Signed by Governor Gary Herbert

Vote Smart's Synopsis:

Vote to amend and pass a bill that increases funding for affordable housing developments.

Highlights:

• Appropriates $10 million to the Department of Workforce Services for the Olene Walker Housing Loan Fund (Sec. 8).

• Specifies that the legislature intends for the money allocated to be used accordingly (Sec. 8):

• Up to $5 million be used for gap financing of private activity bond-financed multi-family housing; and

• Up to $5 million be used to match private dollars for the preservation or construction of affordable housing units for low-income individuals. 

• Requires an agency to use the agency’s housing allocation to (Sec. 2):

• Pay part or all of the cost of land or construction of income targeted housing within the boundary of the agency, if practicable in a mixed-income development area; 

• Pay part or all of the cost of rehabilitation of income targeted housing within the boundary of the agency; 

• Lend, grant, or contribute money to a person, public entity, housing authority, private entity or business, or nonprofit corporation for income targeted housing within the boundary of the agency; 

• Plan or otherwise promote income targeted housing within the boundary of the agency; 

• Pay part or all of the cost of land or installation, construction, or rehabilitation of any building, facility, structure, or another housing improvement, including infrastructure improvements, related to housing located in a project area where a board has determined that a development impediment exists; 

• To replace housing units lost as a result of the project area development; 

• Make payments on or establish a reserve fund for bonds:

• Issued by the agency, the community, or the housing authority that provides income targeted housing within the community; and

• All or part of the proceeds of which are used within the community for specified purposes;

• If the community’s fair share ratio at the time of the first adoption of the project area budget is a least 1.1 or 1.0, make payments on bonds:

• That were previously issued by the agency, the community, or the housing authority that provides income targeted housing within the community; and

• All or part of the proceeds of which were used within the community for specified purposes; 

• Relocate mobile home park residents displaced by project area development; 

• Transfer funds to a community that created the agency; or 

• Pay for or make a contribution toward the acquisition, construction, or rehabilitation of housing that:

• Is located in the same county as the agency; 

• Is owned in whole or in part by, or is dedicated to supporting, a public nonprofit college or university; 

• Only students of the relevant college or university, including the students’ immediate family, occupy. 

• Defines “agency” or “community reinvestment agency” as a separate body corporate and politic, or as a redevelopment agency or community development and renewal agency under previous law (Sec. 2):

• That is a political subdivision of the state; 

• That is created to undertake or promote project area development; and 

• Whose geographic boundaries are coterminous with:

• For an agency created by a county, the unincorporated area of the county; and

• For an agency created by a municipality, the boundaries of the municipality.

• Specifies that as an alternative to the requirements above, an agency may pay all or any portion of the agency’s housing allocation to (Sec. 2):

• The community for use as described above; 

• The housing authority that provides income targeted housing within the community for use in providing income targeted housing within the community; 

• A housing authority established by the county in which the agency is located for providing:

• Income targeted housing within the county; 

• Permanent housing, permanent supportive housing, or a transitional facility within the county; or

• Homeless assistance within the county.

• Authorizes a qualified taxpayer to assign a special low-income housing tax credit certificate to another person if they provide written notice to the Utah Housing Corporation in a form that includes (Sec. 7):

• The qualified taxpayer’s written certification or other proof that the qualified taxpayer irrevocably elects not to claim the tax credit authorized by the special low-income housing tax credit certificate; and

• Contact information for the person to whom the special low-income housing tax credit certificate is to be assigned.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that increases funding for affordable housing developments.

Highlights:

• Appropriates $30.3 million to the Department of Workforce Services for the Olene Walker Housing Loan Fund (Sec. 11).

• Appropriates $5 million to the Olene Walker Housing Loan Fund (Sec. 9).

• Authorizes the Housing and Community Development Division, using money transferred to the Olene Walker Housing Loan Fund from the Unclaimed Property Trust Fund, to partner with the state Board of Education and one or more housing authorities, associations of governments, or nonprofit entities to provide rental assistance for housing to families with children that are homeless or who are at risk of being homeless (Sec. 6).

• Specifies that the rental assistance provided may include (Sec. 6):

• Subsidizing rent payments for housing; 

• Subsidizing the provision of temporary or transitional housing; and

• Providing money for one-time barrier assistance such as application fees, utility hookups, or deposits related to housing. 

• Requires the Division to provide an annual report to the Department of Workforce Services that describes (Sec. 6):

• The entities the Division has partnered with; 

• The amount of money provided to each entity; 

• The number of children and families who are benefitting from rental assistance; 

• The average monthly dollar amount provided to children and families; and

• Recommendations regarding improvements or changes related to providing rental assistance. 

• Specifies that the legislature intends for the monies allocated to be used accordingly (Sec. 11):

• Up to $15 million for gap financing of private activity bond-financed rental housing; 

• Up to $5 million to be used for matching private dollars for the preservation of existing affordable housing units for low-income persons; 

• Up to $300,000 to be used to assist with pre-developmental costs for affordable housing projects in the state; and

• $10 million to be used by the Housing and Community Development Division to partner with one or more housing authorities, associations of governments, or nonprofit entities to provide rental assistance. 

Full Bill Text