New City Plaza in Salt Lake City, Utah, showcases another innovative approach to preserving and improving affordable housing. Using a blend of Section 18 and the Rental Assistance Demonstration (RAD) program, Housing Connect (the Salt Lake County Housing Authority) is redeveloping 299 age-restricted Section 8 units in two adjacent towers. As part of the redevelopment, they are building an addition connecting the two towers and housing new leasing and management offices. This project was financed using 4% Low Income Housing Tax Credits, Short Term Bonds, and an FHA-Insured mortgage of $25,700,000. With the financing of New City Plaza, AGM has completed 27 RAD transactions nationwide.
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When the ball stops rolling…
The way to catch a knuckleball is to wait until it stops rolling and then pick it up. – Bob Uecker In baseball, the knuckleball
