35A-8-509. Economic Revitalization and Investment Fund.
| (1) |
There is created an enterprise fund known as the “Economic Revitalization and Investment Fund.” |
Terms Used In Utah Code 35A-8-509
- Affordable housing: means housing occupied or reserved for occupancy by households whose incomes are at or below certain income requirements at rental rates affordable to such households. See Utah Code 35A-8-501
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board: means the Housing Board created by this part. See Utah Code 35A-8-501
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 35A-1-102
- Director: means the director of the division. See Utah Code 35A-8-101
- Executive director: means the executive director of the department appointed under Section 35A-1-201. See Utah Code 35A-1-102
- Fund: means the Olene Walker Housing Loan Fund created by this part. See Utah Code 35A-8-501
- Housing sponsor: means a person who constructs, develops, rehabilitates, purchases, or owns a housing development that is or will be subject to legally enforceable restrictive covenants that require the housing development to provide, at least in part, affordable housing. See Utah Code 35A-8-501
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: means :Utah Code 68-3-12.5
| (2) |
The Economic Revitalization and Investment Fund consists of money from the following:
| (a) |
money appropriated to the account by the Legislature; |
| (b) |
private contributions; |
| (c) |
donations or grants from public or private entities; and |
|
| (3) |
The Economic Revitalization and Investment Fund shall earn interest, which shall be deposited into the Economic Revitalization and Investment Fund. |
| (4) |
The executive director may distribute money from the Economic Revitalization and Investment Fund to one or more projects that:
| (a) |
include affordable housing units for households whose income is no more than 30% of the area median income for households of the same size in the county or municipality where the project is located; and |
| (b) |
have been approved by the board in accordance with Section 35A-8-510. |
|
| (5) |
| (a) |
A housing sponsor may apply to the department to receive a distribution in accordance with Subsection (4). |
| (b) |
The application shall include:
| (i) |
the location of the project; |
| (ii) |
the number, size, and tenant income requirements of affordable housing units described in Subsection (4)(a) that will be included in the project; and |
| (iii) |
a written commitment to enter into a deed restriction that reserves for a period of 30 years the affordable housing units described in Subsection (5)(b)(ii) or their equivalent for occupancy by households that meet the income requirements described in Subsection (5)(b)(ii). |
|
| (c) |
The commitment in Subsection (5)(b)(iii) shall be considered met if a housing unit is:
| (i) |
| (A) |
occupied or reserved for occupancy by a household whose income is no more than 30% of the area median income for households of the same size in the county or municipality where the project is located; or |
| (B) |
occupied by a household whose income is no more than 60% of the area median income for households of the same size in the county or municipality where the project is located if that household met the income requirement described in Subsection (4)(a) when the household originally entered into the lease agreement for the housing unit; and |
|
| (ii) |
rented at a rate no greater than the rate described in Subsection 35A-8-511(2)(b). |
|
|
| (6) |
The executive director may expend up to 3% of the revenues of the Economic Revitalization and Investment Fund, including any appropriation to the Economic Revitalization and Investment Fund, to offset department or board administrative expenses. |
Amended by Chapter 406, 2022 General Session
