63H-8-501. Definitions.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/7/2025

As used in this part:

(a)"First-time homebuyer" means an individual who satisfies:

(i)the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and

(ii)requirements made by the corporation by rule, as described in Section 63H-8-502 .

(b)"First-time homebuyer" includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502 , who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:

(i)had a present ownership interest with the single parent's former spouse during the three-year period;

(ii)resided while married during the three-year period; and

(iii)no longer:

(A)has a present ownership interest; or

(B)resides.

(2)"Home equity amount" means the difference between:

(i)in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase less an amount up to 1% of the sales price used for seller-paid closing costs; or

(ii)in the case of a refinance, the current appraised value of the qualifying residential unit; and

(b)the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit.

(3)"Program" means the First-Time Homebuyer Assistance Program created in Section 63H-8-502 .

(4)"Program funds" means money appropriated for the program.

(5)"Qualifying mortgage loan" means a mortgage loan that:

(a)is purchased by the corporation; and

(b)is subject to a document that is recorded in the office of the county recorder of the county in which the residential unit is located.

(6)"Qualifying residential unit" means a residential unit that:

(a)is located in the state;

(b)is new construction or newly constructed but not yet inhabited;

(c)is financed by a qualifying mortgage loan;

(d)is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and

(e)is purchased for an amount that does not exceed:

(i)$450,000; or

(ii)if applicable, the maximum purchase price established by the corporation under Section 63H-8-502 .

(7)"Recipient" means a first-time homebuyer who receives program funds.

(a)"Residential unit" means a house, condominium, townhome, or similar residential structure that serves as a one-unit dwelling or forms part of a two-unit dwelling.

(b)"Residential unit" includes a manufactured home or modular home that is attached to a permanent foundation.

Amended by Chapter 464 , 2025 General Session