Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
CRA approves FY24–25 housing development loan allocations, including Northwest Pipeline phase
Summary
The Salt Lake City Community Reinvestment Agency board approved allocations from the Housing Development Loan Program for fiscal year 2024–25, funding four projects and accepting a request tied to the Northwest Pipeline (Northwest quadrant) redevelopment while a board member recused from that portion.
The Salt Lake City Community Reinvestment Agency Board on March 18 approved allocations from the Housing Development Loan Program (HDLP) for fiscal year 2024–25, agreeing to fund four of five competitive applications and to include the Northwest Pipeline project in the funding package. The board approved staff recommendations after a staff presentation and discussion of project readiness, scoring and debt stacks.
Staff said the 2024–25 NOFA (notice of funding availability) made approximately $5,770,000 available for low‑interest loans that incentivize affordable housing in new construction, preservation and rehabilitation projects. Five applications reached the finance committee; the total requested was about $7,750,000. Staff and the finance committee recommended funding four projects with available funds; together those projects would produce about 482 affordable units, staff said. One project returned previously awarded money, making…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
