Utah Admin. Code R982-502-6 - Borrower Responsibilities
After receipt of a low-income ADU loan, the borrower shall:
(1) construct an accessory
dwelling unit on the borrower's residential property within one year after the
day on which the borrower receives the loan;
(2) occupy the primary residence with which
the accessory dwelling unit is associated:
(a) after the accessory dwelling unit is
completed; and
(b) for the
remainder of the term of the loan; and
(3) rent the accessory dwelling unit to a
low-income individual:
(a) after the
accessory dwelling unit is completed; and
(b) for the remainder of the term of the
loan.
(4) If, during the
term of the loan, the borrower sells or otherwise conveys or transfers the
property with which the accessory dwelling unit is associated, the loan
guarantee shall be extinguished at the time of the sale. If the purchaser
assumes the loan at the time of sale, the purchaser shall be required to apply
for and receive a new loan guarantee under this pilot program.
Notes
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