Rep. Norm Thurston — Voting Record

Bill

Number

S.B. 39 Fourth Substitute (2020GS)

Sponsor

Sen. Anderegg, J.

Final action

Governor Signed 3/28/2020

Outcome

Became law — signed by Gov. Gary R. Herbert

Summary

What it does

• This bill:
• modifies the allowable uses for a community reinvestment agency's housing allocation;
• modifies the requirements for distributing money from the Olene Walker Housing Loan Fund;
• authorizes the Housing and Community Development Division (the division) to partner with one or more housing authorities or other entities to provide rental assistance;
• authorizes the division to partner with the State Board of Education and one or more housing authorities or other entities to identify and to provide rental assistance to families with children who are homeless or are at risk of homelessness;
• allows low-income housing tax credits to be assigned to another tax payer;
• modifies the distribution of excess money in the Unclaimed Property Trust Fund; and
• makes technical changes.

Every vote on this bill

Bill text

AFFORDABLE HOUSING AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Jacob L. Anderegg
House Sponsor: 
 Val K. Potter
LONG TITLE
Committee Note:
The Economic Development and Workforce Services Interim Committee recommended
this bill.
Legislative Vote: 7 voting for 5 voting against 5 absent
General Description:
This bill modifies provisions related to affordable housing.
Highlighted Provisions:
This bill:
▸ modifies the allowable uses for a community reinvestment agency's housing
allocation;
▸ modifies the requirements for distributing money from the Olene Walker Housing
Loan Fund;
▸ authorizes the Housing and Community Development Division (the division) to
partner with one or more housing authorities or other entities to provide rental
assistance;
▸ authorizes the division to partner with the State Board of Education and one or more
housing authorities or other entities to identify and to provide rental assistance to
families with children who are homeless or are at risk of homelessness;
▸ allows low-income housing tax credits to be assigned to another tax payer;
▸ modifies the distribution of excess money in the Unclaimed Property Trust Fund;
and
▸ makes technical changes.
Money Appropriated in this Bill:
This bill appropriates in fiscal year 2021:
▸ to the Department of Workforce Services -- Olene Walker Housing Loan Fund as a
one-time appropriation:
• from the General Fund, $20,300,000; and
▸ to the Department of Workforce Services -- Olene Walker Housing Loan Fund as an
ongoing appropriation:
• from the General Fund, $10,000,000.
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
17C-1-102
, as last amended by Laws of Utah 2019, Chapters 376 and 480
17C-1-412
, as last amended by Laws of Utah 2019, Chapters 296 and 376
35A-8-504
, as last amended by Laws of Utah 2016, Chapters 131 and 350
35A-8-505
, as last amended by Laws of Utah 2019, Chapter 327
59-7-607
, as last amended by Laws of Utah 2017, Chapter 279
59-10-1010
, as last amended by Laws of Utah 2017, Chapter 279
67-4a-801
, as repealed and reenacted by Laws of Utah 2017, Chapter 371
67-4a-803
, as enacted by Laws of Utah 2017, Chapter 371
ENACTS:
35A-8-507.1
, Utah Code Annotated 1953
35A-8-507.2
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
17C-1-102
 is amended to read:
17C-1-102.
Definitions.
As used in this title:
(1) "Active project area" means a project area that has not been dissolved in accordance
with Section 
17C-1-702
.
(2) "Adjusted tax increment" means the percentage of tax increment, if less than 100%,
that an agency is authorized to receive :
(a) for a pre-July 1, 1993, project area plan, under Section 
17C-1-403
, excluding tax
increment under Subsection 
17C-1-403
(3);
(b) for a post-June 30, 1993, project area plan, under Section 
17C-1-404
, excluding tax
increment under Section 
17C-1-406
;
(c) under a project area budget approved by a taxing entity committee; or
(d) under an interlocal agreement that authorizes the agency to receive a taxing entity's
tax increment.
(3) "Affordable housing" means housing owned or occupied by a low or moderate
income family, as determined by resolution of the agency.
(4) "Agency" or "community reinvestment agency" means a separate body corporate
and politic, created under Section 
17C-1-201.5
 or as a redevelopment agency or community
development and renewal agency under previous law:
(a) that is a political subdivision of the state;
(b) that is created to undertake or promote project area development as provided in this
