The more affordable homes will range from studio to four-bedroom apartments, according to the developers, with only eight of the units to be rented at market rates.
A rendering of Citizens West, an affordable housing development proposed at 509 W. 300 North in Salt Lake City. It was one of eight projects approved for low-interest loans by the city's Redevelopment Agency.Salt Lake City will provide $8.36 million in low-interest loans to developers of eight new housing projects proposed to include a sizable share of rent-subsidized dwellings.
With approval Tuesday by the City Council in its role overseeing the RDA, loans of between $280,000 and $1.825 million with reduced interest rates and 40-year terms will go to support construction of up to 888 new units. The projects are spread across the city, west and east of Interstate 15. Two of them involve converting old buildings to new uses and several more will offer future tenants proximity to mass transit.
About 168 will be three- or four-bedroom units, a type of affordable housing deemed to be in short supply when officials are trying to lure more families as the city’s population grows. The RDA recently altered its rules for vetting loan applications, in fact, to give higher priority to family-size housing, as well as to deeply affordable units.
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