The Redevelopment Agency of Salt Lake City (RDA) has announced the availability of $3.95 million to assist in the development of affordable housing projects in Salt Lake City. As part of a city-wide effort to increase the number of affordable housing units in Salt Lake City, this Notice of Funding Availability (NOFA) from the RDA provides low-cost financial assistance to stimulate the construction and preservation of affordable developments within City boundaries.
The $3.95 million will be allocated through a competitive process administered by the RDA. 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 through the NOFA 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 Wednesday, July 1 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 RDA staff questions about the NOFA.
Priority will be given to proposals that meet specific housing and community revitalization priorities, including projects that:
- Include residential units targeted to underserved populations;
- Are located within walking distance of a transit stop or station;
- Mitigate the displacement of existing affordable housing units;
- Encourage equitable geographic distribution of affordable housing; and
- Provide long-term affordability.
The full list of the funding priorities, as well as income and threshold requirements, application, and process information about the NOFA program is available at www.slcrda.com/development-opportunities and the Utah Public Procurement Place website. Proposals are due by August 6, 2020 with awards expected in September 2020.
About the RDA:
The Redevelopment Agency of Salt Lake City works to revitalize the City’s neighborhoods and business districts to improve livability, spark economic growth, and foster authentic communities. For more information on RDA projects and programs, go to www.slcrda.com.
# # #Tags: Notice of Funding Availability (NOFA), Redevelopment Agency of Salt Lake City (RDA), Virtual Informational meeting