Housing Trust Fund
The Salt Lake City Housing Trust Fund was created by the Mayor and City Council in 2000 to address the health, safety and welfare of the citizens of Salt Lake City by providing assistance for affordable and special needs housing within the City. Housing sponsors/developers may apply to the City for a loan from the Housing Trust Fund in order to provide affordable and/or special needs housing.
Salt Lake Redevelopment Agency: Please look here for development opportunities.
Housing Trust Fund Advisory Board
The City is interested in working with housing developers who want to provide affordable housing. This low-interest, flexible termed financing option may be just the ticket for you. Please contact Amanda Best or contact Tony Milner for more information prior to starting an application.
The Housing Trust Fund Advisory Board has the following powers and duties:
- Make recommendations to the Salt Lake City Administration on ordinances and regulations it deems in the public’s best interest for the purpose of carrying out the City’s affordable housing objectives.
- Consult with experts in areas such as finance, real estate, and affordable housing development to obtain advice on specific projects
- Advise and recommend suggestions to the City Administration and City Council on affordable housing and special needs housing issues.
- May recommend fund monies or assets be provided to activities that meet the Housing Trust Fund requirements.
- Review each request for monies from the Housing Trust Fund and make recommendations to the Administration and the City Council.
Current Housing Trust Fund Members:
|Member||Serving Since||Council District||Term Expires|
|Sean Umipig||2017||District 1||2020|
|Amy Rowland||2014||District 3||2020|
|Matt Pauly||2019||District 4||2022|
|Edward Makowski||2017||District 5||2020|
|Paul Cherewich||2019||District 6||2022|
|David Smoot||2016||At Large||2019|
|Robert Rendon||2014||At Large||2020|
Standard Loan Terms: Adopted by the HTFAB June 5, 2019
|Activity||Acquisition, rehabilitation, new construction||Acquisition, rehabilitation, new construction|
|Term Length & Amortization||3 years maximum||30 year maximum for projects with no direct HUD-funding;|
40 year maximum for projects with direct HUD-funding (Fannie Mae, Freddie Mac, Section 208, etc
|Interest Only Period||Up to 3 years maximum with balloon due at end of term||Either the length of the lease-up period as defined by the senior lender or 2 years maximum during construction period, whichever is shorter|
|Interest Rate||3%; can reduce through eligible policy alignment goals below, no less than 1% minimum||3%; can reduce through eligible policy alignment goals below, no less than 1% minimum|
|Debt Service Coverage Ratio||Minimum of 1.10; exception for PSH projects, which can be 1.05||Minimum of 1.10; exception for PSH projects, which can be 1.05|
|Repayment||Annual hard repayment (projects can choose to pay monthly if desired)||Annual hard repayment (projects can choose to pay monthly if desired)|
|Recourse||May require personal guarantee from project owner/sponsor||Non-recourse loan secured by real estate|