Southern Arizona Land Trust Inc

CURRENTLY, SALT IS THE OWNER/MANAGER OF 126 SINGLE FAMILY DETACHED RENTAL UNITS AND ONE (1) TRIPLEX, DEDICATED TO SERVING LOW TO MODERATE INCOME FAMILIES. THESE ASSETS ARE LARGELY IN SERVICE AS AFFORDABLE RENTAL HOMES. OTHER LAND INVESTMENTS ARE IN VARIOUS STAGES OF DEVELOPMENT WITH THE POTENTIAL FOR SALE OR CONVERSION TO RENTAL PROPERTIES AS ADDITIONS TO THE PORTFOLIO OF AFFORDABLE RENTALS. APPROXIMATELY NINETEEN PERCENT (19%) OF THE RENTALS SERVE FAMILIES AT OR BELOW FIFTY PERCENT (50%) AREA MEDIAN INCOME (AMI, AND APPROXIMATELY FORTY-SEVEN (47%) OF THE RENTALS ARE UNRESTRICTED, BUT GENERALLY SERVE THE 80% AMI AND BELOW SEGMENT. THE REMAINING UNITS ARE AVAILABLE TO THOSE UP TO 120% AMI. THE AVERAGE AMI FOR THE TOTAL PORTFOLIO IS JUST OVER 64%. AS A RESULT, SALT HAS BEEN SUCCESSFUL IN OBTAINING THE DESIGNATION OF QUALIFYING CHARITABLE ORGANIZATION FROM THE ARIZONA DEPARTMENT OF REVENUE FOR SERVING THE WORKING POOR IN ITS COMMUNITY. THIS ENABLES SALT TO RECEIVE DONATIONS THAT QUALIFY A

SUPPORT THE AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PURPOSES AND ACTIVITIES OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF PIMA. SALT BELIEVES THAT HAVING A SAFE, DECENT, AND AFFORDABLE PLACE TO CALL HOME CAN BE A KEY TO FAMILY STABILITY, BETTER HEALTH, EDUCATIONAL ACHIEVEMENT AND JOB SKILLS ENHANCEMENT. IT IS AN OPPORTUNITY TO BREAK THE CYCLE OF POVERTY THAT OFTEN RESULTS FROM A SUBSTANDARD OR COST BURDENSOME RESIDENCE. SALT'S AFFORDABLE HOUSING PROGRAMS HAVE THIS IN MIND BY DELIVERING HIGH QUALITY, ENERGY EFFICIENT AND AFFORDABLE HOMES.

IN 2009, CONGRESS ENACTED THE AMERICAN REINVESTMENT AND RECOVERY ACT (ARRA) AND WITH IT THE NEIGHBORHOOD STABILIZATION PROGRAM 2 (NSP2). SALT BECAME A MEMBER OF A LOCAL CONSORTIUM HEADED BY PIMA COUNTY CONSISTING OF GOVERNMENT AND NONPROFIT ORGANIZATIONS THAT SUBMITTED A PROPOSAL TO THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD). THE CONSORTIUM, PIMA NEIGHBORHOOD INVESTMENT PARTNERSHIP (PNIP), HAD ONE OF THE HIGHEST SCORING PROPOSALS IN THE COUNTRY AND WAS AWARDED 22 MILLION DOLLARS IN NSP2 FUNDING. SALT RECEIVED THE LARGEST AWARD AMONG THE CONSORTIUM MEMBERS, RECEIVING OVER 8 MILLION DOLLARS WITH WHICH TO INVEST IN AND HELP REVITALIZE THE AREAS OF TUCSON THAT WERE HIT THE HARDEST IN THE GREAT RECESSION. THROUGH THE NSP2 PROGRAM, SALT WAS ABLE TO ACQUIRE AND REHABILITATE OVER SIXTY (60) SINGLE FAMILY HOMES THAT HAVE BECOME PART OF SALT' S AFFORDABLE RENTAL HOUSE PORTFOLIO. IN ADDITION, IN 2019-2020, SALT HAS DEVELOPED ITS LAND BANK PARCELS AND PROVIDED HOMEOWNERSHIP OPPORTUNITIES TO THIRTY-NINE LOW TO MODERATE INCOME FAMILIES. SALT HAS ACTIVELY PURSUED OPPORTUNITIES TO INCREASE THE SIZE AND IMPACT OF THE NSP2 HOUSING PROGRAM AND HAS BECOME ONE OF THE LARGEST PROVIDERS OF AFFORDABLE SINGLE FAMILY RENTAL HOMES IN PIMA COUNTY. THE AVERAGE INCOME FOR FAMILIES RESIDING IN SALT NSP2 PROPERTIES IS CURRENTLY OVER 55% OF THE LOCAL AREA MEDIAN INCOME (AMI). TO CONTINUE TO GROW THE AFFORDABLE RENTAL PORTFOLIO, SALT MUST RELY ON OTHER FUNDING SOURCES. THE PRIMARY REASON THAT SALT REQUIRES OUTSIDE FUNDING SOURCES IS BECAUSE THE NET INCOME FROM THE NSP2 FUNDED HOUSES (WHICH MAKE UP APPROXIMATELY 57% OF THE RENTAL UNITS) MUST BE REINVESTED INTO THE PROGRAM. TO CONTINUE TO EXPAND THE NSP2 HOUSING PROGRAM, SALT SEEKS PRIVATE PHILANTHROPY, GOVERNMENT FUNDING, AND GRANT OPPORTUNITIES WITH WHICH IT CAN LEVERAGE THE INCOME AVAILABLE FROM THE NSP2 PROGRAM INTO ADDITIONAL AFFORDABLE HOUSING UNITS.

IN 2021, WITH SALT'S NSP2 LANDBANK PROPERTIES PROGRESS HAS BEEN MADE WITH A STRATEGIC PARTNER TO DEVELOP EMERY PARK PLACE AND PINAL VISTA. THE GOAL IS TO PROVIDE A MINIMUM OF TWELVE (12) AFFORDABLE HOUSING UNITS IN THE TUCSON MARKET. THE BELNOR VISTA PROJECT HAS RECEIVED APPROVAL FROM PIMA COUNTY FOR THE SPECIFIC PLAN AND AMENDMENT TO THE COMPREHENSIVE PLAN. THESE CHANGES WILL ALLOW THIS PROJECT TO BE DEVLOPED INTO A MIXED USE - LIVE/WORK/PLAY MULTI- MODAL DESTINATION THAT INCLUDES POTENTIAL USES SUCH AS OFFICE, RESTAURANTS, COMMERCIAL SERVICES, SINGLE AND MULTI-FAMILY HOUSING.