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UTAH STATUTES AND CODES
61-2-204 - Utah Housing Opportunity Restricted Account.
61-2-204. Utah Housing Opportunity Restricted Account.
(1) For purposes of this section, "account" means the Utah Housing OpportunityRestricted Account created by this section.
(2) There is created in the General Fund a restricted account known as the "Utah HousingOpportunity Restricted Account."
(3) The account shall be funded by:
(a) contributions deposited into the account in accordance with Section 41-1a-422;
(b) private contributions; and
(c) donations or grants from public or private entities.
(4) Money in the account is nonlapsing.
(5) (a) The state treasurer shall invest money 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 frominvestment of account money into the General Fund.
(6) The Legislature shall appropriate money in the account to the division.
(7) The division shall distribute the money in the account to one or more charitableorganizations that:
(a) are 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 createaffordable housing for those in severe need.
(8) The division may consider a proposal only if it is:
(a) proposed by an organization described in Subsection (7); and
(b) designed to provide support to organizations that create affordable housing for thosein severe need.
(9) (a) An organization described in Subsection (7) may apply to the division to receive adistribution in accordance with Subsection (7).
(b) An organization that receives a distribution from the division in accordance withSubsection (7) shall expend the distribution only to provide support to organizations that createaffordable housing for those in severe need.
(10) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thedivision shall make rules providing procedures for an organization to apply to receive moneyunder this section.
(1) For purposes of this section, "account" means the Utah Housing OpportunityRestricted Account created by this section.
(2) There is created in the General Fund a restricted account known as the "Utah HousingOpportunity Restricted Account."
(3) The account shall be funded by:
(a) contributions deposited into the account in accordance with Section 41-1a-422;
(b) private contributions; and
(c) donations or grants from public or private entities.
(4) Money in the account is nonlapsing.
(5) (a) The state treasurer shall invest money 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 frominvestment of account money into the General Fund.
(6) The Legislature shall appropriate money in the account to the division.
(7) The division shall distribute the money in the account to one or more charitableorganizations that:
(a) are 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 createaffordable housing for those in severe need.
(8) The division may consider a proposal only if it is:
(a) proposed by an organization described in Subsection (7); and
(b) designed to provide support to organizations that create affordable housing for thosein severe need.
(9) (a) An organization described in Subsection (7) may apply to the division to receive adistribution in accordance with Subsection (7).
(b) An organization that receives a distribution from the division in accordance withSubsection (7) shall expend the distribution only to provide support to organizations that createaffordable housing for those in severe need.
(10) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thedivision shall make rules providing procedures for an organization to apply to receive moneyunder this section.
Renumbered and Amended by Chapter 379, 2010 General Session
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