Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2a - Utah Housing Opportunity Restricted Account
Section R162-2a-1 - Utah Housing Opportunity Restricted Account
Universal Citation: UT Admin Code R 162-2a-1
Current through Bulletin 2024-18, September 15, 2024
(1) The authority to promulgate administrative rules by which an organization may apply to receive money from the account is granted by Section 61-2-204(10).
(2) As used in this section, "qualified entity" means an applicant that meets the qualifications of Section 61-2-204(7).
(3) To apply, a qualified entity shall, no later than August 1, submit to the division:
(a) contact information for the applicant;
(b) proof that the entity is tax exempt under Section 501(c)(3), Internal Revenue Code;
(c) proof that the entity provides support to organizations that create affordable housing for those in severe need as a primary part of its mission;
(d) a statement of the purpose for which the application is submitted;
(e) an explanation of how the entity proposes to use a disbursement of money to promote affordable housing for those in severe need; and
(f) an explanation of the internal management controls and financial controls of the entity that would ensure that any funds received would be used only for authorized purposes.
(4) Each year, the division shall make a disbursement to the qualified applicant that appears most likely to effectively and efficiently use the funds to promote affordable housing for those in severe need.
(5) Disbursement shall be made no later than December 31 each year.
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