Many Salt Lake City residents live in older apartments or housing that have affordable rents, not because of any government requirement or financial assistance, but because the rents have stayed low over time. These are called Naturally Occurring Affordable Housing properties, or “NOAH.”  

The NOAH Preservation Program helps owners preserve these properties by providing low-interest loans and grants of up to $75,000 per affordable unit for repairs and improvements. In exchange, owners agree to keep rents affordable for a minimum of 15 years through a legally recorded restrictive use agreement.

On this page you’ll learn how to apply for the program. Make sure to read the requirements and frequently asked questions page before applying.

How to Apply

The NOAH program uses a three-stage process. If your application is selected for a conditional award, the City will then request additional financial and legal documentation before funds are committed.

Stage	What Happens	What You Submit
Stage 1: Application	City staff review all applications for eligibility and completeness. Eligible applications are scored and ranked by the Review Committee, which makes funding recommendations to City Council.	The four items listed in Section VI.B. below.
Stage 2: Conditional Commitment	If selected, the City issues a conditional commitment letter that outlines your responsibilities before receiving funding.	Financial documents, preliminary title report, entity documents, construction/improvement plans, budgets, schedule, relocation plan (if applicable) and other items specified in the commitment letter.
Stage 3: Loan Closing	Once all conditions are satisfied, the City and owner execute a loan/grant agreement. A restrictive use agreement and deed of trust are recorded on the property.	Executed agreements and any remaining closing documents.

Stage 1 Application Checklist

For an application to be considered, applicants must submit all of the information below once the application opens. An excel spreadsheet form will be provided for item 2 Property and Financial Data (unit summary information, budget, and financial capacity). Incomplete applications will not be reviewed. Additional supporting documents may be submitted with your application.

1. Applicant Info and Property Information
   • Applicants contact information
   • Address and Parcel Number
   • Ownership Status
   • Year built and a description of the physical conditions including any deferred maintenance
   • Declaration of any code violations, enforcements, liens, deed restrictions, or other encumbrances
     
2. Project Narrative and Budget
   • A brief written description explaining:
     • the affordability tier you are proposing (Master Lease, 30% AMI, 50% AMI, or 80% AMI);
     • how NOAH funds will be used
     • how this project meets the program’s goals; and
   • If applicable, please include:
     • tenant relocation budget, including number of units from which tenants will be displaced; and
     • operation costs that will need to be covered and why this is important to the success of the project.
   • You do not need a formal appraisal or architect’s report at this stage.
     
3. Property and Financial Data (Use the excel spreadsheet provided)
   • Unit Summary of all units in the building, including:
     • Unit type (Studio, 1-bedroom, 2-bedroom, etc.)
     • Current monthly rents
     • Estimated monthly utilities
     • Estimated monthly fees
     • Current lease status (occupied or vacant),
   • Budget of the Proposed Use of Fund
     • Number of affected units that will receive NOAH funds
     • Budget detail including specific work and estimated cost per line item
     • Estimated total cost
     • Any project financing that is secured or being pursued
     • Owner equity contribution (minimum dependent on affordability level)
     • Total NOAH funding request (maximum dependent on affordability level
   • Property Debt Service
     • Loan Description
     • Remaining Balance
     • Loan Term Start and End
     • Interest Rate
   • Estimated Annual Operating expenses
     
4. Owner Experience Summary
   • A brief description of your experience managing rental properties.
   • Include:
     • the number of units you currently own or manage,
     • how long you have been a landlord,
     • whether you use a property management company
   • If you are a new or small landlord with limited experience, this will not disqualify you.

How Applications Are Evaluated

All applications are first reviewed by City staff for eligibility and completeness. Incomplete or ineligible applications are not forwarded for scoring. Complete and eligible applications are then evaluated by the City Review Committee (Housing Program Funds Loan Committee) using the scoring criteria below. The Review Committee makes funding recommendations to City Council, which gives final approval on all awards.

The City reserves the right to fund applications in whole or in part. Applicants may be contacted for clarification during the review process.

A. Scoring Criteria (100 Points)

Criterion	Points	What Reviewers Consider
Depth and Number of Affordable Units	30	How deeply affordable are the units? What percent of units on the property will be deed restricted affordable if awarded? Does the proposed affordability level represent a deeper level of affordability over current rents?
Property Condition or Urgency	25	How serious are the existing physical deficiencies? Is there evidence of deferred maintenance, code violations, or health and safety concerns? How urgently is intervention needed to preserve the units?
Proposed Use of Funds and Financial Feasibility	25	Is the proposed scope of work reasonable and well-justified? Does the budget appear realistic? Does the project demonstrate financial feasibility, including an adequate debt coverage ratio?
Owner Capacity	20	Does the owner have relevant property management experience or a credible plan to access technical assistance? Does the application demonstrate the ability to complete the project and manage the property over the affordability term?

B. Property Size Priority

To support small and mid-density rental housing, funding is prioritized by property size. All else being equal, smaller properties will be favored in the Review Committee’s recommendations. This prioritization reflects the program’s intent to serve low- to mid-density rental housing.

Priority Tier	Property Size	Priority Level
First Tier	10 or fewer units	HIGHEST
Second Tier	11 to 19 units	MEDIUM
Third Tier	20 or more units	STANDARD

Contact and Questions

We encourage you to reach out before applying.

Email: [email protected]

Attend the online information session: May 5, 2026, 3:00 p.m. to 4 p.m. Email us for an invitation.

If funding is not fully disbursed during this application cycle, the City may reopen the application at a future date at its discretion.

Requirements and FAQ

Learn More About NOAH