The NOAH Preservation Program offers low-interest loans and grants of up to $75,000 per affordable unit to owners who agree to keep rents affordable for at least 15 years. Learn more about the program.
Is your property eligible?
Both your property and you as the owner must meet every requirement below.
Property requirements
- Located in Salt Lake CityThe property must be within Salt Lake City limits.
- No existing affordability restriction, or one expiring within three yearsThe property cannot have a recorded deed or covenant that restricts household incomes or rents, unless it is a project-based affordability restriction that expires within three years of your application date.
- Units currently rented at affordable ratesAt least some units must be rented, or offered for rent, at rates affordable to households earning 80% of area median income (AMI) or less. Use the table below to check your rents.
- Current on taxes and City utility accountsThe property must be in good standing on all City and County property taxes and water and sewer payments.
Check whether your rents qualify
A unit is affordable when the tenant’s total monthly housing cost, rent plus basic utilities, is no more than 30% of the maximum income allowed at the applicable AMI level for an assumed household size.
To qualify for the program, your current rents, including utilities, should be at or below the 80% AMI column. The 30% and 50% AMI columns show the rent limits you would agree to if you choose a deeper affordability level.
| Unit size | 30% AMI | 50% AMI | 80% AMI |
|---|---|---|---|
| Efficiency/studio | $662 | $1,103 | $1,766 |
| 1 bedroom | $710 | $1,182 | $1,892 |
| 2 bedrooms | $852 | $1,418 | $2,271 |
| 3 bedrooms | $984 | $1,639 | $2,623 |
| 4 bedrooms | $1,109 | $1,828 | $2,926 |
| 5 bedrooms | $1,322 | $2,018 | $3,229 |
Based on 2026 U.S. Department of Housing and Urban Development (HUD) area median income.
Owner requirements
Eligible owners include for-profit organizations, nonprofit organizations, limited equity cooperatives (LECs) and buyers under a binding purchase contract. Buyers under contract must submit the purchase agreement with their application. You must meet all of the following:
- Demonstrated financing gapYou must show that conventional loans or other financing cannot fully cover the cost of improving or maintaining the property while keeping rents affordable.
- Property management experienceYou must show experience managing rental properties and have no history of unresolved code violations, reports to consumer protection programs or other related complaints.
- Tax compliant and current on City loansYou must be current on all applicable taxes and on any outstanding City loans for this or any related property or entity.
- Legal authority to enter loan agreementsYou or your organization must have the legal and corporate authority to sign a loan or grant agreement and to record a lien and deed restriction on the property.
- Valid Salt Lake City business licenseYou must hold a Salt Lake City business license for rental housing or commit to getting one before funds are disbursed.
- Enrolled in the Good Landlord ProgramYou must be enrolled in Salt Lake City’s Landlord Tenant Initiative (Good Landlord Program) or commit to enrolling before funds are disbursed.
What can funds be used for?
All funded work must directly support the preservation and long-term viability of the affordable units.
Emergency stabilization
Capital costs for urgent physical needs that, if left unrepaired, could harm residents or damage the building structure.
Examples: roof repair or replacement; mold assessment and remediation; HVAC, plumbing or electrical systems; windows, doors or exterior walls; fire suppression, egress or ADA access improvements.
Long-term viability renovations
Capital costs to keep the property viable and affordable over the long term.
Examples: kitchen and bathroom upgrades; flooring and interior paint; historic preservation work for properties on the historic register; common area improvements.
Limited operating expenses
Operating costs to cover documented shortfalls and stabilize the property. Funded only alongside capital expenses and capped at 20% of the total award.
Examples: utilities during rehabilitation; operating reserves for deeply affordable units.
Funding terms
Assistance is capped at $75,000 per affordable unit, or $50,000 per unit at the 80% AMI level. Your interest rate, payment structure, grant eligibility and equity requirement depend on the affordability level you commit to. Deeper affordability earns better terms, including grants and lower interest rates.
All levels have a maximum loan term of 30 years and an affordability term of 15 years or the loan term, whichever is longer.
