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CRA board approves $2.9M ADU financing program to be administered by CDCU
Summary
Salt Lake City's CRA board approved a resolution to negotiate and enter an agreement with the Community Development Corporation of Utah (CDCU) to administer a $2.9 million revolving loan fund and loan loss reserve for accessory dwelling unit (ADU) financing on the city's west side.
The Salt Lake City Community Reinvestment Agency Board on March 18 approved a resolution authorizing staff to negotiate a funding agreement with the Community Development Corporation of Utah (CDCU) to operate an accessory dwelling unit (ADU) financing program using $2.9 million in CRA funds.
CRA staff described the program as a revolving loan fund that will offer two loan types. For homeowners at or below 80% of area median income (AMI) CDCU would offer an unrestricted loan allowing market rents; for homeowners above 80% AMI CDCU would offer a restricted loan requiring the homeowner to rent either the ADU or the primary residence at rents…
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