SALT LAKE CITY, Utah, Sept. 21, 2021 (Gephardt Daily) — The Redevelopment Agency of Salt Lake City has released $8 million dedicated to low-cost financial assistance to stimulate the “construction and preservation” of affordable housing development projects, officials said Tuesday.
This marks the fourth consecutive year the RDA has released a Notice of Funding Availability prioritizing affordable housing, said a news release from the Office of Salt Lake City Mayor Erin Mendenhall.
“The funds will be allocated through the RDA’s Housing Development Loan Program,” the news release said. “$2.7 million of the $8 million is dedicated to projects located within high opportunity areas, geographical locations within Salt Lake City that provide conditions that expand a person’s likelihood for social mobility. Qualified developers demonstrating the ability to design, build, and manage affordable and mixed-income housing are encouraged to apply with a project that meets the city’s affordable housing goals. Funding awarded will be added to other sources of public and private investment to maximize community impact.”
The RDA invites prospective applicants to attend its virtual informational meeting on Friday, Sept. 24 at 11 a.m., where staff will provide an overview of the application, requirements, and selection process. Attending prospective applicants will also have the opportunity to ask questions. A recording of the meeting will be posted on the RDA website.
Projects must incorporate sustainable building design and priority will be given to proposals that meet specific housing and community revitalization priorities, including projects that:
- Include residential units targeted to underserved populations;
- Provide housing for families;
- Provide units for affordable homeownership;
- Ensure equitable access to variety of transportation options;
- Encourage equitable geographic distribution of affordable housing;
- Provide long-term affordability.
The full list of the funding priorities, as well as income and threshold requirements, application, and process information about the HDLP is available here and the Utah Public Procurement Place website. Proposals are due by Oct. 29, with awards expected by the end of the year.
