Utah Code 35A-8-507. Application process and priorities
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(1)
Terms Used In Utah Code 35A-8-507
- Accessible housing: means housing which has been constructed or modified to be accessible, as described in the State Construction Code or an approved code under Title 15A, State Construction and Fire Codes Act. See Utah Code 35A-8-101
- Board: means the Housing Board created by this part. See Utah Code 35A-8-501
- Director: means the director of the division. See Utah Code 35A-8-101
- Executive director: means the executive director of the department appointed under Section 35A-1-201. See Utah Code 35A-1-102
- Fund: means the Olene Walker Housing Loan Fund created by this part. See Utah Code 35A-8-501
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(1)(a) In each calendar year that money is available from the fund for distribution by the executive director under the direction of the board, the executive director shall, at least once in that year, announce a grant and loan application period by sending notice to interested persons.
(1)(b) The executive director shall accept applications that are received in a timely manner.
(2) The executive director shall give priority to applications for projects and activities in the following order:
(2)(a) first, to applications for projects and activities intended to minimize homelessness;
(2)(b) second, to applications for projects and activities that use existing privately owned housing stock, including privately owned housing stock purchased by a nonprofit public development authority; and
(2)(c) third, to all other applications.
(3) Within each level of priority described in Subsection (2), the executive director shall give preference to applications that demonstrate the following:
(3)(a) a high degree of leverage with other sources of financing;
(3)(b) high recipient contributions to total project costs, including allied contributions from other sources such as professional, craft, and trade services and lender interest rate subsidies;
(3)(c) high local government project contributions in the form of infrastructure improvements, or other assistance;
(3)(d) projects that encourage ownership, management, and other project-related responsibility opportunities;
(3)(e) projects that demonstrate a strong probability of serving the original target group or income level for a period of at least 15 years;
(3)(f) projects where the applicant has demonstrated the ability, stability, and resources to complete the project;
(3)(g) projects that appear to serve the greatest need;
(3)(h) projects that provide housing for persons and families with the lowest income;
(3)(i) projects that promote economic development benefits;
(3)(j) projects that align with a local government plan to address housing and homeless services; and
(3)(k) projects that would mitigate or correct existing health, safety, or welfare problems.
(4) The executive director may give consideration to projects that increase the supply of accessible housing.