SALT LAKE CITY – Nearly 600 families will have access to affordable housing due to an $8 million loan program that Salt Lake City is launching to help build new developments.
City officials said the funding helps developers build more units at lower rental rates, particularly for families and residents earning well below the area’s median income.
“These loans really provide a catalyst and a part of a loan stack that allows a larger developer to come in and build more quantity and also at a cheaper rate,” said Tauni Barker, with the SLC Community Reinvestment Agency. “It allows us to have more than just the studio and one-bedroom apartments.”…