Utah Admin. Code R990-200-3 - Definitions
Terms used in this rule are defined in Section 35A-8-2102. Terms not defined in that section or in this rule shall be defined as used in the Private Activity Bond Program - Policies and Procedures (Policies), adopted October 2022, which is incorporated by reference. In addition:
(1) "Affordable" means at least 20% of the
residential units in the project are set aside for families whose incomes do
not exceed 50% of Area Median Income (AMI), adjusted for family size; or at
least 40% of the residential units in the project are set aside for families
whose incomes do not exceed 60% of AMI, adjusted for family size.
(2) "Applicant" means a borrower or issuing
authority submitting an application for an allocation of volume cap or a
project sponsor submitting an application on behalf of an issuing authority for
an allocation of volume cap.
(3)
"Available volume cap" means the unencumbered volume cap.
(4) "Application" means:
(a) the electronic federal Low-Income Housing
Tax Credit consolidated application for multi-family applicants;
(b) the private activity bond authority
manufacturing facility application for the manufacturing, redevelopment or
exempt facility applicants; or
(c)
the private activity bond authority application for single family or student
loan applicants.
(5)
"Closed" or "close" means the time at which bonds are exchanged for
funds.
(6) "Good standing" means
the applicant or recipient:
(a) has timely
remitted to the Board of Review all required fees and payments at the time of
application;
(b) has timely
submitted to the Board of Review all required reports at the time of
application;
(c) for the five years
preceding the submission of the request for an allocation or extension, has not
failed to close any projects for which the Board of Review has made an
allocation; and
(d) for the five
years preceding the submission of the request for an allocation or extension,
has not made to the Board of Review any misrepresentations about an application
for allocation or any previous or current project.
(7) If an applicant or recipient has
previously received an allocation from the Board of Review for one or more
multi-family projects, "good standing" means the applicant or recipient meets
the requirements of Subsection (6) and the applicant or recipient:
(a) has not exceeded rent or income limits at
any time in the immediately preceding five years;
(b) has not converted any affordable unit
into a market rate unit at any time in the immediately preceding five
years;
(c) has rented designated
affordable units only to qualified low- and moderate -income tenants for the
immediately preceding five years; and
(d) is in good standing with the Utah Housing
Corporation at the time of application.
(8) "Project" means the applicant's plan for
which the private activity bonds are being sought.
(9) "Recipient" means a borrower or issuing
authority that has been awarded an allocation of volume cap.
(10) "Low- and moderate- income" means a
household whose income upon initial occupancy does not exceed 140% of AMI
adjusted for family size.
(11)
"Market rate" means housing units that are not affordable.
(12) "Legislative occurrence" means federal
or state legislation that becomes legally effective within one year of a
project's fifth bond extension approval and which substantially affects the
project and its ability to close.
Notes
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