2016 Salt Lake City Low Wage Worker Housing Proposal

The Housing and Homelessness Prevention Fund, a field of interest fund of the Community Foundation of Utah, was established to fund purposes that help to provide housing, prevent homelessness, and improve the delivery of services to individuals and families experiencing or at risk for homelessness.

The funds to be awarded through this Low Wage Worker Housing opportunity are targeted to provide developers with resources to provide affordable rental units for the low-wage worker in Salt Lake City. You can download a copy of the application here.

Guidelines:

  • The program provides one-time funding for developers of multi-family rental housing to include affordable units targeted at 40% AMI
  • A maximum of $50,000 will be awarded per unit to the cost of construction in new developments
  • A maximum of five units may be eligible for subsidy per developer
  • Must be a one or two bedroom, standard, floating unit
  • Applicant must agree to a period of affordability of 55 years
  • Applications are being accepted on an on-going basis and will be reviewed on a monthly basis.
  • All recipients will be required to submit annual project report to confirm client status and affordability

Additional Criteria and Considerations:

  • Priority will be given to developments in high opportunity areas
  • The funds may be leveraged with other financing, including tax credits
  • These funds would be given at 0% interest for 30 years and forgiven if the period of affordability of 55 years is met

To be eligible for the grant, you must do the following:

  1. Complete the cover page and application below
  2. Include the following attachments:
  • Detailed sources and uses
  • Development cost breakdown
  • Operations pro forma for three yearsAgreement of period of affordability

Submission information:

  • docVIEW APPLICATION HERE
  • Electronic copies are preferred but hard copies are accepted
  • Please send application to:
  • Or send the grant to the following address:
Community Foundation of Utah
Attn: Housing and Homelessness Prevention Fund
2257 South 1100 East, Suite 205
Salt Lake City, UT 84106
 

Questions may be directed to , by calling 801.559.3005x6 or contacting Melissa Jensen at 801.535.6035 or .