Utah Code > Title 63H > Chapter 8 – Utah Housing Corporation Act

		Sections
Part 1	General Provisions	63H-8-101 – 63H-8-103
Part 2	Organization	63H-8-201 – 63H-8-206
Part 3	Corporation Duties and Powers	63H-8-301 – 63H-8-304
Part 4	Corporation Assets and Obligations	63H-8-401 – 63H-8-411
Part 5	First-Time Homebuyer Assistance Program	63H-8-501 – 63H-8-502

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Terms Used In Utah Code > Title 63H > Chapter 8 - Utah Housing Corporation Act

Accident and health insurance: means insurance to provide protection against economic losses resulting from:
          (1)(a)(i) a medical condition including:
               (1)(a)(i)(A) a medical care expense; or
               (1)(a)(i)(B) the risk of disability;
          (1)(a)(ii) accident; or
          (1)(a)(iii) sickness. See Utah Code 31A-1-301
Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
Application: means a document:
     (10)(a)
          (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and
          (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:
               (10)(a)(ii)(A) insure the risk under:
                    (10)(a)(ii)(A)(I) the coverage as originally offered; or
                    (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or
               (10)(a)(ii)(B) decline to insure the risk; or
     (10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Certificate: means evidence of insurance given to:
(23)(a) an insured under a group insurance policy; or
(23)(b) a third party. See Utah Code 31A-1-301
City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
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
Creditor: means the lender of money or the vendor or lessor of goods, services, or property, for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of any lender or vendor. See Utah Code 31A-22-802
Debtor: means a borrower of money or a purchaser, including a lessee under a lease intended as security, of goods, services, or property, for which payment is arranged through a credit transaction. See Utah Code 31A-22-802
Deed: The legal instrument used to transfer title in real property from one person to another.
Employee of the corporation: means an individual who is employed by the corporation but who is not a trustee of the corporation. See Utah Code 63H-8-103
Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
Financial assistance: includes :
     (5)(a) a loan, whether interest or noninterest bearing, secured or unsecured;
     (5)(b) a loan that converts to a grant upon the occurrence of specified conditions;
     (5)(c) a development loan;
     (5)(d) a grant;
     (5)(e) an award;
     (5)(f) a subsidy;
     (5)(g) a guarantee;
     (5)(h) a warranty;
     (5)(i) a lease;
     (5)(j) a payment on behalf of a borrower of an amount usually paid by a borrower, including a down payment;
     (5)(k) any other form of financial assistance that helps provide affordable housing for low and moderate income persons; or
     (5)(l) any combination of Subsections (5)(a) through (k). See Utah Code 63H-8-103
First-time homebuyer: includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502, who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:
          (1)(b)(i) had a present ownership interest with the single parent's former spouse during the three-year period;
          (1)(b)(ii) resided while married during the three-year period; and
          (1)(b)(iii) no longer:
               (1)(b)(iii)(A) has a present ownership interest; or
               (1)(b)(iii)(B) resides. See Utah Code 63H-8-501
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
health insurance: means insurance providing:
(84)(a)(i) a health care benefit; or
(84)(a)(ii) payment of an incurred health care expense. See Utah Code 31A-1-301
Home equity amount: means the difference between:
     (2)(a)
          (2)(a)(i) in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase less an amount up to 1% of the sales price used for seller-paid closing costs; or
          (2)(a)(ii) in the case of a refinance, the current appraised value of the qualifying residential unit; and
     (2)(b) the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit. See Utah Code 63H-8-501
Housing development: means a residential housing project, which includes residential housing for low and moderate income persons. See Utah Code 63H-8-103
Housing sponsor: includes 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, residential housing to low and moderate income persons, including a local public body, a nonprofit, limited profit, or for profit corporation, a limited partnership, a limited liability company, a joint venture, a subsidiary of the corporation, or any subsidiary of the subsidiary, a cooperative, a mutual housing organization, or other type of entity or arrangement that helps provide affordable housing for low and moderate income persons. See Utah Code 63H-8-103
Indebtedness: means the total amount payable by a debtor to a creditor in connection with a credit transaction, including principal finance charges and interest. See Utah Code 31A-22-802
Insurance: includes :
          (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
          (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
          (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
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}
Interest rate contract: means an interest rate exchange contract, an interest rate floor contract, an interest rate ceiling contract, or another similar contract authorized in a resolution or policy adopted or approved by the trustees. See Utah Code 63H-8-103
Lien: A claim against real or personal property in satisfaction of a debt.
