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CRA amends loan terms for Book Cliffs Lodge, consolidating $4.74 million in affordable-housing loans
Summary
The CRA approved modified loan terms that consolidate three existing city loans totaling $4,740,000 for the Book Cliffs Lodge affordable housing project at 1159 South West Temple. The loans will be restructured with 40-year terms, 2.5% interest, and cash-flow repayment.
The Salt Lake City Community Reinvestment Agency Board voted to amend and consolidate three existing city loans totaling $4,740,000 for Book Cliffs Lodge, a proposed affordable housing development at 1159 South West Temple.
Lisonbee, a council policy analyst, introduced the item and said the modification request would align three previously issued loans on common terms. Staff said the combined request would set a 40‑year term at 2.5% interest for each loan, with cash-flow repayment. Under the…
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