September 21, 2021
SALT LAKE CITY — The Redevelopment Agency of Salt Lake City (RDA) has released $8 million dedicated to low-cost financial assistance to stimulate the construction and preservation of affordable housing development projects. This marks the fourth consecutive year the RDA has released a Notice of Funding Availability (NOFA) prioritizing affordable housing.
The funds will be allocated through the RDA’s Housing Development Loan Program (HDLP). $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; 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 HDLP is available at www.slcrda.com/development-opportunities and the Utah Public Procurement Place website. Proposals are due by Oct. 29, 2021 with awards expected by the end of the year.
About the RDA:
The Redevelopment Agency of Salt Lake City invests in the City’s neighborhoods and business districts to improve livability, spark economic growth, and foster authentic communities. The RDA has invested upwards of $70 million in the construction of affordable housing units since 2010. In 2020 alone, the RDA funded 305 new units that will serve residents making 20-80% of area median income (AMI), with more than three-quarters of the units designated for very- and extremely-low income individuals making 50% or less AMI. For more information on RDA projects and programs, go to www.slcrda.com.