9-4-927 - New housing grants -- Reimbursement from Housing Relief Restricted Special Revenue Fund.
9-4-927. New housing grants -- Reimbursement from Housing Relief RestrictedSpecial Revenue Fund.
(1) Subject to the availability of funds in the Housing Relief Restricted Special Revenue Fundcreated in Section 67-4-18, the corporation shall approve on behalf of the state a grant of $6,000 to aperson who:
(a) purchases a newly constructed, never-occupied residence in Utah using a 30-year fixedinterest rate note and mortgage; and
(b) meets the requirements established in Subsections (2) and (3).
(2) A person may not receive a grant under this section if the person's income, as determinedby the corporation, exceeds:
(a) $75,000 for a single person; or
(b) $150,000 for a married couple.
(3) The corporation shall establish procedures for determining a person's eligibility for a grantunder this section, including establishing a limit on the time for which the funds for a grant may remain inescrow, which may not exceed 90 days.
Enacted by Chapter 15, 2009 General Session