Salt Lake City

Housing and Neighborhood Development

801-535-7712 | Handtech@slcgov.com

Housing Trust Fund

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.

Applications are accepted year round.

Check out the Community Impact page to view a map of the projects that have benefited from the Housing Trust Fund since 2000.

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 Baylee White for more information prior to starting an application.

Housing Trust Fund Loan 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.

For more information contact Baylee White at (801) 535-7698.

Standard Loan Terms: Adopted by the HTFAB June 5, 2019

Loan DetailsShort-TermLong-Term
ActivityAcquisition, rehabilitation, new constructionAcquisition, rehabilitation, new construction
Term Length & Amortization3 years maximum30 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 termEither the length of the lease-up period as defined by the senior lender or 2 years maximum during construction period, whichever is shorter
Interest Rate3%; can reduce through eligible policy alignment goals below, no less than 1% minimum3%; can reduce through eligible policy alignment goals below, no less than 1% minimum
Debt Service Coverage RatioMinimum of 1.10; exception for PSH projects, which can be 1.05Minimum of 1.10; exception for PSH projects, which can be 1.05
RepaymentAnnual hard repayment (projects can choose to pay monthly if desired)Annual hard repayment (projects can choose to pay monthly if desired)
RecourseMay require personal guarantee from project owner/sponsorNon-recourse loan secured by real estate

Agenda and Minutes

Agendas and Minutes

For more information contact Baylee White at (801) 535-7698.