S.B. 260 Enrolled

1

HOUSING RELIEF RESTRICTED SPECIAL
2 REVENUE FUND
3 2009 GENERAL SESSION
4 STATE OF UTAH
5 Chief Sponsor: Scott K. Jenkins
6 House Sponsor: Michael T. Morley
7
8 LONG TITLE
9 General Description:
10 This bill creates the Housing Relief Restricted Special Revenue Fund and provides for
11 grants to be made from the fund for homebuyers purchasing a newly constructed
12 residence.
13 Highlighted Provisions:
14 This bill:
15 . provides that the Utah Housing Corporation administer grants to the buyers of a
16 newly constructed residence;
17 . requires the state treasurer to fund grants made to buyers of newly constructed
18 residences; and
19 . creates the Housing Relief Restricted Special Revenue Fund, from which grant
20 monies will be paid.
21 Monies Appropriated in this Bill:
22 None
23 Other Special Clauses:
24 This bill provides an immediate effective date.
25 Utah Code Sections Affected:
26 ENACTS:
27 9-4-927, Utah Code Annotated 1953
28 67-4-18, Utah Code Annotated 1953
29

30 Be it enacted by the Legislature of the state of Utah:
31 Section 1. Section 9-4-927 is enacted to read:
32 9-4-927. New housing grants -- Reimbursement from Housing Relief Restricted
33 Special Revenue Fund.
34 (1) Subject to the availability of funds in the Housing Relief Restricted Special
35 Revenue Fund created in Section 67-4-18 , the corporation shall approve on behalf of the state
36 a grant of $6,000 to a person who:
37 (a) purchases a newly constructed, never-occupied residence in Utah using a 30-year
38 fixed interest rate note and mortgage; and
39 (b) meets the requirements established in Subsections (2) and (3).
40 (2) A person may not receive a grant under this section if the person's income, as
41 determined by the corporation, exceeds:
42 (a) $75,000 for a single person; or
43 (b) $150,000 for a married couple.
44 (3) The corporation shall establish procedures for determining a person's eligibility for
45 a grant under this section, including establishing a limit on the time for which the funds for a
46 grant may remain in escrow, which may not exceed 90 days.
47 Section 2. Section 67-4-18 is enacted to read:
48 67-4-18. Housing Relief Restricted Special Revenue Fund -- Payments to Utah
49 Housing Corporation.
50 (1) As used in this section, "fund" means the Housing Relief Restricted Special
51 Revenue Fund created by this section.
52 (2) There is created the Housing Relief Restricted Special Revenue Fund.
53 (3) The fund shall be comprised of monies deposited in the fund from monies received
54 as a result of the federal American Recovery and Reinvestment Act of 2009.
55 (4) Monies in the fund shall be expended to fund grants to be made by the Utah
56 Housing Corporation in accordance with Section 9-4-927 .
57 (5) The treasurer may place funds in an escrow account, upon which the Utah Housing

58 Corporation may draw to make grants in accordance with Section 9-4-927 .
59 (6) The treasurer may use monies from the fund to pay the costs of escrow and other
60 expenses of the corporation in connection with its duties under Section 9-4-927 .
61 (7) The treasurer shall administer the fund and make payments from the fund in
62 accordance with this section and Section 9-4-927 .
63 Section 3. Effective date.
64 If approved by two-thirds of all the members elected to each house, this bill takes effect
65 upon approval by the governor, or the day following the constitutional time limit of Utah
66 Constitution Article VII, Section 8, without the governor's signature, or in the case of a veto,
67 the date of veto override.