Definitions

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 Section 63H-8-501 at the time the state treasurer deposits with a qualified depository. (2) "City of the first class" means the same as that term is defined in Section 10-2-301. (3) "City of the second class" means the same as that term is defined in Section 10-2-301. (4) "Fund" means the Transportation Infrastructure General Fund Support Subfund created in Section 72-2-134. (5) "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. (6) "Qualified depository" means: (a) the same as that term is defined in Section 51-7-3; or (b) the Utah Housing Corporation as described in Title 63H, Chapter 8, Utah Housing Corporation Act. (7) (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 or the Utah Housing Corporation to develop housing meeting the requirements of Subsections (7)(a)(i)(A) and (B). (b) "Qualified project" includes infrastructure within the housing development project. (c) "Qualified project" includes a project by a city of the first or second class that commits to: (i) receiving no more than $10,000,000 in deposits within one year from the day on which the city of the first or second class enters into a loan agreement with the qualified depository described in Subsection (6)(b) for a project as an attainable home; (ii) using the deposit to acquire and rehabilitate single-family homes within the city limits of the city of the first or second class boundaries; (iii) offering for sale the rehabilitated single-family home as an attainable home, including in the deed of sale for an attainable home a restriction, in favor of the city of the first or second class, that the attainable home be owner-occupied for no fewer than five years; and (iv) expanding an existing effort to acquire and rehabilitate single-family homes as described in Subsections (7)(c)(ii) and (iii).