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Utah Code Title 51. Public Funds and Accounts § 51-12-101. Definitions

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

As used in this chapter:

(1) “Attainable home” means a residence that costs the purchaser no more than the amount a qualifying residential unit may be purchased in accordance with Subsection 63H-8-501(6)(e) at the time the state treasurer deposits with a qualified depository.

(2) “Fund” means the Transportation Infrastructure General Fund Support Subfund created in Section 72-2-134.

(3) “Political subdivision” means:

(a) the municipality in which the attainable home is located; or

(b) the county, if the attainable home is located in an unincorporated portion of the county.

(4) “Qualified depository” means the same as that term is defined in Section 51-7-3.

(5)(a) “Qualified project” means a new construction housing development project in the state for which the developer:

(i) commits to:

(A) offering for sale no fewer than 60% of the total units within the project as attainable homes;

(B) including in the deed of sale for an attainable home a restriction, in favor of the political subdivision, that the attainable home be owner occupied for no fewer than five years; and

(C) having a plan to provide information to potential buyers of attainable homes about the First-Time Homebuyer Assistance Program created in Section 63H-8-502; and

(ii) executes a valid agreement with the political subdivision to develop housing meeting the requirements of Subsections (5)(a)(i)(A) and (B).

(b) “Qualified project” includes infrastructure within the housing development project.

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Cite this article: FindLaw.com - Utah Code Title 51. Public Funds and Accounts § 51-12-101. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-51-public-funds-and-accounts/ut-code-sect-51-12-101/

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