63H-8-408. Allocation to corporation of mortgage bonds qualified under Internal Revenue Code.
| (1) |
The entire amount of qualified mortgage bonds allowable to Utah under 26 U.S.C. § 143, and the regulations issued under the code, is allocated to the Utah Housing Corporation which, for purposes of 26 U.S.C. § 143 and the regulations under that section, has sole responsibility for issuing or approving the issuance of qualified mortgage bonds allowable to Utah. |
Terms Used In Utah Code 63H-8-408
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage, deed of trust, or other instrument securing a mortgage loan and constituting a lien on real property (the property being held in fee simple or on a leasehold under a lease having a remaining term, at the time the mortgage is acquired, of not less than the term for repayment of the mortgage loan secured by the mortgage) improved or to be improved by residential housing, creating a lien that may be first priority or subordinate. See Utah Code 63H-8-103
| (2) |
The corporation is not required to issue or approve the issuance of qualified mortgage bonds equal in amount to the amount allowed Utah. |
| (3) |
Housing authorities in counties, cities, and towns in Utah may apply under 26 U.S.C. § 143 to the corporation for funding of housing programs within their respective jurisdictions. |
Renumbered and Amended by Chapter 226, 2015 General Session
