We are filling gaps in traditional financial markets to strengthen the historically undercapitalized Depot District community of Salt Lake City.
LIIF has leveraged the Capital Magnet Fund to close on a $675,000 construction to perm loan for nonprofit Artspace’s Norbridge Court project. With LIIF’s funding, the developer can move forward with the extensive rehabilitation of their existing Low-Income Housing Tax Credit (LIHTC) project, which they built in 2001. The rehab scope includes replacing all the appliances, updating the electrical system, replacing windows, installing a new mechanical system and accessibility modifications for the physically disabled.
U-shaped Norbridge Court Apartments is a four-story mixed-use development. The ground floor contains over 17,100 square feet of commercial retail space and a leasing office, while the top three floors are exclusively residential with 62 units, a fitness room and a computer lab. The transit-oriented project is adjacent to a TRAX light-rail line and near bus lines. All units are at or below 80% Area Median Income (AMI), with 51 of the units at or below 50% AMI. Additionally, five units will be set aside for those with physical disabilities; seven for people with disabilities; and five for unhoused or near-unhoused individuals.
With LIIF’s funding, the developer can move forward with the extensive rehabilitation of their existing Low-Income Housing Tax Credit (LIHTC) project, which they built in 2001.