Building Affordable In Salt Lake City: An Affordable Residential Development Guide
Salt Lake City is one of the fastest-growing cities in the nation; this growth in population and employment supports a vibrant community in which many want to live and work, but it is increasingly becoming a city out of reach for many of our residents and workers.
Developers are faced with limitations to building or rehabilitating
more units in the City due to increased costs for land, site preparation, materials, and labor. This lack of units and rising demand increases both home prices and the cost of rent. To address this housing crisis Salt Lake City works closely with developers to encourage and facilitate innovative solutions to housing affordability, as outlined in Growing SLC: A Five Year Housing Plan, 2018-2022.
Producing affordable housing is not a casual undertaking. It is a significant commitment of resources to effectively develop a project, whether developers build or renovate, sell or lease, self-finance or gather investors. To assist developers with this process, the following guide is an overview of resources for new or established developers looking to build affordable units.
Salt Lake City helps to set the priorities and the path for the housing needs in the City, but the private sector is essential to help fuel innovation and market dynamics. Together we can build an affordable and equitable city for all of Salt Lake’s residents.