Title 63N, Economic Opportunity Act

63N-23-601. Definitions. As used in this part: (1) "Affordable housing" means housing offered for sale at 80% or less of the median county home price for housing of that type. (2) "Agency" means the same as that term is defined in Section 17C-1-102. (3) "Base taxable value" means…

63N-23-602. County designation of a home ownership promotion zone. (1) Subject to Sections 63N-23-603 and 63N-23-604, a county may create a home ownership promotion zone: (a) before January 1, 2028; and (b) as described in this section. (2) A home ownership promotion zone created…

63N-23-603. Applicability, requirements, and limitations. (1) A home ownership promotion zone shall promote the following objectives: (a) increasing availability of housing, including affordable housing; (b) promotion of home ownership; (c) overcoming development impediments and …

63N-23-604. Notification before creation of a home ownership promotion zone. (1)(a) As used in this section, "hearing" means a public meeting in which the legislative body of a county: (i) considers a resolution creating a home ownership promotion zone; and (ii) takes public comm…

63N-23-605. Payment, use, and administration of revenue from a home ownership promotion zone -- Reporting. (1)(a) A county may receive tax increment and use home ownership promotion zone funds in accordance with this section. (b) The maximum amount of time that a county may recei…

63N-23-701. Definitions. As used in this part: (1) "Affordable housing" means: (a) for homes that are not owner occupied, housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the county median gross income for househo…

63N-23-702. Applicability, requirements, and limitations on a first home investment zone. (1) A first home investment zone created in accordance with this part shall promote the following objectives: (a) encouraging efficient development and opportunities for home ownership by pr…

63N-23-703. Process for a proposal of a first home investment zone. (1) On or before December 31, 2027, and subject to approval of the housing and transit reinvestment zone committee as described in Section 63N-23-704, in order to create a first home investment zone, a municipali…

63N-23-704. Consideration of proposals by housing and transit reinvestment zone committee. (1) A first home investment zone proposed under this part is subject to approval by the housing and transit reinvestment zone committee. (2) After the Governor's Office of Economic Developm…

63N-23-705. Notice requirements. (1) In approving a first home investment zone proposal, the housing and transit reinvestment zone committee shall follow the hearing and notice requirements for proposing a first home investment zone as described in this section. (2) Within 30 day…

63N-23-706. Payment, use, and administration of tax increment from a first home investment zone. (1) A municipality may receive and use tax increment and first home investment zone funds in accordance with this part. (2)(a) A county that collects property tax on property located …

63N-23-707. Applicability to an existing first home investment zone or community reinvestment project. If a parcel within a first home investment zone is included as an area that is part of a project area, as that term is defined in Section 17C-1-102, and created under Title 17C,…

63N-23-708. Tax increment protections. (1) Upon petition by a participating taxing entity or on the initiative of the housing and transit reinvestment zone committee creating a first home investment zone, a first home investment zone may suspend or terminate the collection of tax…

63N-23-709. Boundary adjustments. (1) If the relevant county assessor or county auditor adjusts parcel boundaries relevant to a first home investment zone, the municipality administering the tax increment collected in the first home investment zone may make corresponding adjustme…

63N-23-801. Definitions. As used in this part: (1) "Committee" means the Revitalization Zone Committee created in Section 63N-23-807. (2) "Franchise agreement" means a legally binding and valid agreement under which: (a) a major professional sports league has awarded a franchise …

63N-23-802. Project area. (1) A local government may, according to the requirements and procedures of this part, create a project area for the use of revenue authorized under Section 59-12-402.5, which revenue shall be used only for the allowed purposes described in Section 63N-2…

63N-23-803. Allowable uses of funds. (1) A local government shall use any funds or revenue provided under Section 59-12-402.5 within and for the direct benefit of the project area, and subject to the requirements of this section. (2) In addition to the requirements of Subsection …

63N-23-804. Application for approval as a project participant in a project area. A person that seeks to have a local government create a project area under this part, and to be a project participant within that project area, shall provide a local government with a written applica…

63N-23-805. Local government review -- Participation agreement requirements -- Proposed project area and proposed participation agreement -- Zoning -- Deadline. (1) Upon receipt of an application described in Section 63N-23-804, a local government shall review the application and…

63N-23-806. Local government endorsement -- Revitalization Zone Committee approval -- Final approval by local government -- Imposition of tax. (1)(a) The legislative body of the local government shall, no later than 14 calendar days after the date on which a notice of a proposed …

63N-23-807. Revitalization Zone Committee -- Creation -- Membership -- Staff. (1) There is created the Revitalization Zone Committee to review the activities of, and advise a local government and project participants in a project area created under this part. (2) The committee co…

63N-23-808. Revitalization Zone Committee -- Duties -- Reporting requirements of local government -- Executive Appropriations Committee. (1) The Revitalization Zone Committee shall have the following duties: (a) to approve or reject an endorsed project area and an endorsed projec…

63N-23-901. Transportation reinvestment zones. (1) Subject to the provisions of this part, any two or more public agencies may enter into an agreement to create a transportation reinvestment zone as described in this section. (2) To create a transportation reinvestment zone, two …

