RDA secures 7 million for 700 affordable housing units

In a recent government meeting, officials highlighted significant progress in affordable housing initiatives, announcing the closure of several loans aimed at increasing housing availability in the community. Over the past two weeks, the Redevelopment Agency (RDA) has successfully closed four loans totaling over $7 million, which will facilitate the development of approximately 700 new affordable housing units.

The first loan, amounting to $1 million, was allocated to the 910 West Project, which will introduce 180 housing units with rental rates ranging from 30% to 80% of the area median income (AMI) in the North Temple project area.

Additionally, the Citizens West project received two loans: Phase 2, located at 509 West 300 North, secured $1.85 million to deliver 50 units targeted at 25% to 50% of AMI. Phase 3 followed with a $1.2 million loan for 30 more affordable units, also aimed at the same income bracket. Notably, 35 of these apartments will feature three or more bedrooms, addressing the need for larger family-sized units.

Another significant project, the 515 Tower, closed on a $2.65 million loan. This initiative, in partnership with the Perpetual Housing Fund, will convert an office building at 515 East 100 South into 96 rent and income-restricted units, ranging from studios to four-bedroom apartments, targeting 25% to 50% of AMI.

Lastly, the RDA collaborated with housing stability staff to incorporate home funds into the HCLP loan for the Catherine project at 1881 West North Temple. This project aims to develop 372 affordable housing units, with rents set between 25% and 75% of AMI, including family-sized options.

The RDA expressed gratitude to its staff for their efforts in facilitating these loans, which collectively represent a significant step forward in addressing the community's affordable housing needs.