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Magna board discusses using redevelopment affordable-housing set-aside to aid essential workers
Summary
Board members discussed available redevelopment funds—staff said about $2 million may remain in one area—and a proposal from Board Member Michael Jensen to use affordable-housing set-aside dollars to provide down-payment assistance for essential workers, with deed restrictions and repayment terms.
Board Member Michael Jensen asked staff for updated accounting of redevelopment funds and said he believed roughly $2 million remained in one redevelopment area that could be considered for affordable housing purposes. Jensen described a potential program to help "essential professionals"—younger police officers, firefighters, nurses and teachers—by providing down-payment assistance tied to deed restrictions requiring repayment if the property is later sold.
Staff said records inherited from Salt Lake County are still being reviewed and that staff will compile maps, zoning, historical formation documents and funding allocations. David Brickey noted that several new businesses in the Arbor Park project area are expected to generate additional increment funds this year. Jensen emphasized the need for county and area median income information to structure eligibility criteria.
