35A-8-510. Housing loan fund board approval.
Terms Used In Utah Code 35A-8-510
- 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
- Board: means the Housing Board created by this part. See Utah Code 35A-8-501
- Fund: means the Olene Walker Housing Loan Fund created by this part. See Utah Code 35A-8-501
- Government entity: means the state or any county, municipality, special district, special service district, or other political subdivision or administrative unit of the state, a state institution of higher education as defined in Section 53B-2-101, or a local education agency as defined in Section 53G-7-401. See Utah Code 35A-1-102
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Rural: means a county in the state other than Utah, Salt Lake, Davis, or Weber. See Utah Code 35A-8-501
| (2) |
| (a) |
The board may approve a project that meets the requirements of Subsections 35A-8-509(4) and (5) to receive funds from the Economic Revitalization and Investment Fund. |
| (b) |
The board may approve a project that meets the requirements of Subsections 35A-8-509.5(4) and (5) to receive funds from the Rural Housing Fund. |
|
| (3) |
The board shall give preference to projects:
| (a) |
that include significant additional or matching funds from an individual, private organization, or local government entity; |
| (b) |
that include significant contributions by the applicant to total project costs, including contributions secured by the applicant from other sources such as professional, craft, and trade services and lender interest rate subsidies; |
| (c) |
with significant local government contributions in the form of infrastructure, improvements, or other assistance; |
| (d) |
where the applicant has demonstrated the ability, stability, and resources to complete the project; |
| (e) |
that will serve the greatest need; |
| (f) |
that promote economic development benefits; |
| (g) |
that allow integration into a local government housing plan; |
| (h) |
that would mitigate or correct existing health, safety, or welfare concerns; or |
| (i) |
that remedy a gap in the supply of and demand for affordable housing. |
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Amended by Chapter 406, 2022 General Session
