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CRA approves $2.1 million for NeighborWorks shared-equity workforce housing with sustainability exception
Summary
The CRA approved a $2.1 million term sheet to fund two NeighborWorks Salt Lake projects while granting a limited waiver to the agency’s 2021 sustainability policy for one site and requiring continued effort to meet Energy Star standards.
The Salt Lake City Community Reinvestment Agency approved a $2.1 million financial assistance package to NeighborWorks Salt Lake to support two shared-equity, for-sale workforce housing projects and authorized staff to negotiate and execute funding agreements under the term sheet, with a limited sustainability exception for one parcel.
Tracy Tran, senior project manager for CRA staff, summarized the term sheet and conditions. The funds were originally allocated by the board in 2023: $1,400,000 from the Housing Development Fund and $700,000 from the Westside Community Initiative. The package is intended to support two for-sale residential developments in the Poplar Grove and Fair Park neighborhoods; staff said NeighborWorks is establishing a community land trust to own and manage the land beneath the homes to preserve long-term affordability.
Under the term sheet each project must meet specific conditions to receive the grant amounts identified in the memo. Speakers said the grants are…
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