Proposed Resolution - 8/26/2021REDEVELOPMENT 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 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 Housing Development Loan Program for fiscal
year 2021-22.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Redevelopment Agency of Salt Lake City:
The Fiscal Year 2021-22 Affordable Housing Funding Priorities as shown on Exhibit A
are hereby adopted.
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
August 6, 2021
Exhibit A: Fiscal Year 2021-22 Affordable Housing Funding Priorities
Attachment A: Proposed FY 2021-22 Affordable Housing Funding Priorities
CATEGORY POLICY OBJECTIVE
NOFA
RANKING
WEIGHT*
0.5% INTEREST
RATE
REDUCTION**
1 Fund
Leveraging***
Maximize impact by leveraging funds with the private
market and with other available public resources.
Threshold N/A
2 Sustainability**** Achieve green building and energy conservation standards
to lower housing expenses, conserve resources, and promote
resiliency.
Threshold X
3 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.
3 X
4 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.
3 X
5 Neighborhood
Safety
Utilize the development of housing as a method to remove
blight, reduce crime, revitalize neighborhoods, and stabilize
communities.
3 X
6 Homeownership Create opportunities for those who have historically rented
in the community to build wealth and establish permanent
roots through homeownership.
3 X
7 Transportation
Opportunities
Promote a multimodal transportation network and ensure
convenient and equitable access to a variety of
transportation options.
3 X
8 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.
2 X
9 Expand
Opportunity
Provide for Neighborhoods of Opportunity by promoting
the economic diversity of the housing stock within
neighborhoods.
2 X
10 Neighborhood
Impact
Encourage housing that is high-quality, enduring, and that
contributes to neighborhood context and livability through
architectural and urban design best practices.
2 X
11 Commercial
Vitality
Foster a mix of land uses and unique neighborhood business
districts that adequately meet the local community’s needs.
2 X
12 Historic
Preservation
/Adaptive Reuse
Encourage the preservation and/or reuse of buildings to
preserve the character of neighborhoods.
1 X
13 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.
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: .05% Interest Rate Reductions: While 12 interest rate reductions will be available, the maximum a project can
quality for is four, thereby reducing the interest rate to a minimum of 1%.
***Note: Fund Leveraging: RDA funding will be limited to 10% or less of the project’s financing sources as a threshold
requirement.
****Note: Sustainability: The threshold sustainability requirement will be as follows: Enhanced Energy Performance - All
affordable housing construction loans of four hundred thousand dollars ($400,000) or more shall be designed to achieve an
energy use intensity (EUI) target that is 25% lower than the median EUI of similar building types or a “Designed to Earn
ENERGY STAR” Score of 80 or higher and participate in the City Sustainability Department’s Elevate Buildings Program.
The EUI and ENERGY STAR targets shall be based on ENERGY STAR or comparable source. A project that has increased
sustainability standards beyond the threshold requirement will be eligible for an HDLP interest rate reduction.
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