12/21/2017 – SALT LAKE CITY, Utah (News4Utah) Salt Lake City is working to create more affordable housing. The city council has some new recommendations to do it. That’s why Danny Walz joined Good Morning Utah from the Redevelopment Agency of Salt Lake City, to explain what they’re doing.
Salt Lake City’s Council recently took action to address the affordable housing issue in the City. Earlier this month the City Council, which also functions as the Redevelopment Agency (RDA) Board of Directors, took action on two Salt Lake City affordable housing proposals.
The Council recommended a smart plan-of-action for spending the $21-million of RDA funds that were previously set aside with the purpose of increasing the City’s affordable housing stock.
This is the result of nearly a year of hard work, dialogue, and collaboration between multiple City departments.
The Council has prioritized $10 million-dollars to be administered by the RDA for a competitive fund available to developers and community groups interested in building affordable housing projects within the City.
$3 million-dollars will also be directed to the City’s Housing Trust Fund, administered by the City’s Housing and Neighborhood Development Division, part of which will be used for a Renovation Pilot Program.
The Council also recommended seting aside funding for specific projects, including the Barnes Bank Exchange project, and the redevelopment of the Capitol Motel.
It gives the RDA a greater role in affordable housing initiatives in the City, while enhancing the City’s existing funding options.
This means that ideally, an increased number of affordable housing units will become available as a faster rate.
The Council’s action effectively preserves the City’s opportunity to fund developments that could create deeply affordable housing for very low-income residents, which is especially important given the downtown homeless shelter’s scheduled 2019 closure.
The RDA is a division of the Department of Economic Development, which has a focus of maintaining and also improving the economic vitality of the city.
Salt Lake City thrives when our residents have access to affordable housing that allows them to live where they work and enjoy the amenities where they call home.