9-4-925 - Low-income housing tax credits. - Utah Statutes

9-4-925. Low-income housing tax credits.
(1) The corporation is designated the "Housing Credit Agency" for the state within themeaning of 26 U.S.C. Sec. 42(h) and for the purposes of carrying out 26 U.S.C. Sec. 42 and anyregulations promulgated under that section.
(2) The entire state housing credit ceiling for each calendar year is allocated to thecorporation.
(3) The allocation of the state housing credit ceiling shall be made under the state'squalified allocation plan within the meaning of 26 U.S.C. Sec. 42(m), as amended, and asprovided in Subsection (4).
(4) The corporation may amend the state's qualified allocation plan as necessary tocomply with revisions to the low-income housing tax credit program under 26 U.S.C. Sec. 42, oras may be necessary to further the goals and purposes of the low-income housing tax creditprogram for the state.
(5) The corporation, or a subsidiary of the corporation, may have a direct or indirectownership interest in, and may materially participate in the operation and management of, ahousing development or program that has received an allocation of the state housing creditceiling.

Amended by Chapter 319, 2001 General Session