UTA LEG First Home Investment Zone

On Feb. 28, UTA LEG passed bill First home investment zone act.

  • UTA LEG reported on passage of Bill SB 268 to enact First home investment zone act.
  • Follows UTA LEG Dec. 2023 $150mn allocation to First Homes Program, see #193736.
  • Bill Provisions
  • Created a first home investment zone in accordance with provisions that were added to Title 63N, Chapter 3, Part 13, First home investment zone act, UTA LEG 63N-3-13.
  • First home investment zone created for affordable housing and homeownership options, also encouraged mixed use housing, and strategic/efficient land use planning.
  • Allows a first home investment zone to capture tax increment to finance its objectives.
  • Provides requirements re housing density, affordability, development size of the zone.
  • Requires housing, transit reinvestment zone committee to review/approve proposals.
  • Applicable Regulations
  • Amends UTA LEG 10-9a-403, UTA LEG 59-2-924, UTA LEG 63N-3-602, UTA LEG 63N-3-603, and UTA LEG 63N-3-605; enacted UTA LEG 63N-3-1301, UTA LEG 63N-3-1302.
  • Also adds UTA LEG 63N-3-1303, UTA LEG 63N-3-1304, UTA LEG 63N-3-1305, UTA LEG 63N-3-1306, UTA LEG 63N-3-1307, UTA LEG 63N-3-1308, UTA LEG 63N-3-1309.
  • Legislative History
  • On Feb. 20, 2024, bill introduced in Senate; on Feb. 27, 2024, bill passed in Senate.
  • On Feb. 27, 2024, bill delivered to House; on Feb. 28, 2024, bill was passed in House.
  • Effectiveness
  • Bill SB 268 becomes effective as of May 1, 2024.
  • Mar. 2024, UTA LEG Governor Approval
  • On Mar. 21, 2024, UTA LEG reported governor approved SB 268 effective May 1, 2024.

Regulators UTA LEG
Entity Types CNSM; Corp; Inv Co; MG Orig
Reference Act, 3/21/2024; Bill SB0268S03, 2/28/2024; Citation: *UTA LEG* 10-9a-403, 59-2-924, 63N-3, 63N-3-602, 63N-3-603, 63N-3-605;
Functions Compliance; Financial; Legal; Operations; Tax
Countries United States of America
Products Corporate; Fund Mgt; Mortgage
Regions Am
Rule Type Final
Rule Date 2/28/2024
Effective Date 5/1/2024
Rule Id 202961
Linked to Rule :193736
Reg. Last Update 3/21/2024
Report Section US Investment

Last substantive update on 03/24/2024