SLC.gov

Funding will support nearly 600 homes, including more than 200 deeply affordable units

March 11, 2026

The Salt Lake City Community Reinvestment Agency (CRA) has approved funding for four affordable housing developments that will create 595 homes across the city, including more than 200 homes for households earning up to 30% of the Area Median Income (AMI).  

The $8,068,128 in low-interest loans will be awarded through the agency’s Fiscal Year 2025-2026 Housing Development Loan Program (HDLP).    

“Salt Lake City’s housing needs are urgent, and every dollar we commit through the Housing Development Loan Program helps expand access to housing in our community,” said Mayor Erin Mendenhall, executive director of the CRA. “These projects will deliver hundreds of new affordable homes for Salt Lakers.” 

The CRA launched a competitive Notice of Funding Availability (NOFA) in October 2025. The agency received nine eligible applications totaling more than $23.2 million, nearly three times the available funding.  

Four projects were selected for funding based on depth of affordability, alignment with the CRA’s housing priorities, financial feasibility, development team experience, and readiness to proceed. 

“With demand for affordable housing funds far exceeding available resources, we faced difficult choices this cycle,” said CRA Board Chair Dan Dugan. “These projects stood out for their level of affordability, strong development teams and readiness to move forward.”

FY2025–2026 HDLP AWARD RECIPIENTS 
Gardens at Palmer   

Developer: The Road Home, First Step House 

Location: 999 S. Main St.  
Units: 187
CRA Loan: $2,168,128 

Gardens at Palmer is a permanent supportive housing development serving individuals and families who have experienced homelessness or who have behavioral health needs. All units will be reserved for households earning 30% AMI or below. 

The Chicago  

Developer: Great Lakes Capital 

Location: 27–41 N. Chicago St.
CRA Loan: $2,000,000 
The Chicago will provide 119 affordable homes near the North Temple corridor and the Jackson/Euclid TRAX and FrontRunner station. Units will serve households across a range of incomes, including residents earning 30% AMI or below. 

Emeril Apartments  

Developer: Community Development Corporation of Utah (CDCU) and Blueline, LLC 

Location: 826 Emeril Ave. 
CRA Loan: $2,000,000 
Emeril Apartments will deliver affordable family housing in the Fairpark neighborhood near the Jackson/Euclid TRAX station. A mix of one-, two-, and three-bedroom units will serve households earning up to 70% AMI, including deeply affordable homes for residents earning 30% AMI or below.
 

300 West Apartments   

Developer: Chelsea Investment Co. 

Location: 1485 S. 300 West  
CRA Loan: $1,900,000 
300 West Apartments will provide family-sized affordable housing in the Ballpark neighborhood. More than half of the units will be two-bedroom homes, and 40% will be three-bedroom units. Rents will serve households earning 30% to 60% AMI, including 26 homes reserved for residents earning 30% AMI or below. 

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About the Housing Development Loan Program 

The Salt Lake City CRA’s Housing Development Loan Program (HDLP) provides low-cost financing to support the development and preservation of affordable housing in Salt Lake City.  

Loans are funded through tax increment revenues and awarded through a competitive NOFA process. All projects must meet the CRA’s affordability requirements and sustainable development standards. More information is available at cra.slc.gov. 

About the Salt Lake City Community Reinvestment Agency 

The Salt Lake City Community Reinvestment Agency (CRA) works to expand housing opportunities and strengthen neighborhoods across Salt Lake City. Through strategic investments, partnerships with nonprofit and private developers, and tools such as tax increment financing, the CRA supports affordable housing development, economic opportunity, and long-term community investment. Learn more at cra.slc.gov.