UTAH CODE (Last Updated: January 16, 2015) |
Title 17C. Limited Purpose Local GovernmentEntities - Community Development and Renewal Agencies Act |
Chapter 1. General Provisions |
Part 4. Tax Increment and Sales Tax |
§ 17C-1-411. Use of tax increment for housing and for relocating mobile home park residents -- Funds to be held in separate accounts.
Latest version.
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(2) (a) Each agency shall separately account for funds allocated under this section. (b) Interest earned by the housing fund and any payments or repayments made to the agency for loans, advances, or grants of any kind from the fund, shall accrue to the housing fund. (c) Each agency designating a housing fund under this section shall use the fund for: (i) the purposes set forth in this section; or (ii) the purposes set forth in this title relating to the urban renewal, economic development, or community development project area from which the funds originated. (3) An agency may lend, grant, or contribute funds from the housing fund to a person, public entity, housing authority, private entity or business, or nonprofit corporation for affordable housing.
Amended by Chapter 387, 2009 General Session