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Ogden staff recommends HUD middle‑income financing guidelines for new developments
Summary
City staff presented proposed guidelines for a HUD middle‑income financing program that would require developers receiving HUD‑backed loan funds to rent 50% of units at or below 120% AMI for 10 years; staff recommended bringing formal guidelines to council for adoption and said the River's Edge developer has applied.
Jeremy, a city housing staff member, outlined proposed guidelines for a new HUD middle‑income housing financing program and recommended the council advance the guidelines for formal consideration. He said the program provides additional loan funds to developers in exchange for a commitment that 50% of units be rented at 120% of area median income (AMI) or below for a 10‑year compliance period.
Jeremy gave an example: for a…
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