12-story Granary Junction, proposed for the NW corner of the Fleet Block in the Granary District. Credit: Method Studio
The next few years are shaping up to be very busy for affordable housing development in Salt Lake City. While LIHTC developments offering units at 60-80% AMI are running into rent compression with market-rate units, the need for housing affordable to people making <60% AMI remains persistent.
For the last several funding cycles, policy makers at Salt Lake City Hall have focused funds on developers offering “deeply affordable” units, and we’ve recently reported on the profit-sharing model being offered by the Perpetual Housing Fund with significant financial support from Salt Lake City…