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CRA approves NeighborWorks Salt Lake shared‑equity term sheet and grants limited sustainability waiver; staff directed to study standards for small projects
Summary
The CRA approved an amended term sheet for a $2.1 million grant to NeighborWorks Salt Lake for two shared-equity homeownership developments, granted a sustainability waiver for a small project (Molterra Lanes) that cannot meet the CRA’s energy-performance metric, and directed staff to study sustainability requirements for smaller developments.
The Community Reinvestment Agency Board approved an amended and restated term sheet for a $2,100,000 CRA allocation to NeighborWorks Salt Lake for two shared-equity homeownership projects and granted a waiver to parts of the CRA’s sustainable development policy for one of those projects, while asking staff to study how policy applies to smaller residential developments.
Brent Seabray and Tracy Tran of the CRA summarized the request. The $2.1 million grant supports development of two for‑sale ownership projects that will be integrated into NeighborWorks Salt Lake’s community land trust. Staff described the first project, Molterra Lanes (13 units), as already further along in design and too small to produce an Energy Star portfolio-manager score (the…
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