Wealth Building Program Overview
Over the past decade, rising home prices and higher interest rates have pushed homeownership out of reach for many households, while tight rental markets and increasing rents have made it difficult for renters to save.
According to the Federal Reserve (October 2023), the average homeowner’s net worth is nearly 40 times greater than a renter’s ($396,200 vs. $10,400).
With most residents now renting, Salt Lake City faces a growing wealth gap creating an urgent need to expand pathways to homeownership and long-term financial stability.
The Wealth Building Pilot Program considers proposals for housing developments that empower low- to moderate-income individuals and families to build long-term financial stability through affordable homeownership and shared equity models. The goal is to support developments that promote resident wealth building, especially in the 3-bedroom (or larger) family and workforce housing market, and to identify strategies for future targeted financing.
Program Goals
Funds from the Residential Wealth Building Pilot Program will prioritize projects that advance these core objectives:
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Expand affordable housing supply with wealth-building potential
Support development and preservation of affordable homeownership, shared equity, and similar models—especially in units with three or more bedrooms—to help families build equity and wealth. -
Improve access and readiness
Equip participants with the tools they need (credit coaching, budgeting, savings, down payment guidance, home-buying education) so they can successfully pursue wealth-building housing opportunities. -
Promote upward mobility
Encourage programs like matched savings, down payment assistance, and investment vehicles to help prospective homeowners or shared equity residents prepare financially. -
Ensure long-term affordability
Leverage mechanisms such as shared equity agreements, community land trusts, or deed restrictions to maintain affordability for future generations. -
Advance equitable economic growth
Address systemic barriers by targeting developments that help close the wealth gap in underserved communities.
Application Process
Each year, the CRA releases funding through a Notice of Funding Availability (NOFA). The Wealth Building Pilot Program NOFA is typically released in fall with the Housing Developmen Loan Fund (HDLP) NOFA and includes details about available funding, eligibility requirements, and application deadlines.
If you have a project that could provide affordable or moderately priced for sale housing in Salt Lake City, the NOFA is your guide to understanding what funding is available and how to apply.
Who Can Apply
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For-profit developers
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Non-profit organizations with IRS 501(c) status
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Public housing agencies
Funding Allocation Announcement
Following the NOFA announcement, housing developers are generally given about one month to submit applications. Funding allocations, which require CRA Board approval, are typically announced a few months after the application period ends.
Past Funding Levels
The Wealth Building Pilot Program launched in 2024 with just over $3 million dedicated to affordable housing projects that promote homeownership and shared equity models. In 2025, available funding has been expanded significantly, creating even more opportunities for developers and partners to advance innovative wealth-building initiatives.
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