This bill amends provisions related to affordable housing. This bill: - defines terms; - amends provisions allowing revenue from a home ownership promotion zone to be used for certain purposes; - enacts provisions allowing legislative bodies to settle certain litigation through a consent agreement; - allows a county and municipality to use home ownership promotion zone funds for all or part of water exaction, street lighting, and environmental remediation costs; - requires a county to comply with land use provisions for all pending and new land use applications; - directs the Utah Housing Corporation to make rules regarding: procedures, qualifications, and requirements for private financial institutions that offer certain mortgage loans to first-time homebuyers; andthe creation of an incentive program for qualified buyers to assist certain borrowers with the purchase of liability insurance for certain qualifying projects; - provides that first-time home buyers may use certain mortgage loans for specified purposes; - creates a subordinate shared appreciation loan program to be administered by the Department of Workforce Services to assist borrowers for certain purposes; and - makes technical and conforming changes.

Statutes affected:
Introduced: 51-12-101, 63H-8-501, 63H-8-502
Substitute #1: 35A-8-505, 51-12-101, 63H-8-501, 63H-8-502
Amended 3/5/2025 15:03:549: 35A-8-505, 51-12-101, 63H-8-501, 63H-8-502
Substitute #2: 35A-8-505, 51-12-101, 63H-8-501, 63H-8-502
Enrolled: 35A-8-505, 51-12-101, 63H-8-501, 63H-8-502
Amended 3/5/2025 20:03:477: 35A-8-505, 51-12-101, 63H-8-501, 63H-8-502
Substitute #3: 35A-8-505, 51-12-101, 63H-8-501, 63H-8-502