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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 two‑person household, 120% of current median income was presented as $115,680 and an illustrative rent cap for that household size of $2,892 per month. He said the program is designed for market‑rate rental projects and that most administrative responsibilities (rent rolls and applicant documentation) would be performed by the developer; the city’s role would be annual certification of compliance.
When asked about developer interest, Jeremy said the River's Edge developer (referred to in the packet as DuBrey's) initiated the request and had applied for the program. He said the guidelines are primarily written for apartment projects but that rental townhomes or other rental products could likely qualify. Jeremy emphasized the program applies only to new construction receiving the HUD‑backed financing and is not retroactive to existing buildings.
Council members asked about saturation and vacancy in the local market. Jeremy said vacancy and demand have fluctuated — recent construction slowed because of rising costs — and that the city used a Concord Group rent survey for Weber and part of Davis County plus in‑house checks of local rents to verify market conditions.
Staff said they will return the guidelines to the council in a future packet for formal action; no vote was taken at the work session.
