63N-23-603. Applicability, requirements, and limitations.
(1) A home ownership promotion zone shall promote the following objectives: increasing availability of housing, including affordable housing; promotion of home ownership; overcoming development impediments and market conditions that render an affordable housing development cost prohibitive absent the incentives resulting from a home ownership promotion zone; and conservation of water resources through efficient land use.
(2) In order to accomplish the objectives described in Subsection, a county shall ensure that: (1) land inside the proposed home ownership promotion zone is zoned as residential, with at least six planned housing units per acre; at least 60% of the proposed housing units within the home ownership promotion zone are affordable housing units; and all of the proposed housing units within the home ownership promotion zone are deed restricted to require owner occupation for at least five years.
(3) A county may restrict short term rentals in a home ownership promotion zone.
(4) A county may not create a home ownership promotion zone if: the proposed home ownership promotion zone would overlap with a school district and: the school district has more than one municipality within the school district's boundaries; and the school district already has 100 acres designated as home ownership promotion zone within the school district's boundaries; or the school district has one municipality within the school district's boundaries; and the school district already has 50 acres designated as home ownership promotion zone within the school district's boundaries; or the area in the proposed home ownership promotion zone would overlap with: a project area, as that term is defined in Section, and created under Title, Agency Operations, until the project area is dissolved in accordance with Section; or 17C-1-102 17C, Chapter 1 17C-1-702 an existing housing and transit reinvestment zone.