Utah Code Title 17C. Limited Purpose Local Government Entities--Community Development and Renewal Agencies Act § 17C-2-203. Part of tax increment funds in urban renewal project area budget to be used for housing--Waiver of requirement

(1)(a) Except as provided in Subsections (1)(b) and (c), each urban renewal project area budget adopted on or after May 1, 2000, that provides for more than $100,000 of annual tax increment to be paid to the agency shall allocate at least 20% of the tax increment for housing as provided in Section 17C-1-412.

(b) The 20% requirement of Subsection (1)(a) may be waived in part or whole by the taxing entity committee if the taxing entity committee determines that 20% of tax increment is more than is needed to address the community's need for income targeted housing.

(c) An agency is not subject to the 20% requirement described in Subsection (1)(a) if: