Allows revenue from a home ownership promotion zone to be used or certain purposes
Legislative bodies allowed to settle certain litigation through a consent agreement.
Allows a county and municipality to use home ownership promotion zone funds for all or part of water exaction, street lighting, and for environmental remediation costs.
Requires county to comply with land use provisions for all pending/new applications.
Utah Housing Corporation to make rules re procedures, qualifications, requirements for private financial institutions that offer mortgage loans to first-time homebuyers.
Bill enables the creation of an incentive program for qualified buyers to assist certain borrowers with the purchase of liability insurance for certain qualifying projects.
Provides first-time home buyers may use certain mortgage loans for specified purposes
Creates subordinate shared appreciation loan program administered by Department of Workforce Services to assist borrowers; makes technical and conforming changes.
Legislative History
On Feb. 11, 2025, bill was introduced in Senate; on Mar. 3, 2025, bill passed Senate.
On Mar. 3, 2025, bill was introduced in House; on Mar. 5, 2025, bill passed the House.
On Mar. 6, 2025, Senate concurred changes; on Mar. 7, 2025, bill received for enrolling
Effectiveness
Upon approval, provisions of the bill come into effect May 7, 2025.
Mar. 27, 2025 UTA LEG Governor Approval
On Mar. 27, 2025, UTA LEG reported governor signed bill, effective on May 7, 2025.
