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Code · Utah · Title 63N — Economic Opportunity Act · Chapter 24

63N-24-314. Repayment of funds.

186 words·~1 min read·/ut/title-63n/chapter-24/63n-24-314

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Effective 7/1/2026
63N-24-314. Repayment of funds.
(1)Upon the earlier of 30 years from the date an approved project is placed in service or the sale or transfer of the affordable housing units acquired, constructed, or rehabilitated as part of an approved project funded under Subsection 63N-22-313(1) , the housing sponsor shall remit to the division:
(a)the total amount of money distributed by the division to the housing sponsor for the project; and
(b)an additional amount of money determined by contract with the division prior to the initial disbursement of money.
(2)Any claim arising under Subsection
(1)is a lien against the real property funded under this chapter.
(a)Any money returned to the division under Subsection
(1)from a housing sponsor that received funds from the Economic Revitalization and Investment Fund shall be deposited in the Economic Revitalization and Investment Fund.
(b)Any money returned to the division under Subsection
(1)from a housing sponsor that received funds from the Rural Housing Fund shall be deposited in the Rural Housing Fund.
Renumbered and Amended by Chapter 393 , 2026 General Session
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