Local public body: means the state, a municipality, county, district, or other subdivision or instrumentality of the state, including a redevelopment agency and a housing authority created under Title 35A, Chapter 8, Part 4, Housing Authorities. See Utah Code 63H-8-103
Low and moderate income persons: means individuals, irrespective of race, religion, creed, national origin, or sex, as determined by the corporation to require such assistance as is made available by this chapter on account of insufficient personal or family income taking into consideration factors, including:
     (10)(a) the amount of income that persons and families have available for housing needs;
     (10)(b) the size of family;
     (10)(c) whether a person is a single head of household;
     (10)(d) the cost and condition of available residential housing; and
     (10)(e) the ability of persons and families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe, and sanitary housing. See Utah Code 63H-8-103
Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
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
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
Mortgage loan: means a loan secured by a mortgage, which loan may bear interest at either a fixed or variable rate or which may be noninterest bearing, the proceeds of which are used for the purpose of financing the construction, development, rehabilitation, purchase, or refinancing of residential housing for low and moderate income persons. See Utah Code 63H-8-103
Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Person: includes :
     (146)(a) an individual;
     (146)(b) a partnership;
     (146)(c) a corporation;
     (146)(d) an incorporated or unincorporated association;
     (146)(e) a joint stock company;
     (146)(f) a trust;
     (146)(g) a limited liability company;
     (146)(h) a reciprocal;
     (146)(i) a syndicate; or
     (146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
Policy: includes a service contract issued by:
          (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
          (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
          (150)(b)(iii) a corporation licensed under:
               (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or
               (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
Premium: includes , however designated:
          (156)(b)(i) an assessment;
          (156)(b)(ii) a membership fee;
          (156)(b)(iii) a required contribution; or
          (156)(b)(iv) monetary consideration. See Utah Code 31A-1-301
Program: means the First-Time Homebuyer Assistance Program created in Section 63H-8-502. See Utah Code 63H-8-501
Program funds: means money appropriated for the program. See Utah Code 63H-8-501
Qualifying mortgage loan: means a mortgage loan that:
(5)(a) is purchased by the corporation; and
(5)(b) is subject to a document that is recorded in the office of the county recorder of the county in which the residential unit is located. See Utah Code 63H-8-501
Qualifying residential unit: means a residential unit that:
     (6)(a) is located in the state;
     (6)(b) is new construction or newly constructed but not yet inhabited;
     (6)(c) is financed by a qualifying mortgage loan;
     (6)(d) is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and
     (6)(e) is purchased for an amount that does not exceed:
          (6)(e)(i) $450,000; or
          (6)(e)(ii) if applicable, the maximum purchase price established by the corporation under Subsection 63H-8-502(6). See Utah Code 63H-8-501
Quorum: The number of legislators that must be present to do business.
Recipient: means a first-time homebuyer who receives program funds. See Utah Code 63H-8-501
Rehabilitation: includes the reconstruction, rehabilitation, improvement, and repair of residential housing. See Utah Code 63H-8-103
Residential housing: means a specific work or improvement within the state undertaken primarily to provide dwelling accommodations, including land, buildings, and improvements to land and buildings, whether in one to four family units or multifamily units, and other incidental or appurtenant nonhousing facilities, or as otherwise specified by the corporation. See Utah Code 63H-8-103
Residential unit: includes a manufactured home or modular home that is attached to a permanent foundation. See Utah Code 63H-8-501
Security: means a:
          (176)(a)(i) note;
          (176)(a)(ii) stock;
          (176)(a)(iii) bond;
          (176)(a)(iv) debenture;
          (176)(a)(v) evidence of indebtedness;
          (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
          (176)(a)(vii) collateral-trust certificate;
          (176)(a)(viii) preorganization certificate or subscription;
          (176)(a)(ix) transferable share;
          (176)(a)(x) investment contract;
          (176)(a)(xi) voting trust certificate;
          (176)(a)(xii) certificate of deposit for a security;
          (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
          (176)(a)(xiv) commodity contract or commodity option;
          (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
          (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
Sex: means , in relation to an individual, the individual's biological sex, either male or female, at birth, according to distinct reproductive roles as manifested by:
     (34)(a) sex and reproductive organ anatomy;
     (34)(b) chromosomal makeup; and
     (34)(c) endogenous hormone profiles. See Utah Code 68-3-12.5
State: means the state of Utah. See Utah Code 63H-8-103
State housing credit ceiling: means the amount specified in Subsection 42(h)(3)(C) of the Internal Revenue Code for each calendar year. See Utah Code 63H-8-103
Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Trustee: A person or institution holding and administering property in trust.
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.