Utah Admin. Code R460-3-6 - State Low-Income Housing Tax Credit Program
(1) Application
procedures.
(a) UHC shall incorporate in the
low-income housing tax credit allocation plan prepared by UHC pursuant to
Section R460-3-4 criteria and allocation procedures that UHC will follow in
administering state low-income housing tax credits.
(b) UHC shall designate the form of
application which shall be used to request an allocation of state low-income
housing tax credits.
(2)
Reservation of credits.
(a) UHC shall evaluate
all applications according to the procedures set forth in the allocation plan,
however, the applications will not be scored and ranked for purposes of
reserving state low-income housing tax credits. A reservation of state
low-income housing tax credits allocated to an applicant shall be in an amount
determined by UHC and shall be based upon the facts, circumstances, and
representations contained in the application. UHC may reserve state low-income
housing tax credits to projects either in conjunction with the reservation of
federal low-income housing tax credits or at a later date to a project not yet
placed-in-service that previously received a reservation of federal low-income
housing tax credits.
(b) UHC may
condition a reservation of state low-income housing tax credits to an applicant
upon any restrictions and conditions UHC believes are consistent with the
purpose and intent of the program, and those which will ensure the completion
of the residential housing development.
(c) No reservation of state low-income
housing tax credits may be transferred by an applicant unless the specific
written approval of UHC is obtained before the proposed transfer. Any transfer
shall be made in writing, with copies of all written documents provided to
UHC.
(d) Applicants shall provide
UHC with any information that may be requested by UHC in performing its duties
and responsibilities required under the low-income housing tax credit program
and the allocation plan.
(3) Allocation.
(a) UHC shall enter into an agreement for the
carry-over allocation of state low-income housing tax credits, or make a final
allocation of state low-income housing tax credits, to applicants who have
received a reservation of state low-income housing tax credits upon
satisfaction to UHC of all conditions to the reservation of the state and
federal low-income housing tax credits.
(b) As a condition to making any allocation
of state low-income housing tax credits, UHC may require an applicant to make a
deposit, or provide other guarantees of performance, in an amount and manner as
determined by UHC to ensure the completion of the residential housing
development. Circumstances under which deposits or performance guarantees will
be returned or forfeited, in whole or in part, shall be made known to
applicants before the collection of the deposit or performance
guarantee.
(c) UHC may reserve or
allocate state low-income housing tax credits in amounts that are less than
amounts requested by applicants.
Notes
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