SALT LAKE CITY — The Salt Lake City Community Reinvestment Agency (CRA) has released more than $14.4 million in affordable housing funding, through a competitive Notice of Funding Availability (NOFA), to increase access to housing and create new pathways to homeownership for low- and moderate-income residents.
The investment includes $8 million through the Housing Development Loan Program (HDLP) of which $2.4 million is dedicated towards deeply affordable units (<30% of the area median income) and $6.4 million for the Residential Wealth Building Pilot Program. Together, these programs are designed to expand housing affordability, help stabilize neighborhoods, and help families build long-term financial security.
“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, who also serves as the CRA Executive Director. “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. That’s what inclusive growth looks like.”
The HDLP provides low-cost financial assistance to housing developers to construct affordable rental and ownership units within city limits. Projects funded through the HDLP must meet specific affordability thresholds, sustainability standards, and include family-sized or deeply affordable units.
The Residential Wealth Building Pilot Program represents an innovative step toward addressing the city’s growing homeownership gap. The program supports housing models such as rent-to-own developments, shared-equity housing, community land trusts, and cooperative homeownership, with the goal of helping low- and moderate-income families build equity and create generational wealth.
“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, 2025, at 5 p.m. MST. Developers and community organizations interested in applying can access full application guidelines, eligibility requirements, and submission portals at cra.slc.gov.
About the Salt Lake City Community Reinvestment Agency (CRA)
The Salt Lake City CRA works to strengthen communities through strategic investments that promote affordable housing, economic development, and neighborhood revitalization. The agency manages redevelopment project areas across the city and aligns public and private resources to achieve equitable and sustainable growth.