Utah Code 35A-8-512. Repayment of funds
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(1) Upon the earlier of 30 years from the date an approved project is placed in service or the sale or transfer of the affordable housing units acquired, constructed, or rehabilitated as part of an approved project funded under Subsection 35A-8-511(1), the housing sponsor shall remit to the department:
Terms Used In Utah Code 35A-8-512
- Affordable housing: means housing occupied or reserved for occupancy by households whose incomes are at or below certain income requirements at rental rates affordable to such households. See Utah Code 35A-8-501
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 35A-1-102
- Fund: means the Olene Walker Housing Loan Fund created by this part. See Utah Code 35A-8-501
- Housing sponsor: means a person who constructs, develops, rehabilitates, purchases, or owns a housing development that is or will be subject to legally enforceable restrictive covenants that require the housing development to provide, at least in part, affordable housing. See Utah Code 35A-8-501
- Lien: A claim against real or personal property in satisfaction of a debt.
- Rural: means a county in the state other than Utah, Salt Lake, Davis, or Weber. See Utah Code 35A-8-501
(1)(a) the total amount of money distributed by the department to the housing sponsor for the project; and
(1)(b) an additional amount of money determined by contract with the department prior to the initial disbursement of money.
(2) Any claim arising under Subsection (1) is a lien against the real property funded under this chapter.
(3)
(3)(a) Any money returned to the department under Subsection (1) from a housing sponsor that received funds from the Economic Revitalization and Investment Fund shall be deposited in the Economic Revitalization and Investment Fund.
(3)(b) Any money returned to the department under Subsection (1) from a housing sponsor that received funds from the Rural Housing Fund shall be deposited in the Rural Housing Fund.