This bill deals with the use of certain funding to promote home ownership and provisions related to community reinvestment agencies.
This bill:
- defines terms and modifies definitions;
- authorizes the Utah Inland Port Authority to provide general differential revenue from a project area to a non-profit housing fund to assist low-income individuals and families to achieve home ownership within a 15 mile radius of the project area that generated the general differential revenue;
- authorizes a community reinvestment agency to pay all or any portion of the agency's housing allocation to a nonprofit housing fund for use in assisting individuals or families within the community to achieve or retain homeownership;
- requires a participation agreement to have a provision authorizing an agency to use funding that would otherwise be provided to a participant under the participation agreement to pay a participant's delinquent property tax or privilege tax or resolve a political subdivision lien against the participant;
- requires an agency to confirm with the county that a participant is not delinquent on property tax or privilege tax or subject to a political subdivision lien before providing the participant with funding under a participation agreement;
- prohibits a community reinvestment agency from providing funding to a participant that is delinquent on property taxes or privilege taxes or subject to a political subdivision lien; and
- makes technical and conforming changes.

Statutes affected:
Introduced: 11-58-602, 17C-1-102, 17C-1-202, 17C-1-412, 17C-1-1001, 17C-1-1002
Substitute #1: 11-58-602, 17C-1-102, 17C-1-202, 17C-1-409, 17C-1-412, 17C-1-1001