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CRA funds residential wealth‑building pilot: CDCU down‑payment program approved; partial funding recommended for Northwest Pipeline rent‑to‑own
Summary
The CRA board awarded $2 million to CDCU for a down‑payment assistance product and approved partial CRA support for a Housing Authority rent‑to‑own proposal at the Northwest Pipeline Building; board members recused where conflicts existed and staff outlined program details and repayment terms.
Salt Lake City’s Community Reinvestment Agency Board on March 18 approved two funding allocations under the residential wealth‑building pilot. The board authorized a $2.0 million grant allocation to the Community Development Corporation of Utah (CDCU) to seed a silent second mortgage down‑payment assistance product, and it approved partial funding for the Housing Authority’s Northwest Pipeline rent‑to‑own proposal as recommended by staff.
CDCU proposal: staff and the applicant described a $2.0 million “silent second” down‑payment loan program targeted to first‑time homebuyers at approximately 50–80% of AMI. Staff and CDCU said the product is principally a second mortgage repaid upon…
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