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7 LONG TITLE
8 General Description:
9 This bill addresses financing of affordable housing through revenue from liquor sales.
10 Highlighted Provisions:
11 This bill:
12 ▸ defines terms;
13 ▸ creates the Alcoholic Beverage Control Act Affordable Housing Fund;
14 ▸ provides for a percentage of revenue from liquor sales be credited to the fund; and
15 ▸ outlines the uses of the money in the fund by the Olene Walker Housing Loan Fund.
16 Money Appropriated in this Bill:
17 None
18 Other Special Clauses:
19 None
20 Utah Code Sections Affected:
21 ENACTS:
22 32B-2-309, Utah Code Annotated 1953
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24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 32B-2-309 is enacted to read:
26 32B-2-309. Alcoholic Beverage Control Act Affordable Housing Fund.
27 (1) As used in this section:
28 (a) "Affordable housing" means housing occupied or reserved for occupancy by
29 households whose incomes are at or below certain income requirements at rental rates
30 affordable to such households.
31 (b) "Fund" means the Alcoholic Beverage Control Act Affordable Housing Fund
32 created in this section.
33 (c) "Gap financing" means a loan to fund the remaining cost of development of an
34 affordable housing project after other money has been secured, including bond funds, tax
35 credits, conventional loans, or other private and public funds.
36 (d) "Multifamily housing" means housing accommodations that are designed
37 principally for residential use and consist of not less than five units on one site. These units
38 may be detached, semidetached, row house, or multifamily structures.
39 (e) "Olene Walker Housing Loan Fund" means the fund created in Section 35A-8-502.
40 (f) "Private activity bond" means a bond described in Title 35A, Chapter 8, Part 21,
41 Private Activity Bonds.
42 (2) (a) There is created an expendable special revenue fund known as the "Alcoholic
43 Beverage Control Act Affordable Housing Fund."
44 (b) The fund consists of:
45 (i) deposits made under Subsection (3); and
46 (ii) interest earned on the fund.
47 (3) The department shall deposit 3% of the total gross revenue from sales of liquor
48 with the state treasurer, as determined by the total gross revenue collected for the fiscal year
49 two years preceding the fiscal year for which the deposit is made, to be credited to the fund.
50 (4) The Olene Walker Housing Loan Fund shall use money from the fund for gap
51 financing of private activity bond financed multi-family housing.