What’s New in Utah:
Despite ongoing economic headwinds, Salt Lake City incentivizes affordable housing development with low-interest gap financing. The capitalization has helped developers push forward on several exciting, affordable development projects. Here are the latest updates.
Salt Lake City Funds Affordable Development
To promote the construction of affordable housing across Salt Lake City, the city’s Redevelopment Agency has approved $8.36 million in gap financing for eight separate housing projects. In the most recent financing round, a $500,000 loan was presented to the Housing Authority of Salt Lake City for their $29.8 million development of 114 studio units set aside for disabled or unsheltered residents. Overall, the city’s low-interest loans aim to support the development of up to 888 new units throughout Salt Lake City over the next few years. Learn more about the other projects at the link below.
Citizens Community: Redevelopment Agency Loan Recipient
Development at 509 W. 300 North is among the eight projects receiving gap financing from Salt Lake City’s Redevelopment Agency. Two phases of development are underway, Citizens West 2 and Citizens West 3, totaling around $36 million in costs. The phases will receive $1.85 million and $1.2 million loans, respectively, to construct 70 units for formerly homeless, disabled residents and refugees. Learn more about the other projects at the link below.
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Utah Digest