Salt Lake City CRA previews $86M FY2025-26 budget, proposes $9M for affordable housing amid expiring project areas

Salt Lake City’s Community Reinvestment Agency Board received an overview on May 20 of the mayor’s recommended fiscal year 2025–26 CRA budget, which staff said projects roughly $86 million in agency revenue and proposes about $9 million for affordable housing programs.

The budget matters because two major project areas are expiring and will reduce annual tax‑increment revenue, staff said, forcing the CRA to rely more on program income, revolving loan repayments and carryover balances while shifting some administrative costs into housing and program funds.

Danny Poue, director (speaking for CRA staff), told the board “our total revenue within the agency budget is just over $86,000,000,” and that more than $50,000,000 of that is already spoken for by obligated expenses such as taxing‑entity payments and debt service. Staff said the Depot District’s expiration removed roughly $6,000,000 in annual increment from the agency’s receipts and noted the Granary District also expires this year.

Staff outlined how the budget breaks down. The recommended package shows about $9,000,000 proposed for affordable housing allocations. Jen Bruno, council staff, summarized staff proposals: roughly $3,500,000 would be set for a competitive Notice of Funding Availability (NOFA) for the housing development loan program; about $2,500,000 would be targeted to a deeply affordable project aligned with mayoral and council priorities; $1,000,000 is proposed for housing property disposition at the DI site in Sugar House to secure deeply affordable units; another $1,000,000 is proposed for…