Select the affordability level you plan to propose:
Master lease with a qualified agency
- Rent limit
- Fair Market Rent or HUD local payment standard
- Income limit
- Up to 50% AMI (with housing voucher)
- Maximum grant per unit
- Up to $2,000
- Maximum total assistance per unit
- $75,000
- Interest rate
- 1%
- Payment type
- Deferred five years, then monthly amortized
- Debt coverage ratio
- 1.15
- Minimum owner equity
- 10% of project cost
Deed restriction, up to 30% AMI
- Rent limit
- Up to 30% AMI
- Income limit
- Up to 30% AMI
- Maximum grant per unit
- Up to $5,000
- Maximum total assistance per unit
- $75,000
- Interest rate
- 0%
- Payment type
- Fully deferred; balloon payment due at end of term
- Debt coverage ratio
- 1.10
- Minimum owner equity
- None
Deed restriction, up to 50% AMI
- Rent limit
- Up to 50% AMI
- Income limit
- Up to 50% AMI
- Maximum grant per unit
- Up to $2,000
- Maximum total assistance per unit
- $75,000
- Interest rate
- 1%
- Payment type
- Deferred five years, then monthly amortized
- Debt coverage ratio
- 1.15
- Minimum owner equity
- 10% of project cost
Deed restriction, up to 80% AMI
- Rent limit
- Up to 80% AMI
- Income limit
- Up to 80% AMI
- Maximum grant per unit
- None (loan only)
- Maximum total assistance per unit
- $50,000
- Interest rate
- 3%
- Payment type
- Monthly amortized from the start
- Debt coverage ratio
- 1.20
- Minimum owner equity
- 20% of project cost
Compare all four levels side by side
| Term | Master lease | Up to 30% AMI | Up to 50% AMI | Up to 80% AMI |
|---|---|---|---|---|
| Rent limit | Fair Market Rent or HUD local payment standard | Up to 30% AMI | Up to 50% AMI | Up to 80% AMI |
| Income limit | Up to 50% AMI (with housing voucher) | Up to 30% AMI | Up to 50% AMI | Up to 80% AMI |
| Maximum grant per unit | Up to $2,000 | Up to $5,000 | Up to $2,000 | None (loan only) |
| Maximum total assistance per unit | $75,000 | $75,000 | $75,000 | $50,000 |
| Interest rate | 1% | 0% | 1% | 3% |
| Payment type | Deferred five years, then monthly amortized | Fully deferred; balloon payment due at end of term | Deferred five years, then monthly amortized | Monthly amortized from the start |
| Debt coverage ratio | 1.15 | 1.10 | 1.15 | 1.20 |
| Minimum owner equity | 10% of project cost | None | 10% of project cost | 20% of project cost |
All awards are secured by a deed of trust and a restrictive use agreement recorded on the property, so future owners are also bound by the affordability requirements.
What you agree to if awarded
Awardees receive a conditional commitment letter from the City, then work with the City to finalize the loan or grant agreement and record a restrictive use agreement and deed of trust on the property. These agreements set the following requirements for the full affordability term. Select each item to learn more.
Rent limits
Monthly rents for affordable units may not exceed the limit for your affordability level (see funding terms). All required housing costs, including rent, utilities and mandatory monthly fees, count toward the limit. Rent limits may be adjusted each year based on HUD area median income.
See the maximum monthly rent table for the limits at each affordability level.
Income limits
Affordable units may be rented only to households with annual incomes at or below the applicable AMI limit, adjusted for household size. Income must be verified before a new tenant moves in. Existing tenants with active leases at the time of award do not need to requalify, but new tenants in affordable units must meet income requirements.
| Household size | 30% AMI | 50% AMI | 80% AMI |
|---|---|---|---|
| 1 person | $26,500 | $44,150 | $70,650 |
| 2 people | $30,300 | $50,450 | $80,750 |
| 3 people | $34,100 | $56,750 | $90,850 |
| 4 people | $37,850 | $63,050 | $100,900 |
| 5 people | $40,900 | $68,100 | $109,000 |
| 6 people | $44,360 | $73,150 | $117,050 |
Based on 2026 HUD area median income.
Lease terms
Affordable units must be offered as permanent housing, with leases of at least six months.
No permanent displacement of tenants
Tenants may not be permanently displaced because of rehabilitation funded by this program. If temporary relocation is necessary during construction, you must submit a written tenant relocation plan that covers temporary housing, moving assistance, the relocation budget and the timeline for tenants to return. Relocation costs funded by the award may not exceed 20% of the total award.
No net loss of affordable units
Your project may not reduce the number of affordable housing units. The City may approve exceptions case by case if the reduction is necessary to create larger units with more bedrooms or to serve households at lower AMI levels.
Improvement and management plan
You must provide a written plan describing the physical improvements, anticipated operating costs and how the property will be managed during and after the affordability term. The plan must include construction drawings or a scope of work, a project timeline, a detailed budget, contractor information and verification of completed work.
Construction monitoring
You must give the City regular progress updates throughout the project and proof of completion when construction ends.
Fair housing
You must comply with the federal Fair Housing Act.
Annual reporting
You must submit an annual compliance report to the City for the full term of the loan and deed restriction. Reporting requirements will be listed in your loan or grant agreement.
Questions?
Email us at [email protected].
Attend our info session on Dec. 7 from 3 to 4 p.m. Email us for the link.