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CRA board adopts FY26 affordable housing funding priorities
Summary
Salt Lake City Community Reinvestment Agency board voted to adopt five housing funding priorities to guide fiscal year 2026 funding allocations; staff will return in May with specific funding allocations and program line items.
The Salt Lake City Community Reinvestment Agency (CRA) board voted to adopt five housing funding priorities for fiscal year 2026 during its April 8 meeting.
The resolution, moved by Board member Lopez Chavez and seconded by Board member Dugan, passed unanimously with one board member absent. The adopted priorities will guide how CRA staff scores and ranks applications and will inform the CRA’s May budget allocations to specific housing activities and funds.
Board members and staff described the priorities as two threshold categories — deeply affordable housing and family housing with amenities for children — and three non-threshold priorities: wealth-building opportunities, expanding opportunity, and neighborhood services and commercial space. Staff said threshold priorities must be met by applicants to be eligible for certain CRA housing development loan programs and that projects can receive interest-rate reductions for meeting sustainability or other benefits under the CRA framework.
Tracy Tran and other CRA staff told the board the priorities are intended to shape the next steps of the CRA annual budget process: selecting priority categories now and allocating projected CRA revenue among the primary housing fund, secondary housing fund, West Side Community Initiative Fund, and the housing development loan fund at the May meeting. Staff said the specific line-item allocations and NOFA (notice of funding availability) program details will be returned to the board during budget season.
Board members asked clarifying questions about the “wealth building” priority. Staff said that category can include homeownership pathways and other shared-equity or renter-to-owner models; last year staff ran two NOFAs: one through the housing development loan program and a separate NOFA that contemplated homeownership products, and staff said they are considering repeating that approach. The board discussed keeping the “wealth building” category broad to allow multiple types of approaches to build household equity.
Board members also urged continued attention to smaller “missing middle” developments and coordination with the ADU (accessory dwelling unit) funding strategy to encourage smaller affordable projects. Several members said they were comfortable keeping the five priorities unchanged for FY26 and taking actions on funding allocations in the next meeting.
The board’s adoption of the priorities is procedural direction to staff; the CRA did not adopt any specific funding amounts during the April 8 meeting. Staff repeatedly noted that the resolution sets priorities and that the actual fund allocations and NOFA/program details will be presented at the May budget meeting.
Ending: Staff will return in May with proposed allocations and program line items tied to these adopted priorities; board members said they expect the next meeting to include funding decisions guided by the priorities adopted April 8.
