Salt Lake City directs $17.7M for 14 affordable housing projects that aim to add new 1,500 units

March 22, 2024 by Evan Curtis
Urban Planning

By Carter Williams, KSL, Link

SALT LAKE CITY — Utah’s capital city is directing a record $17.7 million to help facilitate 14 new affordable housing projects across the city, as rising housing costs continue to be a key issue not just in the city, but statewide.

The Redevelopment Agency of Salt Lake City’s board of directors, which are all members of the Salt Lake City Council, approved the funding during a city meeting on Tuesday.

Combined, the 14 projects are expected to create just over 1,500 units, including more than 250 units with three- or four-bedroom layouts for families. All of the projects are scattered across the city. Some are new buildings while others are planned conversions of existing office space into housing, such as the 515 Tower in Central City.

The funded projects include:

• 2nd South Apartments, 934-948 W. 200 South
• 515 Tower (Conversion Phase I), 515 E. 100 South
• 9Ten West, 910 W. North Temple
• Alliance House 1805 Rebuild, 1805 S. Main Street
• Book Cliffs Lodge, 1159 S. West Temple
• Citizens West 4, 515 W. 300 North
• Fairmont Heights, 2557 S. 1100 East
• Liberty Corner, 1265 S. 300 West
• New City Plaza Apartments, 1966 S. 200 East
• Norbridge Court, 511 W. 200 South
• Pharos Apartments, 915 W. 200 North
• Project Open 3, 529 W. 400 North
• The Catherine (Phase 1), 1881 W. North Temple
• The Catherine (Phase 2), 1881 W. North Temple

Redevelopment Agency officials say all the projects will have at least 10% of the total units set aside for rent-restricted to 40% of the area median income; or a minimum of 10% of the total residential units will have three or more bedrooms that are rent-restricted to those earning 60% of the area median income or below; or a minimum of 10% of the total residential units will have three or more bedrooms.

Only nine units are slated to be rented at market rate.

“We believe it is critical to prioritize projects that create housing units that are affordable and accessible to extremely low-income individuals and families that are homeless or at risk of homelessness,” said Salt Lake City Councilman Alejandro Puy, who is also the chairman of the Redevelopment Agency’s board, in a statement Wednesday.

“Encouraging the development of affordable three- and four-bedroom residences gives families and larger households the opportunity to experience urban living,” he added.

It wasn’t immediately clear when all 14 projects will be completed.

The final dollar figure is the most that the Redevelopment Agency has handed out for affordable housing projects since the start of the Notice of Funding Availability program seven years ago. One project received $2.7 million from the agency’s high opportunity fund, while the other 13 projects received a mix of U.S. Department of Housing and Urban Development HOME funds ($9.1 million) and Redevelopment Agency funds ($5.9 million).

“Every single dollar is committed to affordable units in planned projects, not programs or initiatives, but 1,549 actual doors that families in Salt Lake City will call home,” Salt Lake City Mayor Erin Mendenhall said in a statement. “I am encouraged by this year’s robust response to our annual competitive affordable housing funding process, as it signifies the development community’s commitment to affordability at levels we have never seen before.”