No. 34223 (New Rule): Rule R162-2a. Utah Housing Opportunity Restricted Account

(New Rule)

DAR File No.: 34223
Filed: 11/10/2010 07:27:36 AM

RULE ANALYSIS

Purpose of the rule or reason for the change:

This rule is proposed to reformat existing provisions from Rule R162-12 into a statutory numbering scheme and to eliminate provisions that duplicate the statute (Section 61-2-204). (DAR NOTE: The proposed repeal of Rule R162-12 is under DAR No. 34224 in this issue, December 1, 2010, of the Bulletin.)

Summary of the rule or change:

Procedures are outlined by which a qualified applicant may apply to receive money from the Utah Housing Opportunity Restricted Account.

State statutory or constitutional authorization for this rule:

• Section 61-2-204

Anticipated cost or savings to:

the state budget:

Where the substantive provisions of this rule are already in place pursuant to Rule R162-12, no fiscal impact to the state budget is anticipated.

local governments:

Where the substantive provisions of this rule are already in place pursuant to Rule R162-12, no fiscal impact to local governments is anticipated.

small businesses:

Where the substantive provisions of this rule are already in place pursuant to Rule R162-12, no fiscal impact to small businesses is anticipated.

persons other than small businesses, businesses, or local governmental entities:

Where the substantive provisions of this rule are already in place pursuant to Rule R162-12, no fiscal impact to affected persons is anticipated.

Compliance costs for affected persons:

There are no fees or costs to submit an application to receive money from the Utah Housing Opportunity Restricted Account. There are no compliance costs.

Comments by the department head on the fiscal impact the rule may have on businesses:

This filing renumbers the Division rules to mirror the statutory numbering scheme and removes duplicative provisions. As indicated in the rule summary, there will be no impact to businesses as the rule filing contains the same substance as the old rule.

Francine A. Giani, Executive Director

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Commerce
Real Estate
160 E 300 S
SALT LAKE CITY, UT 84111-2316

Direct questions regarding this rule to:

• Jennie Jonsson at the above address, by phone at 801-530-6706, by FAX at 801-526-4387, or by Internet E-mail at [e-mail]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

12/31/2010

This rule may become effective on:

01/07/2011

Authorized by:

Deanna Sabey, Director

RULE TEXT

R162. Commerce, Real Estate.

R162-2a. Utah Housing Opportunity Restricted Account.

R162-2a-1. Utah Housing Opportunity Restricted Account.

(1) The authority to promulgate administrative rules by which an organization may apply to receive money from the account is granted by Section 61-2-204(10).

(2) As used in this section, "qualified entity" means an applicant that meets the qualifications of Section 61-2-204(7).

(3) To apply, a qualified entity shall, no later than August 1, submit to the division:

(a) contact information for the applicant;

(b) proof that the entity is tax exempt under Section 501(c)(3), Internal Revenue Code;

(c) proof that the entity provides support to organizations that create affordable housing for those in severe need as a primary part of its mission;

(d) a statement of the purpose for which the application is submitted;

(e) an explanation of how the entity proposes to use a disbursement of money to promote affordable housing for those in severe need; and

(f) an explanation of the internal management controls and financial controls of the entity that would ensure that any funds received would be used only for authorized purposes.

(4) Each year, the division shall make a disbursement to the qualified applicant that appears most likely to effectively and efficiently use the funds to promote affordable housing for those in severe need.

(5) Disbursement shall be made no later than December 31 each year.

 

KEY: Utah Housing Opportunity Restricted Account, application procedures

Date of Enactment or Last Substantive Amendment: 2011

Authorizing, and Implemented or Interpreted Law: 61-2-204

 

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