Salt Lake Mayor Jackie Biskupski and the Redevelopment Agency of Salt Lake City (RDA) are inviting qualified housing developers to submit proposals for affordable residential projects as part of a City-wide effort to increase the number of affordable housing in Salt Lake City.
The $10 million provided by the RDA will be utilized to provide low-cost financial assistance to stimulate the construction and preservation of affordable multi-family developments within City boundaries.
This official Notice of Funding Availability (NOFA) affordable housing policy from the RDA speaks to the housing component of its mission to “encourage the development of housing for low- and moderate-income households within Salt Lake City”.
It also supports the goal of the City’s long-term housing plan, Growing SLC, to create approximately 1,000 affordable housing units scattered throughout the City, including “high opportunity” neighborhoods — areas with higher quality-of-life measures on schools, housing, jobs and income. Of the $10 million, $4.5 million will be rewarded to projects located in these high opportunity areas.
High Opportunity Area Map and Table
Based on goals established by the RDA Board of Directors, the NOFA includes specific funding priorities. Proposed projects are expected to fall under at least two of the priority criteria, some of which include transit, geographic, and sustainability elements.
A complete list of the 12 funding priorities, as well as detailed provisional, income and rent threshold, application, and process information is available in the “Affordable Housing Development NOFA Guidelines and Application Handbook” here.
The RDA has been working hard on this affordable housing NOFA policy for over a year. It is just one of the RDA’s many housing efforts over the course of its 50-year history to develop high-quality, innovative, and affordable homes throughout every part of the City.
Addressing rising housing costs is critical for preserving the diversity and character that make Salt Lake City a place where all residents can thrive. “The larger goal is that as a person’s housing needs evolve throughout their lifetime they can afford to buy a house in their neighborhood and stay there,” says RDA Communications Director Amanda Holty. “The RDA has a long history of managing residential-focused redevelopment projects and providing funding to housing programs within the City that increase diverse housing options city-wide.”
The $10 million will be allocated through a competitive and transparent public process administered by the RDA. Potential applicants are invited to attend an Information Session on:
Wednesday, July 11 at 4 p.m.
Leonardo Museum – 209 East 500 South SLC
At the Information Session, RDA staff will provide an overview of the policy, application, requirements and selection process. Applications are due August 31, 2018.
About the RDA:
As part of the City’s Economic Development Department, the Redevelopment Agency of Salt Lake City works with communities to implement Salt Lake City’s master plans to create vital housing opportunities, improve infrastructure, and participate in the economic development of the City. For more information on RDA projects and programs, go to http://www.slcrda.com.