17C-5-307. Allocating project area funds for housing.
(1) Except as provided in Subsection, an agency shall allocate the agency's project area funds for housing in accordance with this section. (4)
(2) For a community reinvestment project area that is subject to a taxing entity committee, an agency shall allocate at least 20% of the agency's annual tax increment for housing in accordance with Sectionif the community reinvestment project area budget provides for more than $100,000 of annual tax increment to be distributed to the agency. 17C-1-412 The taxing entity committee may waive a portion of the allocation described in Subsectionif: (2)(a) the taxing entity committee determines that 20% of the agency's annual tax increment is more than is needed to address the community's need for income targeted housing or homeless assistance; and after the waiver, the agency's housing allocation is equal to at least 10% of the agency's annual tax increment.
(3) For a community reinvestment project area that is subject to an interlocal agreement, an agency shall allocate at least 10% of the project area funds for housing in accordance with Sectionif the community reinvestment project area budget provides for more than $100,000 of annual project area funds to be distributed to the agency. 17C-1-412
(4) An agency is not required to allocate the agency's community reinvestment project area funds for housing under this section if: the agency and the county mutually agree in the interlocal agreement described in Subsectionthat the agency will not make the allocation; and (3) the community reinvestment project area plan: provides solely for nonresidential project area development; and provides for 60% of the jobs created within the project area to have an annual gross wage, not including healthcare or other paid or unpaid benefits, that is at least 125% of the average wage of the county in which the project area is located.