63N-24-101. Definitions. As used in this chapter: (1) "Accessible housing" means housing which has been constructed or modified to be accessible, as described in the State Construction Code or an approved code under Title 15A, State Construction and Fire Codes Act. (2) "Division"…

63N-24-102. Division of Housing and Community Development -- Creation -- Responsibilities. (1) There is created the Division of Housing and Community Development within the Governor's Office of Economic Development. (2) The division shall be under the authority of the state housi…

63N-24-103. Division of Housing and Community Development state housing coordinator appointment, functions, and duties. (1)(a) The governor, with the advice and consent of the Senate, shall appoint a state housing coordinator of the Division of Housing and Community Development t…

63N-24-104. State housing plan. (1) The division shall develop a state housing plan by December 31, 2025. (2)(a) The division shall partner with the Legislature, municipal and county governments, the home building industry and related stakeholders, and the general public in the d…

63N-24-201. Division -- Functions. (1) In addition to any other functions the governor or Legislature may assign: (a) the division shall: (i) provide a clearinghouse of information for federal, state, and local housing assistance programs; (ii) establish, in cooperation with poli…

63N-24-202. Moderate income housing plan coordination. (1) Within appropriations from the Legislature, the division shall establish a program to assist municipalities to comply with the moderate income housing requirements described in Section 10-21-201 and counties to comply wit…

63N-24-203. Moderate income housing plan reporting requirements. (1) As used in this section: (a) "Affordable housing" means, as determined by the division, the number of housing units within a county or municipality where a household whose income is at or below 50% of area media…

63N-24-301. Definitions. As used in this part: (1) "Affordable housing" means housing occupied or reserved for occupancy by households whose incomes are at or below certain income requirements at rental rates affordable to such households. (2) "Board" means the Housing Board crea…

63N-24-302. Olene Walker Housing Loan Fund -- Creation -- Administration. (1)(a) There is created an enterprise fund known as the Olene Walker Housing Loan Fund, administered by the housing coordinator or the housing coordinator's designee. (b) The division is the administrator o…

63N-24-303. Housing loan fund board -- Duties -- Expenses. (1) There is created the Olene Walker Housing Loan Fund Board. (2) The board is composed of 14 voting members. (a) The governor shall appoint the following members to four-year terms: (i) two members from local government…

63N-24-304. Distribution of fund money. (1) As used in this section: (a) "Community" means the same as that term is defined in Section 17C-1-102. (b) "Income targeted housing" means the same as that term is defined in Section 17C-1-102. (2) The housing coordinator shall: (a) make…

63N-24-305. Activities authorized to receive fund money -- Powers of the state housing coordinator. At the direction of the board, the housing coordinator may: (1) provide fund money to any of the following activities: (a) the acquisition, rehabilitation, or new construction of l…

63N-24-306. Authority of the state housing coordinator. The housing coordinator, with the approval of the board, may grant or lend fund money to a housing sponsor.

63N-24-307. Application process and priorities. (1)(a) In each calendar year that money is available from the fund for distribution by the housing coordinator under the direction of the board, the housing coordinator shall, at least once in that year, announce a grant and loan ap…

63N-24-308. Predevelopment grants. (1) The housing coordinator may, under the direction of the board, award one or more predevelopment grants to a nonprofit or for-profit entity: (a) in preparation for a project that: (i) involves the construction of moderate income housing units…

63N-24-309. Annual accounting. (1) The housing coordinator shall monitor the activities of recipients of grants and loans issued under this part on a yearly basis to ensure compliance with the terms and conditions imposed on the recipient by the housing coordinator with the appro…

63N-24-310. Economic Revitalization and Investment Fund. (1) There is created an enterprise fund known as the "Economic Revitalization and Investment Fund." (2) The Economic Revitalization and Investment Fund consists of money from the following: (a) money appropriated to the acc…

63N-24-311. Rural Housing Fund. (1) There is created an enterprise fund known as the "Rural Housing Fund." (2) The Rural Housing Fund consists of money from the following: (a) money appropriated to the account by the Legislature; (b) private contributions; (c) donations or grants…

63N-24-312. Housing loan fund board approval. (1) The board shall review the project applications described in Sections 63N-24-310 and 63N-24-311. (2)(a) The board may approve a project that meets the requirements of Section 63N-24-310 to receive funds from the Economic Revitaliz…

63N-24-313. Activities authorized to receive account money. The housing coordinator may distribute funds from the Economic Revitalization and Investment Fund and the Rural Housing Fund for any of the following activities undertaken as part of an approved project: (1) the acquisit…

63N-24-314. Repayment of funds. (1) Upon the earlier of 30 years from the date an approved project is placed in service or the sale or transfer of the affordable housing units acquired, constructed, or rehabilitated as part of an approved project funded under Subsection 63N-24-31…

63N-24-315. Annual accounting. (1) The housing coordinator shall monitor the activities of recipients of funds from the Economic Revitalization and Investment Fund and the Rural Housing Fund on a yearly basis to ensure compliance with the terms and conditions imposed on the recip…

63N-24-316. Pass-through funding agreements -- Accounting for expenditures of a housing organization. (1) As used in this section: (a) "Housing organization" means an entity that: (i) manages a portfolio of investments; (ii) is dedicated to the preservation, enhancement, improvem…