$3.25M resident wealth-building housing pilot program launching in Salt Lake City

Nov. 12, 2024

To address the homeownership gap in Salt Lake City and provide innovative pathways for economic stability, the Redevelopment Agency of Salt Lake City (RDA) is excited to open applications for its new Residential Wealth Building Pilot Program. The program will help low- to moderate-income families and individuals build wealth through affordable housing opportunities.

The Residential Wealth Building Pilot Program offers funding for projects that create affordable homeownership and shared equity models, supporting the development of family and workforce housing. With an emphasis on promoting long-term financial stability and wealth accumulation, the program prioritizes housing solutions such as rent-to-own units, condo or co-op conversions, tenant shared-equity models, and more.

"It's important that our City's solutions build intergenerational stability," said Mayor Erin Mendenhall. "As we partner on this program, Salt Lake City families will have access to more affordable, wealth-generating housing that they desperately need."

Program Highlights:

• Funding Available: $3.25 million dedicated to affordable housing wealth-building opportunities within Salt Lake City boundaries.
• Eligible Applicants: Non-profit agencies, public housing agencies, and for-profit corporations with experience in managing wealth-building housing programs.
• Application Deadline: Submissions are due by December 19, 2024, at 5 PM MST.
• Informational Meeting: A virtual meeting will be held on November 13, 2024, at noon MST, to discuss program requirements and answer applicant questions. Those interested can find a link to the meeting by visiting slcrda.com/development-opportunities/

"We are thrilled to launch the Residential Wealth Building Pilot Program as part of Salt Lake City's commitment to expanding affordable housing opportunities and bridging the wealth gap within our community," said Browne Sebright, RDA Project Manager. "This pilot program is designed to give families the chance to invest in their future through homeownership, which is a crucial step toward financial empowerment."

Qualified projects must be within Salt Lake City and focus on creating or preserving affordable housing options for residents. Proposals will be evaluated based on alignment with RDA's goals, community impact, and technical viability. The initiative aligns with RDA's goal of equitable economic growth, addressing systemic barriers to wealth for underserved communities.

Projects funded through this initiative are expected to launch within a year of funding, with priority given to those ready to benefit residents sooner. The Notice of Funding Availability (NOFA) guidelines provide scoring preferences for projects based on readiness. Those set to launch within the next six months receive the highest priority. For more information and to apply, organizations can visit slcrda.com/development-opportunities or contact Browne Sebright at [email protected].

The RDA is also accepting applications from housing organizations and interested developers for its Housing Development Loan Program (HDLP) to increase the supply of affordable rental and homeownership options across the City. This program provides low-cost financial assistance to support the construction and preservation of affordable housing in Salt Lake City, aligning with RDA's mission of promoting equity and addressing displacement.

For details on the HDLP, visit slcrda.com/development-opportunities or contact Kate Werrett at [email protected].

About the Redevelopment Agency of Salt Lake City

The Redevelopment Agency of Salt Lake City (RDA) is dedicated to revitalizing neighborhoods, creating affordable housing, and fostering community-centered development. The RDA works collaboratively to implement Salt Lake City's Housing Plan and to support sustainable, inclusive, and resilient communities.

Tags: economic stability, homeownership, Housing, Housing Development Loan Program, Mayor Erin Mendenhall, Redevelopment Agency of Salt Lake City (RDA), Residential Wealth Building Pilot Program, Salt Lake City, Salt Lake City Mayor Erin Mendenhall

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