61-2-28. Utah Housing Opportunity Restricted Account.
(1) There is created in the General Fund a restricted account known as the "Utah Housing
Opportunity Restricted Account."
(2) The account shall be funded by:
(a) contributions deposited into the Utah Housing Opportunity Restricted Account in
accordance with Section 41-1a-422;
(b) private contributions; and
(c) donations or grants from public or private entities.
(3) Funds in the account are nonlapsing.
(4) (a) The state treasurer shall invest monies in the account according to Title 51,
Chapter 7, State Money Management Act.
(b) The Division of Finance shall deposit interest or other earnings derived from
investment of account monies into the General Fund.
(5) The Legislature shall appropriate money in the account to the division.
(6) The division shall distribute the funds to one or more charitable organizations that:
(a) qualify as being tax exempt under Section 501(c)(3), Internal Revenue Code; and
(b) have as a primary part of their mission to provide support to organizations that create
affordable housing for those in severe need.
(7) The division may only consider proposals that are:
(a) proposed by an organization under Subsection (6); and
(b) designed to provide support to organizations that create affordable housing for those
in severe need.
(8) (a) An organization described in Subsection (6) may apply to the division to receive a
distribution in accordance with Subsection (6).
(b) An organization that receives a distribution from the division in accordance with
Subsection (6) shall expend the distribution only to provide support to organizations that create
affordable housing for those in severe need.
(9) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
division shall make rules providing procedures for an organization to apply to receive funds
under this section.
Amended by Chapter 216, 2008 General Session
Amended by Chapter 382, 2008 General Session
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Last revised: Thursday, May 28, 2009