UTA LEG Affordable Building Updates

On Feb. 29, UTA LEG reported on bill re affordable housing changes.

  • UTA LEG passed bill SB 168 regarding affordable building amendments.
  • Creates home ownership promotion zones and definitions, procedures for them.
  • Amends numerous sections of Utah Code and enacts many new sections as well.
  • Housing Goals
  • In order to increase home ownership may create home ownership promotion zones.
  • Requires provisions for the use of modular housing within the state of Utah.
  • Outlines definitions for home ownership promotion zones, including affordable housing, base taxable value, participation agreement, and system improvements.
  • Tax Aspects
  • Home ownership promotion zones must have designated tax body set forth in writing.
  • Map of promotion zone must be sent to auditor, recorder, attorney, surveyor, and assessor the county in which such ownership promotion zone is to be located.
  • At least 60% of proposed housing in the zone must be affordable housing.
  • Setting Up Zone
  • Notice and hearing must be held prior to establishment of home ownership zone.
  • Municipality may receive tax increment and use home ownership promotion zones funds in accordance with this section to be administered by specially created body.
  • Impacted Regulations
  • UTA LEG 10-9a-403, UTA LEG 15A-1-202 UTA LEG 15A-1-205, UTA LEG 15A-1-302.
  • UTA LEG 15A-1-304, UTA LEG 15A-2-103, UTA LEG 17-27a-403, UTA LEG 35A-8-503, UTA LEG 57-1-46, UTA LEG 59-2-924, UTA LEG 63H-8-501, and UTA LEG 63H-8-502.
  • Legislative History
  • On Jan. 31, 2024, bill introduced in Senate; on Feb. 15, 2024, bill passed by Senate.
  • On Feb. 16, 2024, bill introduced in House; on Feb. 28, 2024, bill passed by House.
  • On Feb. 29, 2024, draft of enrolled bill was prepared; pending governor action.
  • Effectiveness
  • Upon approval of governor or veto override, SB0168 takes effective May 1, 2024.
  • Certain sections of SB0168 have retrospective operation to Jul. 1, 2023.
  • Mar. 2024 UTA LEG Governor Approval
  • On Mar. 19, 2024, UTA LEG reported governor signed SB 168, effective May 1, 2024.

Regulators UTA LEG
Entity Types CNSM; Corp
Reference Bill, 3/19/2024; Bill, SB0168S04, 2/29/2024: Citation: *UTA LEG* 10-9a-403, 15A-1-202, 15A-1-205, 15A-1-302, 15A-1-304, 15A-2-103, 17-27a-403, 35A-8-503, 57-1-46, 59-2-924, 63H-8-501, 63H-8-502;
Functions Compliance; Environment; Legal; Tax
Countries United States of America
Products Corporate; Loan
Regions Am
Rule Type Final
Rule Date 2/28/2024
Effective Date 5/1/2024
Rule Id 203119
Linked to N/A
Reg. Last Update 3/19/2024
Report Section US Consumer

Last substantive update on 03/24/2024