More affordable housing will flood into the east of the city center. At 144 South 500 East, a 0.62 acre six-story, all-electric, 110-unit building will provide all of its 53 studios and 57 one-bedroom apartments, accounting for 60% of AMI—US$38,760 per person. $44,280 for a two-person family.

It will also provide residents with a ground-floor co-working area (1600 square feet) and a small retail space (420 square feet).

In other words, if it can complete a financing plan that becomes more complicated and expensive due to HUD's requirement to provide parking spaces for each unit.

Since its location is just steps away from 200 South, the busiest bus corridor in the city, and the Trax station is three blocks away, it’s hard to believe that every resident in the studio and 1-bedroom LIHTC building will have one car.

However, the HUD requirements led the developer, Peter Corroon of 144 South Apartments LLC to add a second underground parking lot (three levels in total) and apply to the planning committee for planning development approval to exceed the maximum parking space of R-MU residential mixed use Area.

The city approved the planned development in October.

According to a staff report from the Planning Department, the project agreed to provide 26 additional booths for the Ben Albert apartment building next door to the north. The target of the project is a ratio of 0.85 to 1.

However, Denver's Housing and Urban Development (HUD) office requires one-to-one.

"This requires us to reduce parking fees, which cost about $1 million. We tried to fight back against HUD, but they will not compromise," Corroon told us.

"HUD's parking requirements have always been the biggest issue that made the project a pencil financially," he added.

The developer pointed out that when 69% of the glass was used on the street front, the building exceeded 40% of RMU's minimum ground floor glass requirements. In addition to the retail and co-working space on the first floor, the project also plans to open a gym, club room and large outdoor terrace on the second floor.

The project’s funding stack also includes local financing from Olene Walker Housing Loan Fund, Salt Lake City Redevelopment Authority and Salt Lake County HOME Funds.

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