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Board adopts new Commercial Development Loan Program, removes finance‑committee approval under $500K
Summary
The CRA board adopted a new Commercial Development Loan Program (CDLP) policy to replace prior loan policies; the board approved the policy but excluded language that would have authorized the finance committee to approve loans under $500,000, preserving further review of administrative approval thresholds.
Salt Lake City’s Community Reinvestment Agency Board adopted a new Commercial Development Loan Program policy on March 18 that replaces earlier loan and adaptive reuse policies and establishes terms for gap financing of commercial and mixed‑use redevelopment.
Staff described the CDLP as a gap‑financing tool for commercial and mixed‑use projects that will fund construction or major rehabilitation. Key features include eligible applicants beyond title owners (long‑term ground lessees and tenants may be eligible), a $2.0 million maximum loan, standard…
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