Utah Code 63H-8-410. Low-income housing tax credits

63H-8-410. Low-income housing tax credits.

(1)	The corporation is designated the “Housing Credit Agency” for the state within the meaning of 26 U.S.C. § 42(h) and for the purposes of carrying out 26 U.S.C. § 42 and regulations promulgated under that section.

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
Housing development: means a residential housing project, which includes residential housing for low and moderate income persons. See Utah Code 63H-8-103
State: means the state of Utah. See Utah Code 63H-8-103
State housing credit ceiling: means the amount specified in Subsection 42(h)(3)(C) of the Internal Revenue Code for each calendar year. See Utah Code 63H-8-103

(2)	The entire state housing credit ceiling for each calendar year is allocated to the corporation.

(3)	The allocation of the state housing credit ceiling shall be made under the state’s qualified allocation plan within the meaning of 26 U.S.C. § 42(m), as amended, and as provided in Subsection (4).

(4)	The corporation may amend the state’s qualified allocation plan as necessary to comply with revisions to the low-income housing tax credit program under 26 U.S.C. § 42, or as may be necessary to further the goals and purposes of the low-income housing tax credit program for the state.

(5)	The corporation, or a subsidiary of the corporation, may have a direct or indirect ownership interest in, and may materially participate in the operation and management of, a housing development or program that has received an allocation of the state housing credit ceiling.

Renumbered and Amended by Chapter 226, 2015 General Session