State funds or state-administered federal funds reporting requirements

(1) As used in this section: (a) "Affordable housing project" means housing that is constructed, developed, or rehabilitated for occupancy by low and moderate income individuals whose incomes are at or below certain income requirements. (b) "Housing sponsor" means the same as that term is defined in Section 63N-24-301. (c) (i) "Project investments" means the total amount of state funds or state-administered federal funds awarded to a housing sponsor for the purposes of an affordable housing project. (ii) "Project investments" includes: (A) a housing sponsor's matching funds or leveraged contributions for an affordable housing project if the matching funds or leveraged contributions are required as a condition for an award of state funds or state-administered federal funds for an affordable housing project; (B) housing tax incentives, administered by the Utah Housing Corporation in accordance with Title 63H, Chapter 8, Utah Housing Corporation Act, that are provided to a housing sponsor for an affordable housing project; or (C) any other type of incentive, credit, or financial assistance provided to a housing sponsor by a state agency or political subdivision for an affordable housing project. (2) (a) Except as provided in Subsection (2)(b) or (c), on or before September 1 of each year, a housing sponsor that receives state funds or state-administered federal funds for the purposes of an affordable housing project shall provide a written report to the division of: (i) a summary of the housing sponsor's project investments; (ii) the location of the affordable housing project; (iii) the number of affordable housing units built; (iv) the area median income served by the affordable housing project; (v) the number of units deed restricted, including the period of the deed restriction; and (vi) the amount of unspent state funds or state-administered federal funds. (b) If an affordable housing project is not completed before the written report described in Subsection (2)(a) is due, a housing sponsor shall provide a written report to the division on the housing sponsor's progress and status towards the affordable housing project and project investments. (c) If a housing sponsor is required to report on the housing sponsor's compliance with the terms and conditions of a state or state-administered federal affordable housing program as a condition of the receipt of program funds, the housing sponsor shall submit the required information described in this Subsection (3)(c) to the division for inclusion in the written report described in Subsection (2)(a). (3) The division shall submit a summary of the written reports received under Subsection (2) to the office for inclusion in the annual written report described in Section 63N-1a-306.