Salt Lake County - RDA Housing:

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BONNEVILLE RESEARCH URBAN RENEWAL/ECONOMIC DEVELOPMENT HOUSING STUDY FOR SALT LAKE COUNTY

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April 29, 2010. Bonneville Research presented the findings of their study of housing monies generated to date by Urban Renewal, Economic Development, Community Development and Redevelopment Project Areas in Salt Lake County to the Salt Lake County Council and the Salt Lake County Council of Governments.

The goal of the study is to provide Salt Lake County with reliable information about the financial implications of the Tax Increment supported housing.

Purpose of the Study:

  • Assess the current status of the 20% housing set aside as required by law

  • Understand how much housing money has been spent and for what

  • Evaluate the timing of anticipated moderate housing plans and expenditures

  • Determine the number of affordable housing units developed or preserved and how many households at what levels of income benefited from this housing

  • Examine and evaluate policies for use of the TIF housing set-aside, identify best practices

  • Estimate the total economic impact of housing set-aside expenditures and the state and local taxes generated by those expenditures

  • Estimate the potential impact of the 2009 statute change on affordable housing development and preservation


Outcomes of the Study:

  • Identify cities in need of technical assistance

  • Identify opportunities to improve local moderate income housing efforts

  • Identify opportunities for integrated planning efforts and cooperation in use of housing set-aside funds

To answer these questions, Bonneville Research reviewed approved budgets, actual annual revenues and planned and completed housing projects of all redevelopment, urban renewal, or economic development projects in Salt Lake County.