Utah Code 51-12-101. Definitions
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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.
Terms Used In Utah Code 51-12-101
- 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. See Utah Code 51-12-101 - Deed: The legal instrument used to transfer title in real property from one person to another.
- Fund: means the Transportation Infrastructure General Fund Support Subfund created in Section
72-2-134 . See Utah Code 51-12-101 - Political subdivision: means :(3)(a) the municipality in which the attainable home is located; or(3)(b) the county, if the attainable home is located in an unincorporated portion of the county. See Utah Code 51-12-101
- Qualified depository: means the same as that term is defined in Section
51-7-3 . See Utah Code 51-12-101- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) “Fund” means the Transportation Infrastructure General Fund Support Subfund created in Section72-2-134 .(3) “Political subdivision” means:(3)(a) the municipality in which the attainable home is located; or(3)(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 Section51-7-3 .(5)(5)(a) “Qualified project” means a new construction housing development project in the state for which the developer:(5)(a)(i) commits to:(5)(a)(i)(A) offering for sale no fewer than 60% of the total units within the project as attainable homes;(5)(a)(i)(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(5)(a)(i)(C) having a plan to provide information to potential buyers of attainable homes about the First-Time Homebuyer Assistance Program created in Section63H-8-502 ; and(5)(a)(ii) executes a valid agreement with the political subdivision to develop housing meeting the requirements of Subsections (5)(a)(i)(A) and (B).(5)(b) “Qualified project” includes infrastructure within the housing development project. - Qualified depository: means the same as that term is defined in Section