Salt Lake City RDA releases $10.7 million to encourage affordable housing projects

The Redevelopment Agency of Salt Lake City (RDA) is making $10.7 million available to local housing developers for the construction of affordable housing projects. As part of a city-wide effort to increase the number of affordable housing units in Salt Lake City, the Salt Lake City Council, acting as the redevelopment board, has issued a Notice of Funding Availability (NOFA) that provides low-cost financial assistance to stimulate the construction and preservation of affordable multi-family developments within city boundaries.{mprestriction ids="1,3"}

The RDA will hold an informational meeting on July 18 at 9 a.m. and said it welcomes prospective applicants to attend. The meetings will be held at the City and County Building, 451 S. State St., Room 542. RDA staff will provide an overview of the application, requirement and selection process.

The $10.7 million will be allocated through a competitive and transparent public process administered by the RDA. Qualified developers demonstrating the ability to design, build and manage affordable and mixed-income housing are encouraged to apply with a project that meets the city’s affordable housing goals, the agency said. Funding awarded through the NOFA will be added to other sources of public and private investment to maximize the impact on the community.

Including the current NOFA funding, the RDA has allocated $40 million in affordable housing investment over the past three years to add hundreds of affordable units to the city’s housing stock, according to the RDA. 

Applications are due by Aug. 16 with awards expected in September. Details are at www.slcrda.com/development-opportunities.{/mprestriction}