Section 2106 – Allotment accounts.
Effective 6/1/2022 35A-8-2106. Allotment accounts. (1) There are created the following allotment accounts: (a) the Single Family Housing Account, for which eligible issuing authorities are those authorized under the code and state statute to issue qualified mortgage bonds under Section 143 of the code; (b) the Student Loan Account, for which eligible issuing authorities are […]
Section 2107 – Certificates of allocation.
Effective 7/1/2018 35A-8-2107. Certificates of allocation. (1) (a) After an allocation of volume cap for a project or program is approved by the board of review, the board of review shall issue a numbered certificate of allocation stating the amount of the allocation, the allotment account for which the allocation is being made, and the […]
Section 2108 – Issuing authorities — Limitations — Duties.
Effective 7/1/2018 35A-8-2108. Issuing authorities — Limitations — Duties. (1) (a) Notwithstanding any law to the contrary, an issuing authority issuing bonds without a certificate of allocation issued under Section 35A-8-2107, or an issuing authority issuing bonds after the expiration of a certificate of allocation, is not entitled to an allocation of the volume cap […]
Section 2109 – Procedures — Adjudicative proceedings.
Effective 7/1/2018 35A-8-2109. Procedures — Adjudicative proceedings. The board of review shall comply with the procedures and requirements of Title 63G, Chapter 4, Administrative Procedures Act, in the board of review’s adjudicative proceedings. Renumbered and Amended by Chapter 182, 2018 General Session
Section 2110 – Duties of the department.
Effective 7/1/2018 35A-8-2110. Duties of the department. (1) The department is recognized as an issuing authority as defined in Section 35A-8-2102, entitled to issue bonds from the Small Issue Bond Account created in Subsection 35A-8-2106(1)(c) as a part of the state’s private activity bond volume cap authorized by the Internal Revenue Code and computed under […]
Section 2201 – Definitions.
Effective 5/12/2020 35A-8-2201. Definitions. As used in this part: (1) “Commission” means the Commission on Housing Affordability created in Section 35A-8-2202. (2) “Housing affordability” means the ability of a household to occupy a housing unit paying no more than 30% of the household’s income for gross housing costs, including utilities. (3) “Moderate income housing unit” […]
Section 2202 – Commission on Housing Affordability.
Effective 5/4/2022 35A-8-2202. Commission on Housing Affordability. (1) There is created within the department the Commission on Housing Affordability. (2) The commission shall consist of 21 members as follows: (a) one senator appointed by the president of the Senate; (b) two representatives appointed by the speaker of the House of Representatives; (c) the executive director […]
Section 2203 – Duties of the commission.
Effective 6/1/2022 35A-8-2203. Duties of the commission. (1) The commission shall: (a) serve as a subcommittee of the Unified Economic Opportunity Commission and assist the Unified Economic Opportunity Commission in performing the Unified Economic Opportunity Commission’s duties under Section 63N-1a-202; (b) increase public and government awareness and understanding of the housing affordability needs of the […]
Section 2204 – Annual report.
Effective 5/12/2020 35A-8-2204. Annual report. (1) The commission shall annually prepare a report for inclusion in the department’s annual written report described in Section 35A-1-109. (2) The report described in Subsection (1) shall: (a) describe how the commission fulfilled its statutory duties during the year; (b) provide recommendations on how the state should act to […]
Section 2105 – Allocation of volume cap.
Effective 7/1/2022 35A-8-2105. Allocation of volume cap. (1) (a) Subject to Subsection (1)(b), the volume cap for each year shall be distributed by the board of review to the allotment accounts as described in Section 35A-8-2106. (b) The board of review may distribute up to 50% of each increase in the volume cap for use […]