Proposed Resolution - 11/24/20211
REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. _______________
Affordable Housing – 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-4-2021, 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 $8,000,000 of Housing Funds for affordable housing
through the RDA’s Housing Development Loan Program (“HDLP”) including $5,300,000 in
HDLP funds and $2,700,000 in high opportunity funds. 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-7-2021 (the
“HDLP Policy”) and the RDA’s Housing Funding Priorities for Fiscal Year 2021-2022 (“Funding
Priorities”) that resulted in eight requests for funding totaling $11,476,375. All eight applications are
for projects located outside of high opportunity area neighborhoods.
WHEREAS, on November 19, 2021, the HDLP Review Committee (“Review Committee”)
reviewed the HDLP applications and recommended funding allocations and preliminary terms as
further described in on Exhibit A.
WHEREAS, based on the Review Committee’s recommendations, RDA staff recommend that
the Board approve the funding allocations and preliminary terms described in Exhibit A.
WHEREAS, following approval of funding allocations and preliminary terms as set forth on
Exhibit B, the RDA shall provide a conditional commitment period during which the approved
Attachment F: HDLP 2021 Funding Allocation Resolution
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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,
and the loan agreements and other relevant documents consistent with the funding allocations and
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 December 2021.
________________________________
Ana Valdemoros, 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
November 23, 2021
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EXHIBIT A: RDA HDLP REVIEW COMMITTEE RECOMMENDED FUNDING
ALLOCATIONS
The RDA HDLP Review Committee recommends that funding be allocated to projects in order
of priority ranking.
*The final loan terms shall comply with the requirements, standard loan terms and conditions, interest-rate
reductions, and all other details laid out within the 2021 Housing Development Loan Program (HDLP) Guidelines
PROJECT/APPLICANT ADDRESS
FUNDING
REQUEST PRELIMINARY TERMS*
FUNDING
RECOMMENDATION
FUNDING
RANKING
Silos on 5th 425 W. 500 South $2,360,000 1.5% interest, 40-year term,
40-year amortization
$2,360,000 1
Giv Communities
144 S. 500 East 144 S. 500 East $775,000 1% interest, 40-year term,
40-year amortization
$775,000 2
Red Gate
The Nest 382 Rio Grande $1,800,000 1.5% interest, 20 year term,
40 year amortization,
regular payments w/ balloon
payment end of term
$1,082,500 3
W3 Partners
Schmidt Apartments 1265 S. 300 West $1,590,000 1% interest, 30 year term,
30 year amortization
$1,082,500 3
Westates
University Heights 1060 E. 100 South $2,000,000 1% interest, 35 year term,
35 year amortization
$0
BCG
915 W. North Temple 915 W. North
Temple
$1,000,000 1% interest, 10 year term,
30 year amortization,
regular payments w/ balloon
payment end of term
$0
JF Development Group
Cleveland Court 375 E. Cleveland
Street
$1,451,375 1% interest only
construction loan converted
to soft second loan(s).
RDA paid back for land
upon sale of units
$0
Sentry Financial
ADU Financing
Program
CDCU
Citywide $500,000 RDA Grant $0
TOTAL $11,476,375 $5,300,000
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EXHIBIT B: HDLP RDA BOARD FUNDING ALLOCATIONS
(To add after Board Meeting)