650 new federally-subsidized units in the pipeline thanks to new RDA loans
The Redevelopment Agency awarded their 2021 affordable housing funds to four projects that will bring nearly 650 new subsidized units to the city.
Of its $8 million in available low-interest loans, $2.7 million went unspent. That financing is reserved for “high-opportunity” areas of the city (basically the Avenues, Sugar House, around Liberty Park, the University and East Bench), for which the city received no applicants.
RDA staff noted at their December meeting that early this year they expect to release another $2.5 million in “emergency gap financing” to developers who have run into problems due to rising construction costs. Those funds will likely be disbursed on a “first-come, first-served” basis.
The four projects are all federal tax credit (LIHTC) awardees – and will offer 100% of their units at subsidized rates (most at 60% AMI). Their loan interest is between 1 and 1.5%.
Here are profiles of the projects that received the 2021 funds.
Silos on 5th • 425 W 500 S
The Silos on 5th site and renderings – including conceptual design for a Phase 3 that will make “a very interesting change to that neighborhood,” according to Giv Communities. Renderings courtesy MVE + Partners.
Loan amount: $2,360,000
Developer: Giv Communities, BCG, and Lowe Development
Unit count: 160 units
Unit mix: 1-bdrm: 70 at 60% AMI, 18 at 40% AMI; 3-bdrm: 14 at 60% AMI; 4 at 40% AMI
Schedule: August 2022 to August 2023
Notable: Giv’s Chris Parker told us that he is “75% sure” that the project will be modular construction – thus the quicker build time (12 months). He noted that the RDA financing “was absolutely critical in funding this project.”
Schmidt Apartments • 1265 S 300 W
Loan amount: $1,082,500
Developer: Westates
Unit count: 159
Unit mix: Studios: 35 at 60% AMI, 5 at 40% AMI; 1-bdrm: 98 at 60% AMI, 15 at 40% AMI; 2-bdrm: 16 at 60% AMI
Parcel size: 2.2 acres
Schedule: July 2022 – July 2024
Notable: 3500 sf ground floor commercial
The Nest @ Rio Grande
The Nest site and renderings. Images courtesy Google and GSBS Architects.
Loan amount: $1,082,500
Developer: W3 Partners
Unit count: 220
Unit mix: Studios: 140 at 60% AMI; 1-bdrm: 80 at 60% AMI
Parcel size: 1.08 acres
Schedule: June 2022 – November 2024
Notable: 50 structured parking stalls, 22 surface (.33 to 1 ratio)
144 S 500 E
144 S 500 E. Renderings courtesy JZW Architects.
Loan amount: $775,000
Developer: Peter Corroon/Red Gate
Unit count: 110
Unit mix: Studios: 53 at 60% AMI; 1-bdrm: 57 at 60% AMI
Parcel size: .62 acres
Schedule: February 2022 – October 2023
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