Residential Wealth-Building Funding Allocations

At a glance

• What: Resolution 11 of 2026 (Agency) approving Fiscal Year 2025-26 funding allocations under the Residential Wealth-Building Pilot Program, from the Notice of Funding Availability issued in 2025.
• Where it stands: Adopted May 12, 2026, 5-0 (Director Young absent).
• Money and homes: Nearly 6.4 million dollars was set aside for affordable homeownership. The selection advisory committee recommended two developments providing 23 townhomes and eight single-family homes for households earning 80 to 100 percent of Area Median Income.

Detail

Allison Rowland introduced the item and the program's purpose: supporting affordable homeownership and wealth-building for moderate-income households. Browne Sebright, with Tracy Tran, covered program goals, eligible project types, the application process and a summary of applications received, locations of the two approved applications, threshold requirements, evaluation considerations, impact analysis and the committee's recommendations.

Directors and Sebright discussed differences in administrative costs between the two developments, long-term affordability mechanisms and stewardship models, how for-sale affordable housing advances both affordability and the Agency's sustainability goals, and the importance of family-sized housing and homeownership in the City's housing strategy.

Request: Director Puy asked how many children would live in the proposed developments, in light of the school district's investment. Sebright said household demographic data is hard to collect because of privacy, but staff would keep looking for ways to understand family impacts.

Motion

Moved by Director Carlsen, seconded by Director Puy to adopt Resolution 11 of 2026 approving the Fiscal Year 2025-26 funds for the Residential Wealth-Building Pilot Program Funding Allocations. AYE: Petro, Puy, Wharton, Carlsen, Dugan. ABSENT: Young. Passed 5-0.

The Agency and the Council number their resolutions separately; this is not the Council's Resolution 11 of 2026 (District Four Council Vacancy Appointment). The minutes do not name the two developments or their sponsors.

Sources

• Community Reinvestment Agency minutes, May 12, 2026 (approved July 14, 2026): https://slc.primegov.com/Public/CompiledDocument/44378

Log

2026-05-12 - Community Reinvestment Agency

Briefing and Resolution 11 of 2026 adopted 5-0.