Salt Lake City’s plan to develop the northeast corner of 300 East and 400 South was described by its mayor on Monday as “bold” and “innovative,” with more of the like promised in the coming release of the city’s affordable housing plan. The city wants a development at the site of the old Barnes Bank building, which it owns, that would include 40-plus “micro-unit” apartments between 250 and 500 square feet. Those would cost a maximum of 40 percent of the area median income — or about $542 per month, currently. Prospective developers must also provide 3,000 square feet for a business incubator and 500 square feet of associated ground-level retail, and they must reserve 20 percent of remaining housing for incomes at 60 percent or less of the area median income.
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