CRA board accepts FY2024–25 audit; staff report NOFA interest and an award-winning project
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Summary
The CRA board accepted a clean audit for FY2024–25 and heard staff updates: 10 HDLP applications and 3 residential wealth-building applications were received, the project referred to in materials as ASTER (255 South State) received an Urban Land Institute award, and staff announced a communications coordinator departure; the board also approved a motion to enter closed session on real property and legal matters.
The Salt Lake City Community Reinvestment Agency voted to adopt the CRA fiscal year 2024–25 audit after auditors from Eide Bailey reported they were issuing a clean (unmodified) opinion and found no reportable findings for the CRA.
Paul, the engagement partner from Eide Bailey, told the board the audit was completed earlier than in prior years and that the auditors did not identify any material weaknesses or uncorrected misstatements for the current year. "We are offering a clean opinion," he said, and added the report will be submitted to the state auditor’s office as required; when asked whether the state auditor has access to the document, he confirmed the audited report is required to be filed with the state auditor by Dec. 31 for a June 30 fiscal year end.
Board member Dugan moved to adopt the audit; the motion carried unanimously among members present (recorded as unanimous with one member absent). Board members and staff lauded the finance team for completing the audit earlier than prior years and for the lack of audit findings.
During staff reports, Danny summarized the NOFA results: the application period closed Dec. 4, staff received 10 applications for the Housing Development Loan Program (HDLP) and 3 applications for residential wealth-building offerings; staff said the total amount requested exceeds available funds and that applications will be screened against minimum thresholds before recommendations go to the finance committee and back to the board in 2026. Danny also announced that the development referred to in staff materials as "ASTER (255 South State)" won an Urban Land Institute award; staff credited the CRA and city for vision and participation in that project.
Danny announced that Catherine Morlock, the CRA communications coordinator, is departing the CRA to join the council team and staff recognized her contributions. Finally, the board voted to enter a closed session to discuss purchase, exchange, or lease of real property and to receive attorney-client advice; a roll call recorded six members voting in favor and the meeting moved into closed session.
