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Utah Code Title 35A. Utah Workforce Services Code § 35A-8-512. Repayment of funds

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Upon the earlier of 30 years from the date an approved project is placed in service or the sale or transfer of the affordable housing units acquired, constructed, or rehabilitated as part of an approved project funded under Subsection 35A-8-511(1), the housing sponsor shall remit to the department:

(a) the total amount of money distributed by the department to the housing sponsor for the project; and

(b) an additional amount of money determined by contract with the department prior to the initial disbursement of money.

(2) Any claim arising under Subsection (1) is a lien against the real property funded under this chapter.

(3)(a) Any money returned to the department under Subsection (1) from a housing sponsor that received funds from the Economic Revitalization and Investment Fund shall be deposited in the Economic Revitalization and Investment Fund.

(b) Any money returned to the department under Subsection (1) from a housing sponsor that received funds from the Rural Housing Fund shall be deposited in the Rural Housing Fund.

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Cite this article: FindLaw.com - Utah Code Title 35A. Utah Workforce Services Code § 35A-8-512. Repayment of funds - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-35a-utah-workforce-services-code/ut-code-sect-35a-8-512/

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