Download Zipped Introduced WP 6.1 SB0131.ZIP 6,832 Bytes
[Status][Bill Documents][Fiscal Note][Bills Directory]
S.B. 131
1
2
3
4
5 AN ACT RELATING TO COMMUNITY AND ECONOMIC DEVELOPMENT; AMENDING
6 REQUIREMENTS FOR USE OF THE OLENE WALKER HOUSING TRUST FUND.
7 This act affects sections of Utah Code Annotated 1953 as follows:
8 AMENDS:
9 9-4-704, as last amended by Chapter 265, Laws of Utah 1994
10 Be it enacted by the Legislature of the state of Utah:
11 Section 1. Section 9-4-704 is amended to read:
12 9-4-704. Distribution of fund moneys.
13 (1) The executive director shall:
14 (a) make grants and loans from the fund for any of the activities authorized by Section
15 9-4-705, as recommended by the board;
16 (b) establish the criteria by which loans and grants will be made; and
17 (c) determine the order in which projects will be funded.
18 (2) The executive director shall distribute any federal moneys contained in the fund
19 according to the procedures, conditions, and restrictions placed upon the use of those moneys by
20 the federal government.
21 (3) The executive director shall distribute all other moneys from the fund according to the
22 following requirements:
23 (a) Not less than 30% of all fund moneys shall be distributed to rural areas of the state.
24 (b) Not less than 10% of all fund moneys shall be used to acquire, rehabilitate, or construct
25 low-income housing for persons 65 years of age or older.
26 [
27 to the fund by the entity receiving them.
1 (i) (A) Of the fund moneys distributed as loans, at least 50% shall be distributed to benefit
2 persons whose annual income is at or below 50% of the median family income for the state.
3 (B) The remaining loan moneys shall be distributed to benefit persons whose annual
4 income is at or below 80% of the median family income for the state.
5 (ii) The executive director or his designee shall lend moneys in accordance with
6 Subsection (3)(c)(i) at a rate based upon the borrower's ability to pay.
7 [
8 (i) Ninety-five percent of the fund moneys distributed as grants shall be distributed to
9 benefit persons whose annual income is at or below 50% of the median family income for the state.
10 (ii) The remaining 5% of the fund moneys may be used by the executive director to obtain
11 federal matching funds or for other uses consistent with the intent of this part, including the
12 payment of reasonable loan processing fees, but may not be used to offset department or board
13 administrative expenses.
14 (4) The executive director may enact rules to establish procedures for the grant and loan
15 process by following the procedures and requirements of Title 63, Chapter 46a, Utah
16 Administrative Rulemaking Act.
Legislative Review Note
as of 12-10-96 2:03 PM
A limited legal review of this bill raises no obvious constitutional or statutory concerns.
Office of Legislative Research and General Counsel
[Bill Documents][Bills Directory]