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CRA amends ADU construction loan term sheet, removes right of first refusal and partial forgiveness
Summary
The CRA board adopted a resolution to amend its accessory dwelling unit construction loan program term sheet: staff recommended removing a carryover right of first refusal and eliminating a 10% partial loan forgiveness to preserve revolving funds; the motion passed unanimously.
Salt Lake City’s Community Reinvestment Agency board voted to amend the accessory dwelling unit (ADU) construction loan program term sheet at its Jan. 13 meeting, removing two provisions the agency said were no longer necessary: a right of first refusal on borrower homes and a partial loan forgiveness feature.
Project staff told the board the program, managed by a partner selected through the 2024…
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