Salt Lake City Community Reinvestment Agency (CRA) Meeting - 10/13/2026

At its October 13, 2026 Community Reinvestment Agency board meeting, the Salt Lake City CRA unanimously approved a term sheet for an amended lease with Home In at Rio Grande, operated by A Tall Order, Inc. The proposed changes include lease extensions, a rent cap tied to 75% of the current studio rate at 40% AMI, rent to the CRA equal to 4% of the operator’s annual revenue, and shifting property insurance and responsibility for major structural components to the CRA. Staff said the CRA’s maintenance and insurance obligations would likely be funded through annual budget requests from affordable housing funds; a prior $500,000 allocation from the Depot District project area has supported repairs, including boiler and plumbing work. The board requested more information on future capital needs and the rent benchmark.

The board received an update on phase one Rio Grande District public improvements, with preliminary construction costs of about $14.5 million, including contingency. Potential sources included a roughly $7.6 million revenue bond and about $1 million in impact fees; staff reported total identified sources of about $13.7 million and a remaining gap under $1 million, with figures still being reconciled. The board also discussed—but did not approve—a proposed $2.5 million sale of a development site appraised at approximately $12 million; staff was asked to return with the proposal for further discussion. Separately, the board approved commercial development loan allocations while excluding the $2 million request for 321 Main Street, which had already received a $2 million disaster-relief loan and prompted questions about the CRA’s share of project financing. The program had approximately $16.65 million available, and the approved allocations covered the other recommended projects; Archeletta Square was identified as eligible for up to $200,000 in loan forgiveness for historic building preservation.