Over $14 million invested into affordable housing in Salt Lake City

SALT LAKE CITY (ABC4) — The Salt Lake City Community Reinvestment Agency (CRA) has invested $14.4 million in affordable housing funding.

The SLC Mayor’s Office shared that the funding will be used to increase access to housing. Additionally, it will create pathways to homeownership for low and moderate-income residents. 

The investment includes $8 million through the Housing Development Loan Program (HDLP). $2.4 million is dedicated toward affordable units, and $6.4 million is for the Residential Wealth Building Pilot Program. 

“These investments reflect our commitment to ensuring that everyone–regardless of income or background–can find a safe, stable, and affordable place to call home,” said Salt Lake City Mayor Erin Mendenhall. “We know that housing is at the heart of economic opportunity, and by focusing not just on affordability but on wealth building, we’re helping more residents take the next step toward long-term stability.”

HDLP and Pilot Program

Mendenhall’s office shared that the HDLP provides low-cost financial assistance to housing developers.

The Residential Wealth Building Pilot Program supports housing models such as rent-to-own developments, shared-equity housing, community land trusts, and cooperative homeownership.

“This funding is more than just building units. It’s about building opportunity,” said CRA Board Chair Darin Mano. “This initiative helps bridge the gap between renting and owning. It provides new tools to invest in families and their neighborhoods.” 

Applications for both programs are now open, and will close December 4, at 5 p.m. More information can be found on the CRA website.