SLC CRA FY202-2027 Residential Wealth Building Notice of Funding Availability

The Salt Lake City Community Reinvestment Agency has issued a 4 million dollar Notice of Funding Availability for the FY2026-2027 Residential Wealth Building Pilot Program. This initiative seeks to fund affordable housing projects in Salt Lake City that create homeownership and wealth-building opportunities for low-to-moderate income residents. The program targets rental housing affordable to households earning 80 percent or less of the Area Median Income and for-sale housing affordable to those earning 120 percent or less of the Area Median Income. To ensure long-term impact, projects must maintain affordability for at least 30 years for rentals and 5 years for for-sale units, with total monthly housing costs not exceeding 30 percent of a household's income. Applications must be submitted electronically by 5:00 PM on September 25, 2026. The selection process is competitive, with a Selection Advisory Committee scoring proposals out of 110 total points based on project priorities and application quality, while the CRA Board of Directors makes the final funding allocations. Key evaluation factors include alignment with program goals, the number of beneficiaries, project readiness, and the feasibility of the financial proforma. Preference is given to projects located in areas with limited affordable housing options. Additionally, projects must comply with the federal Fair Housing Act and adhere to the CRA's Sustainable Development Policy Resolution regarding Net Zero standards.