Utah Administrative Code
Topic - Tax Commission
Title R884 - Property Tax
Rule R884-24P - Property Tax
Section R884-24P-67 - Information Required for Valuation of Low-Income Housing Pursuant to Utah Code Ann. Sections 59-2-102 and 59-2-301.3
Universal Citation: UT Admin Code R 884-24P-67
Current through Bulletin 2024-06, March 15, 2024
(1) The purpose of this rule is to provide an annual reporting mechanism to assist county assessors in gathering data necessary for accurate valuation of low-income housing projects.
(2) The Utah Housing Corporation shall provide the following information that it has obtained from the owner of a low-income housing project to the commission:
(a) for each low-income housing project in
the state that is eligible for a low-income housing tax credit:
(i) the Utah Housing Corporation project
identification number;
(ii) the
project name;
(iii) the project
address;
(iv) the city in which the
project is located;
(v) the county
in which the project is located;
(vi) the building identification number
assigned by the Internal Revenue Service for each building included in the
project;
(vii) the building address
for each building included in the project;
(viii) the total apartment units included in
the project;
(ix) the total
apartment units in the project that are eligible for low-income housing tax
credits;
(x) the period of time for
which the project is subject to rent restrictions under an agreement described
in Subsection (2)(b);
(xi) whether
the project is:
(A) the rehabilitation of an
existing building; or
(B) new
construction;
(xii) the
date on which the project was placed in service;
(xiii) the total square feet of the buildings
included in the project;
(xiv) the
maximum annual federal low-income housing tax credits for which the project is
eligible;
(xv) the maximum annual
state low-income housing tax credits for which the project is eligible;
and
(xvi) for each apartment unit
included in the project:
(A) the number of
bedrooms in the apartment unit;
(B)
the size of the apartment unit in square feet; and
(C) any rent limitation to which the
apartment unit is subject; and
(b) a recorded copy of the agreement entered
into by the Utah Housing Corporation and the property owner for the low-income
housing project; and
(c)
construction cost certifications for the project received from the low-income
housing project owner.
(3) The Utah Housing Corporation shall provide the commission the information under Subsection (2) by January 31 of the year following the year in which a project is placed into service.
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