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RESOLUTION NO. 49 OF 2015
AUTHORIZING A LOAN FROM
SALT LAKE CITY’S HOUSING TRUST FUND
TO WESTERN REGION NONPROFIT HOUSING CORPORATION
WHEREAS, Salt Lake City Corporation (the City) has a Housing Trust Fund to encourage affordable and special needs housing development within the City; and
WHEREAS, Western Region Nonprofit Housing Corporation has applied to the City for a loan to acquire and rehabilitate Village Apartments a voucher based project located at 250 North 200 West Salt Lake City, Utah; and
WHEREAS, when acquired and rehabilitated, the Village Apartments project will consist of 24 units, all of which will be affordable to households at or below 50% of the area median income.
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. That the City Council hereby approves issuing a loan in the amount of $750,000 to Western Region Nonprofit Housing Corporation at 1% interest per annum for 30 years.
2. Western Region Nonprofit Housing Corporation will use the loan funds for acquisition of Village Apartments located at 250 North 200 West in Salt Lake City, Utah.
3. Ralph Becker, Mayor of Salt Lake City, Utah, following approval of the City Attorney, is hereby authorized to execute the requisite loan agreement documents on behalf of Salt Lake City Corporation and to act in accordance with their terms.
Passed by the City Council of Salt Lake City, Utah, this 8th day of December, 2015.