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REDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. R-14-2019
Citywide Affordable Housing – Notice of Funding Availability (NOFA) Funding Allocations
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT LAKE CITY APPROVING CITYWIDE AFFORDABLE HOUSING PROJECT FUNDING ALLOCATIONS.
WHEREAS, the Redevelopment Agency of Salt Lake City (“RDA”) was created to transact the business and exercise the powers provided for in the Utah Community Reinvestment Agency Act (the “Act”).
WHEREAS, the Act provides that tax increment funds may be used for the purpose of increasing the affordable housing supply within the boundaries of Salt Lake City.
WHEREAS, the RDA Board of Directors (the “Board”) has set aside $10,746,096 for a Notice of Funding Availability (“NOFA”), contingent upon an application and review process administered by the RDA to facilitate funding of qualified projects that meet the goals established by the NOFA guidelines. The $10,746,096 was appropriated as follows: $4,500,000 was allocated through Fiscal Year (“FY”) 2108 Budget Amendment 3 for projects located in areas of the city designated as high opportunity; $5,136,455 was allocated through FY 2019 Budget Amendment 4 for projects located citywide; and $1,109,641 was allocated through FY 2020 Budget for projects located citywide.
WHEREAS, the RDA facilitated a loan application and review process pursuant to the RDA’s NOFA policy set forth in resolution R-17-2018 (the “NOFA Policy”) that resulted in twelve requests for funding totaling $24,185,227. All twelve applications are for projects located outside of high opportunity neighborhoods.
WHEREAS, on September 3, 2019, the RDA’s Finance Committee reviewed the NOFA applications and recommended funding allocations and preliminary terms as further described in on Exhibit A.
WHEREAS, based on the Finance Committee’s recommendations, the RDA staff recommends that the Board approve the funding allocations and preliminary terms described on Exhibit A, and that the RDA shall provide to the approved applicants a conditional commitment period determined by the RDA, during which each approved applicant shall have the opportunity to obtain needed financial, legal, and regulatory approvals as well as satisfy other conditions determined by the RDA in order to finalize the loan terms.
WHEREAS, pursuant to the NOFA Policy, projects that successfully meet the conditions of the conditional commitment shall each be invited to execute a Letter of Commitment to finalize the loan terms, subject to a set of conditions precedent to closing of the loan.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD that it approves the funding allocations and preliminary terms as further described in Exhibit B, subject to revisions that do not materially affect the rights and obligations of the RDA hereunder. For approved applicants that successfully meet the required conditions, the Board authorizes the Executive Director to negotiate and execute the conditional commitment letter, the Letter of Commitment, and the loan agreements and other relevant documents consistent with the funding allocations and terms contained on Exhibit B, and incorporating such other terms and conditions as recommended by the City Attorney’s office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this 24th day of September, 2019.