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CRA approves amendment to 2008 Palmer Court loan to allow longer lease terms for deeply affordable units
Summary
The Salt Lake City Community Reinvestment Agency on Aug. 12 approved a modification to a 2008 $3 million forgivable loan for Palmer Court that removes a strict short-term SRO requirement for 60 units to enable LIHTC financing and project-based vouchers and to prioritize current residents for relocation into new replacement units.
The Salt Lake City Community Reinvestment Agency board on Aug. 12 voted to adopt a resolution amending the CRA's 2008 forgivable loan for Palmer Court, allowing the property's owner to replace a requirement that 60 units be operated as short-term single-room-occupancy rentals with leases compatible with Low-Income Housing Tax Credit (LIHTC) financing and project-based vouchers.
Brown Seabright, project manager, told the board the amendment would support a planned redevelopment called Gardens at Palmer and allow residents to relocate from the existing Palmer Court building into newly built, trauma-informed units. "We are coming before you with a proposed loan amendment to the Palmer Court loan," Seabright said. He described Palmer Court as a 201-unit permanent supportive housing project converted from a Holiday Inn and redeveloped in 2009,…
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