Office Location
451 South State Street
Room 418
Salt Lake City, UT 84111
Business Hours
Mon - Fri 8 am to 5 pm
Phone
801.535.7240
801.535.7245 FAX
RDA programs and applications
The Redevelopment Agency (RDA) has developed a variety of programs to assist property owners within Redevelopment Project Areas. A brief description of each program is provided below. For more information on the following programs, please contact the Agency at (801) 535-7240:
New Construction Loans
The Redevelopment Agency will act as a lender-of-last-resort, providing low interest loans for a portion or all of the development costs not covered by private financing. Developers can use the funds to finance the construction of new residential, mixed-use or commercial buildings. All loans are subject to qualifications of the borrower(s) and availability of funds.
New Construction Loan Program (PDF)
Building Renovation Loans
Building owners can receive low-interest loans to restore the façade of the building to its original appearance, to rehabilitate or convert upper floors of a commercial building to a residential use, to meet ADA Accessibility Requirements, to convert warehouse or commercial buildings to housing units, to upgrade structural components for earthquake stresses, and to bring major systems of the building into compliance with current codes. The Redevelopment Agency will lend up to 50% of associated costs. All loans are subject to qualifications of the borrower(s) and availability of funds.
Building Renovation Loan Program (PDF)
High Performance Building Renovation Loans
Property owners or developers can receive financing at 0% interest for renovating buildings that achieve a LEED certification level or an ENERGY STAR rating, depending on the building type. The Redevelopment Agency will lend up to 50% of associated hard costs of the improvements. Additional uses include restoring the building facade, upgrading major building systems, meeting ADA Accessibility Requirements, and converting the top floors of a commercial building to housing. All loans are subject to qualifications of the borrower(s) and availability of funds.
High Performance Building Renovation Loan Program (PDF)
High Performance Building Construction Loans
The Redevelopment Agency provides grants to developers who construct new buildings to a Silver, Gold, or Platinum LEED-certified level. The Redevelopment Agency will also act as a lender-of-last-resort, providing low interest loans for a portion or all of the development costs not covered by private financing. Developers can use the funds to finance the construction of new residential, mixed-use or commercial buildings. All loans are subject to qualifications of the borrower(s) and availability of funds.
High Performance Building Construction Loan Program (PDF)
Housing Property Acquisition Loans
Short-term loans are available to non-profit and for-profit developers who acquire property for mixed-income housing projects. The Redevelopment Agency will lend up to $500,000 for projects where 20 to 40 percent of total units proposed will be available to households whose incomes are 60 percent or less than area median income for rental units or 80 percent or less than area median income for owner-occupied condominium units.
Housing Property Acquisition Loan Program (PDF)
Environmental Assessment and Remediation Loans
The Redevelopment Agency provides loans at 3% interest for the assessment and remediation of environmentally contaminated properties. The funds will match 50% of costs for site assessment work and remediation activities. All loans are subject to qualifications of the borrower(s) and availability of funds.
Environmental Assessment and Remediation Loan Program (PDF)
Tax Reimbursement Programs:
The following programs offer a tax increment reimbursement for applicants that incorporate public improvements in their projects. For more information, contact the Agency at (801) 535-7240.
Public Space Creation Program
The Redevelopment Agency will reimburse property owners up to 75% of the design and construction costs for open-air public space. Indoor public space improvements are eligible for a reimbursement at a maximum of $25 per square foot. Terms include providing a perpetual public easement to the Redevelopment Agency for the public space and covenants that the property owner will maintain all current and subsequent improvements.
Public Space Creation Program (PDF)
Underground/Structured Parking Assistance Program
Developers who construct underground or structured parking as part of a housing development are eligible to receive a reimbursement of $3,000 to $6,000 per stall. Requirements include 90% of all parking in the development must be underground or structured with no more than 50% of the stalls designated as single-use.
Parking Structure Criteria (PDF)
Historic Building Reimbursement Program
Owners or developers of buildings listed on the National or Salt Lake City Register of Historical Places are eligible for reimbursements up to 50% of the cost of renovating to a vanilla shell status. Plans for the exterior renovation of the building must be approved by the State Historic Preservation Officer. The reimbursement is generated from the increase in property tax as a result of the building improvements.