- Salt Lake City launched an $8 million loan program for affordable housing.
- Projects in Fairpark Ballpark and North Temple include mixed-income models and family units.
- Housing remains Utah's top concern despite increased vacancies lowering rent prices.
SALT LAKE CITY – Nearly 600 families will have access to affordable housing due to an $8 million loan program that Salt Lake City is launching to help build new developments.
City officials said the funding helps developers build more units at lower rental rates, particularly for families and residents earning well below the area's median income.
"These loans really provide a catalyst and a part of a loan stack that allows a larger developer to come in and build more quantity and also at a cheaper rate," said Tauni Barker, with the SLC Community Reinvestment Agency. "It allows us to have more than just the studio and one-bedroom apartments."
The projects, located in the Fairpark, Ballpark, 900 South and Main Street, and North Temple neighborhoods, include mixed‑income models and family‑sized units. Construction has already begun on the Ballpark site.
"You have everything from folks who can only afford about 30% of the rent income, all the way up to market rate," Barker said. "Market rate in Salt Lake City tends to be about $1,500 to $2,000 a month, depending on the apartment size."
Barker said the need for affordable housing remains significant, especially for workers earning 30% to 60% of the area's median income.
"Those are the workforce folks who are working in our hotels, who are working at our sporting venues, who are working in our restaurants, who don't make quite the median income of Salt Lake City, and need a little bit of extra help with their rent," Barker said.
Salt Lake City has seen an increase in vacant apartments, which Barker said is helping lower rent prices.
"As volume increases in our apartment offerings and the demand kind of stays steady, we do see those prices come down," Barker said.
Even with that shift, housing remains Utah's top concern.
"It doesn't matter if you're 22 or 62 — you're concerned about the price of housing," Barker said. "People are worried about where they're going to live, and where their kids and grandchildren are going to live. So it is really the No. 1 issue facing Utahns right now."
