OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

SB 268 - Authorizes Cities to Create First Home Investment Zones - Utah Key Vote

Timeline

Related Issues

Stage Details

Title: Authorizes Cities to Create First Home Investment Zones

Signed by Governor Spencer Cox


See How Your Politicians Voted

Title: Authorizes Cities to Create First Home Investment Zones

Vote Smart's Synopsis:

Vote to concur with house amendments and pass a bill that authorizes cities to create a new type of mixed-use project area, called a First Home Investment Zone, that can use tax increment financing (or future tax revenue from growth) to finance infrastructure or lower the cost of land and therefore lower the cost of housing.

Highlights:

  • Authorizes cities to create a new type of mixed-use project area, called a First Home Investment Zone, that can use tax increment financing (or future tax revenue from growth) to finance infrastructure or lower the cost of land and therefore lower the cost of housing (Sec. 1-14).

  • Specifies that to create a First Home Investment zone, cities would need to adhere to new requirements, such as including an affordable housing plan in the proposal and making sure at least 25% of the zone’s homes are owner-occupied for at least 25 years (Sec. 1-14).

  • Specifies that the provisions of this bill shall take effect beginning May 1, 2024 (Sec. 15).

Full Bill Text

See How Your Politicians Voted

Title: Authorizes Cities to Create First Home Investment Zones

Vote Smart's Synopsis:

Vote to amend and pass a bill that authorizes cities to create a new type of mixed-use project area, called a First Home Investment Zone, that can use tax increment financing (or future tax revenue from growth) to finance infrastructure or lower the cost of land and therefore lower the cost of housing.

Highlights:

  • Authorizes cities to create a new type of mixed-use project area, called a First Home Investment Zone, that can use tax increment financing (or future tax revenue from growth) to finance infrastructure or lower the cost of land and therefore lower the cost of housing (Sec. 1-14).

  • Specifies that to create a First Home Investment zone, cities would need to adhere to new requirements, such as including an affordable housing plan in the proposal and making sure at least 25% of the zone’s homes are owner-occupied for at least 25 years (Sec. 1-14).

  • Specifies that the provisions of this bill shall take effect beginning May 1, 2024 (Sec. 15).

Full Bill Text

Title: Authorizes Cities to Create First Home Investment Zones

Title: Authorizes Cities to Create First Home Investment Zones

arrow_upward