Utah Code 63H-8-303. Power to issue mortgage credit certificates — Impact of federal legislation on tax exempt status of corporation bonds
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(1) In order to accomplish the purposes of this chapter the corporation may issue mortgage credit certificates under 26 U.S.C. § 25, as amended, and has the sole responsibility for issuing or approving the issuance of mortgage credit certificates allowable to the state.
Terms Used In Utah Code 63H-8-303
- 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.
- Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage, deed of trust, or other instrument securing a mortgage loan and constituting a lien on real property (the property being held in fee simple or on a leasehold under a lease having a remaining term, at the time the mortgage is acquired, of not less than the term for repayment of the mortgage loan secured by the mortgage) improved or to be improved by residential housing, creating a lien that may be first priority or subordinate. See Utah Code 63H-8-103
- State: means the state of Utah. See Utah Code 63H-8-103
(2) A power granted to the corporation by this chapter may not be diminished by the enactment of federal legislation that would cause the interest on bonds, notes, or other obligations of the corporation to be subject to taxation under federal law.
(3) An exemption from state taxation granted in this chapter is not affected by federal legislation described under Subsection (2).