEREAS, on March 23, 2021 the Board adopted the Housing Development Loan Program Policy (“HDLP Policy”) to create a program to centralize the application, underwriting, and approval process across all funding sources, providing a one-stop-shop for community partners to access resources for the development and preservation of affordable housing. WHEREAS, the HDLP Policy provides that the annual Funding Priorities, as proposed through the Funding Strategy, shall be subject to approval by the Board on an annual basis. WHEREAS, the Board desires to adopt Funding Priorities to direct resources for the development of affordable housing through the HDLP for fiscal year 2021-22. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY, as follows: Fiscal Year 2021-22 Affordable Housing Funding Priorities 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. 2. TARGET POPULATIONS: 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. 3. NEIGHBORHOOD SAFETY: Utilize the development of housing as a method to remove blight, reduce crime, revitalize neighborhoods, and stabilize communities. 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. 5. HOMEOWNERSHIP: Create opportunities for those who have historically rented in the community to build wealth and establish permanent roots through homeownership. 6. SUSTAINABILITY: Achieve green building and energy conservation standards to lower housing expenses, conserve resources, and promote resiliency. 7. EXPAND OPPORTUNITY: Provide for Neighborhoods of Opportunity by promoting the economic diversity of the housing stock within neighborhoods. 8. NEIGHBORHOOD IMPACT: Encourage housing that is high-quality, enduring, and that contributes to neighborhood context and livability through architectural and urban design best practices. 9. TRANSPORTATION OPPORTUNITIES: Promote a multimodal transportation network and ensure convenient and equitable access to a variety of transportation options. 10. HISTORIC PRESERVATION/ADAPTIVE REUSE: Encourage the preservation and/or reuse of buildings to preserve the character of neighborhoods. 11. COMMERCIAL VITALITY: Foster a mix of land uses and unique neighborhood business districts that adequately meet the local community’s needs. 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. 13. FUND LEVERAGING: Maximize impact by leveraging funds with the private market and with other available public resources. Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this _______ day of ________________, 2021. ________________________________ Ana Valdemoros, Chair Approved as to form: __________________________________ Salt Lake City Attorney’s Office Allison Parks Date:____________________________ The Executive Director: ____ does not request reconsideration ____ requests reconsideration at the next regular Agency meeting. ________________________________ Erin Mendenhall, Executive Director Attest: ________________________ City Recorder April 15, 2021 REDEVELOPMENT AGENCY OF SLC FY 22 HOUSING STRATEGY & FUNDING PRIORITIES RDA BOARD OF DIRECTORS MEETING –MAY 5, 2021 HOUSING BUDGET & ADMINISTRATION WORKFLOW REVENUES & EXPENSES *Note: FY 22 Budget is based on preliminary information. The official draft budget will be transmitted through the Mayor’s Recommended Budget Book. **Note: The Prior Year Budget Available includes an estimate of revolving funds within the housing accounts that will not be expended prior to the end of FY 21. Subject to change. FUNDING PRIORITIES (1 of 2) 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. 2.TARGET POPULATIONS: 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. 3.NEIGHBORHOOD SAFETY: Utilize the development of housing as a method to remove blight, reduce crime, revitalize neighborhoods, and stabilize communities. 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. 5.HOMEOWNERSHIP: Create opportunities for those who have historically rented in the community to build wealth and establish permanent roots through homeownership. 6.SUSTAINABILITY: Achieve green building and energy conservation standards to lower housing expenses, conserve resources, and promote resiliency. FUNDING PRIORITIES (2 of 2) 7.EXPAND OPPORTUNITY: Provide for Neighborhoods of Opportunity by promoting the economic diversity of the housing stock within neighborhoods. 8.NEIGHBORHOOD IMPACT: Encourage housing that is high-quality, enduring, and that contributes to neighborhood context and livability through architectural and urban design best practices. 9.TRANSPORTATION OPPORTUNITIES: Promote a multimodal transportation network and ensure convenient and equitable access to a variety of transportation options. 10.HISTORIC PRESERVATION/ADAPTIVE REUSE: Encourage the preservation and/or reuse of buildings to preserve the character of neighborhoods. 11.COMMERCIAL VITALITY: Foster a mix of land uses and unique neighborhood business districts that adequately meet the local community’s needs. 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. 13.FUND LEVERAGING: Maximize impact by leveraging funds with the private market and with other available public resources. *Note: These are preliminary estimates based off a percentage of affordable units per project and a standard development cost per unit. ACTIVITIES (1 of 2) 1.HOUSING DEVELOPMENT LOAN PROGRAM The HDLP provides a centralized application, underwriting, and approval process across all funding sources, providing a one-stop-shop for community partners to access resources for the development and preservation of affordable housing. In FY22, the RDA proposes to three notices of funding availability through the HDLP. ACTIVITIES (2 of 2) 2.STRATEGIC SITE ACQUISITION To be utilized for the purchase of strategic properties located within RDA project areas that may included distressed motels, properties that are located at target locations, and other properties that align with the RDA project area goals and City’s objectives. 3.ACCESSORY DWELLING UNIT PROGRAM To be utilized for a pilot accessory dwelling unit (ADU) program targeted to the 9 Line CRA. ADUs are gaining momentum across the country as part of the solution to address the affordable housing crisis. By establishing a pilot ADU program, the RDA will mitigate some of the barriers for homeowners to construct ADUs including cost and lack of available financing. BOARD’S ROLE 1.Adoption of Housing Polices •The Housing Allocation Funds Policy was adopted in February of 2021 •The Housing Development Loan Program Policy was adopted in March 2021 2.Adoption of the RDA’s annual budget, including revenues and expenses for housing 3.Adoption of Annual Housing Funding Priorities as proposed through the Annual Housing Development Funding Strategy QUESTIONS?