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There is created the Salt Lake City housing trust fund advisory board (the "board"), which body shall consist of eleven (11) appointed members, at least one of whom has a household income which qualifies such person for affordable housing benefits or programs. Membership shall consist of residents of the city as follows:
A. Seven (7) citizens, one from each city council district, with expertise or experience in affordable and/or special needs housing, which may include a full range of such expertise and/or experience from citizens who are considering purchasing their first home to citizens who have a strong background in affordable housing;
B. Four (4) citizens at large who have experience or expertise in areas of business, real estate, or housing development generally.
The board may also consult with persons who have experience or expertise in areas such as finance, real estate, affordable housing development, and law as well as with representatives from other city boards and commissions in order to solicit advice on specific projects. (Ord. 67-13, 2013)
The board shall have the following powers and duties:
A. Determine and establish such rules and regulations for the conduct of the board as the members shall deem advisable; provided, however, that such rules and regulations shall not be in conflict with this chapter or its successor, or other city, state or federal law.
B. Recommend the adoption and alteration of all rules, regulations and ordinances which it shall, from time to time, deem in the public interest and for the purposes of carrying out the objects of this chapter; provided, however, that such rules and regulations shall not be in conflict with this chapter or its successor, or other city, state or federal law.
C. Consult with experts in areas such as finance, real estate, and affordable housing development to obtain advice on specific projects.
D. Advise and make recommendations to the city administration and the city council on affordable housing and special needs housing issues which may include, but not be limited to:
1. The means to implement the policies and goals of this chapter and the city's community housing plan and policies;
2. Criteria by which loans and grants should be made, using the city's consolidated plan as a guide to determine housing gaps;
3. The order in which projects and programs should be funded;
4. The distribution of any monies or assets contained in the fund according to the procedures, conditions, and restrictions placed upon the use of those monies or assets by any government entity;
5. The distribution of all other monies from the fund according to the following guidelines:
a. Sufficient fund monies shall be distributed as loans to assure a reasonable stream of income to the fund from loan repayments. These may range from short term construction loans to long term acquisition loans;
b. Loans shall be recommended in accordance with the borrower's ability to pay, but no more than fifty percent (50%) of the per unit costs shall be recommended;
c. Fund monies and assets not distributed as loans shall be distributed as grants;
d. All fund monies and assets shall be distributed to benefit households earning one hundred percent (100%) or less of the area median income;
e. Not less than one-half (1/2) of all fund monies and assets shall be distributed to benefit households earning fifty percent (50%) or less of the area median income;
f. The board may recommend that the mayor, with the consent of the council, grant or lend fund monies or assets to housing sponsors. Housing sponsors must assure the term of affordability as follows:
(1) Rental Housing: The term of affordability for rental housing units will be fifty five (55) years.
(2) Home Ownership Housing: The term of affordability for home ownership housing units will be as follows:
(A) Short term financing (less than 5 years) will require that the first homeowner to purchase the housing unit will meet the income requirement of eighty percent (80%) or less of area median income as established by the U.S. department of housing and urban development.
(B) Long term financing (5 or more years) for new construction, rehabilitation or acquisition will be as follows:
Under $15,000.00 | 5 years |
$15,000.00 to $40,000.00 | 10 years |
Over $40,000.00 | 15 years |
g. Fund monies and assets may be recommended by the board to be used to obtain matching funds from government entities or other sources, consistent with the intent of this chapter.
E. The board may recommend fund monies or assets be provided to any of the following activities:
1. Acquisition, leasing, rehabilitation, or new construction of housing units for ownership or rental, including transitional housing;
2. Emergency home repairs;
3. Retrofitting to provide access for persons with disabilities;
4. Down payment and closing cost assistance;
5. Construction and gap financing;
6. Land acquisition for purposes consistent with the purposes of this chapter;
7. Technical assistance;
8. Other activities and expenses incurred that directly assist in providing the housing for eligible households in the city, consistent with the intent of this chapter.
F. Fund monies shall not be used for administrative expenses.
G. The board shall develop an application process to be recommended to the mayor and council for approval. Said process may be reviewed from time to time by the council.
H. The board and housing stability shall review and monitor the activities of recipients of grants and loans issued under this chapter on an annual basis, or more often as may be deemed necessary, to ensure compliance with the terms and conditions imposed on the recipient by the mayor and the council under this chapter and under any and all instruments and documents entered into between the city and the recipient pursuant to this chapter.
1. Entities receiving grants or loans shall provide to the board and housing stability an annual accounting of how the monies or assets received from the fund have been used.
2. An annual report shall be prepared by the board and housing stability which shall contain information concerning the implementation of this chapter. The report shall include, but is not limited to, information regarding the location and numbers of units developed or preserved, the numbers and incomes of households served, and detailing the income to and assets in the fund, and the expenditures and uses of fund monies and assets.
3. The annual report shall include the board's and housing stability's assessment of housing needs in the city, barriers to affordable and special needs housing development and reservation, and barriers to the implementation of this chapter.
4. The annual report shall be submitted to the mayor and the council for review by March 31 of each calendar year.
5. Appropriations by the council to the fund shall be considered as part of the budget process.
I. Serve as a coordination body and resource for organizations interested in affordable and special needs housing issues affecting the city including, but not limited to, the housing authority of Salt Lake City, the Salt Lake City redevelopment agency, the housing stability division, and other city departments as appropriate, as well as nonprofit and for profit housing developers. (Ord. 21- 22, 2022: Ord. 67-13, 2013)