Salt Lake City invests $11.5 million in affordable housing

Salt Lake City has announced a new investment of over $11 million to support affordable housing initiatives. This funding comes from the city's Community Reinvestment Agency, previously known as the Redevelopment Agency. The city recently approved $5.3 million for low-interest loans aimed at four new affordable apartment projects. These projects are expected to create up to 482 new housing units. This financial assistance helps cover gaps in funding for developments that already have some financing in place. One major project receiving funding is The Grove, located at the site of the former Public Safety Building. The city allocated $1 million to this project, which will include 244 homes, specifically aiming for families earning between 41% and 80% of the median income. Other projects include The Gregory, which is allocated $2 million for 187 units, and The Hive on 11th, which receives $1.54 million for 169 units. The 1300 South Apartments will get $750,000 to build 70 units. Additionally, the City Council is setting aside $2.9 million to help homeowners build accessory dwellings like mother-in-law apartments and backyard cottages. This effort is part of a strategy to increase affordable housing options in the city. The program aims to offer loans of up to $200,000 for these accessory units, benefiting 15 to 20 homeowners. Moreover, officials are investing $3.3 million to support affordable homes intended for purchase, focusing on units with three or more bedrooms. Funding will be shared between two nonprofits. One part will assist with a rent-to-own program in the Northwest Pipeline Building project, while the other will help with down-payment assistance for potential homeowners.