Utah Code 17C-1-411. Use of project area funds for housing-related improvements and for relocating mobile home park residents — Funds to be held in separate accounts
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(1) An agency may use project area funds:
Terms Used In Utah Code 17C-1-411
- Affordable housing: means housing owned or occupied by a low or moderate income family, as determined by resolution of the agency. See Utah Code 17C-1-102
- Community: means a county or municipality. See Utah Code 17C-1-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Housing fund: means a fund created by an agency for purposes described in Section
17C-1-411 or17C-1-412 that is comprised of:(29)(a) project area funds, project area incremental revenue as defined in Section17C-1-1001 , or property tax revenue as defined in Section17C-1-1001 allocated for the purposes described in Section17C-1-411 ; or(29)(b) an agency's housing allocation. See Utah Code 17C-1-102- Land: includes :
(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
- Project area development: means activity within a project area that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of implementing a project area plan, including:
(48)(a) promoting, creating, or retaining public or private jobs within the state or a community;(48)(b) providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;(48)(c) planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental issues;(48)(d) providing residential, commercial, industrial, public, or other structures or spaces, including recreational and other facilities incidental or appurtenant to the structures or spaces;(48)(e) altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;(48)(f) providing open space, including streets or other public grounds or space around buildings;(48)(g) providing public or private buildings, infrastructure, structures, or improvements;(48)(h) relocating a business;(48)(i) improving public or private recreation areas or other public grounds;(48)(j) eliminating a development impediment or the causes of a development impediment;(48)(k) redevelopment as defined under the law in effect before May 1, 2006; or(48)(l) any activity described in this Subsection (48) outside of a project area that the board determines to be a benefit to the project area. See Utah Code 17C-1-102- Project area funds: means tax increment or sales and use tax revenue that an agency receives under a project area budget adopted by a taxing entity committee or an interlocal agreement. See Utah Code 17C-1-102
- Public entity: means :
(53)(a) the United States, including an agency of the United States;(53)(b) the state, including any of the state's departments or agencies; or(53)(c) a political subdivision of the state, including a county, municipality, school district, special district, special service district, community reinvestment agency, or interlocal cooperation entity. See Utah Code 17C-1-102(1)(a) to pay all or part of the value of the land for and the cost of installation, construction, or rehabilitation of any housing-related building, facility, structure, or other housing improvement, including infrastructure improvements related to housing, located in any project area within the agency’s boundaries;(1)(b) outside of a project area for the purpose of:(1)(b)(i) replacing housing units lost by project area development; or(1)(b)(ii) increasing, improving, or preserving the affordable housing supply within the boundary of the agency;(1)(c) for relocating mobile home park residents displaced by project area development, whether inside or outside a project area; or(1)(d) subject to Subsection (4), to transfer funds to a community that created the agency.(2)(2)(a) Each agency shall create a housing fund and separately account for project area funds allocated under this section.(2)(b) Interest earned by the housing fund described in Subsection (2)(a), and any payments or repayments made to the agency for loans, advances, or grants of any kind from the housing fund, shall accrue to the housing fund.(2)(c) An agency that designates a housing fund under this section shall use the housing fund for the purposes set forth in this section or Section 17C-1-412.(3) An agency may lend, grant, or contribute funds from the housing fund to a person, public entity, housing authority, private entity or business, or nonprofit corporation for affordable housing or homeless assistance.(4) For the purpose of offsetting the community’s annual local contribution to the Homeless Shelter Cities Mitigation Restricted Account, the total amount an agency transfers in a calendar year to a community under Subsections (1)(d), 17C-1-409(1)(a)(v), and 17C-1-412(1)(a)(x) may not exceed the community’s annual local contribution as defined in Subsection 59-12-205(4). - Land: includes :