title; and
(c) whose geographic boundaries are coterminous with:
(i) for an agency created by a county, the unincorporated area of the county; and
(ii) for an agency created by a municipality, the boundaries of the municipality.
(5) "Agency funds" means money that an agency collects or receives for agency
operations, implementing a project area plan, or other agency purposes, including:
(a) project area funds;
(b) income, proceeds, revenue, or property derived from or held in connection with the
agency's undertaking and implementation of project area development; or
(c) a contribution, loan, grant, or other financial assistance from any public or private
source.
(6) "Annual income" means the same as that term is defined in regulations of the
United States Department of Housing and Urban Development, 24 C.F.R. Sec. 5.609, as
amended or as superseded by replacement regulations.
(7) "Assessment roll" means the same as that term is defined in Section 
59-2-102
.
(8) "Base taxable value" means, unless otherwise adjusted in accordance with
provisions of this title, a property's taxable value as shown upon the assessment roll last
equalized during the base year.
(9) "Base year" means, except as provided in Subsection 
17C-1-402
(4)(c), the year
during which the assessment roll is last equalized:
(a) for a pre-July 1, 1993, urban renewal or economic development project area plan,
before the project area plan's effective date;
(b) for a post-June 30, 1993, urban renewal or economic development project area
plan, or a community reinvestment project area plan that is subject to a taxing entity
committee:
(i) before the date on which the taxing entity committee approves the project area
budget; or
(ii) if taxing entity committee approval is not required for the project area budget,
before the date on which the community legislative body adopts the project area plan;
(c) for a project on an inactive airport site, after the later of:
(i) the date on which the inactive airport site is sold for remediation and development;
or
(ii) the date on which the airport that operated on the inactive airport site ceased
operations; or
(d) for a community development project area plan or a community reinvestment
project area plan that is subject to an interlocal agreement, as described in the interlocal
agreement.
(10) "Basic levy" means the portion of a school district's tax levy constituting the
minimum basic levy under Section 
59-2-902
.
(11) "Board" means the governing body of an agency, as described in Section
17C-1-203
.
(12) "Budget hearing" means the public hearing on a proposed project area budget
required under Subsection 
17C-2-201
(2)(d) for an urban renewal project area budget,
Subsection 
17C-3-201
(2)(d) for an economic development project area budget, or Subsection
17C-5-302
(2)(e) for a community reinvestment project area budget.
(13) "Closed military base" means land within a former military base that the Defense
Base Closure and Realignment Commission has voted to close or realign when that action has
been sustained by the president of the United States and Congress.
(14) "Combined incremental value" means the combined total of all incremental values
from all project areas, except project areas that contain some or all of a military installation or
inactive industrial site, within the agency's boundaries under project area plans and project area
budgets at the time that a project area budget for a new project area is being considered.
(15) "Community" means a county or municipality.
(16) "Community development project area plan" means a project area plan adopted
under Chapter 4, Part 1, Community Development Project Area Plan.
(17) "Community legislative body" means the legislative body of the community that
created the agency.
(18) "Community reinvestment project area plan" means a project area plan adopted
under Chapter 5, Part 1, Community Reinvestment Project Area Plan.
(19) "Contest" means to file a written complaint in the district court of the county in
which the agency is located.
(20) "Development impediment" means a condition of an area that meets the
requirements described in Section 
17C-2-303
 for an urban renewal project area or Section
17C-5-405
 for a community reinvestment project area.
(21) "Development impediment hearing" means a public hearing regarding whether a
development impediment exists within a proposed:
(a) urban renewal project area under Subsection 
17C-2-102
(1)(a)(i)(C) and Section
17C-2-302
; or
(b) community reinvestment project area under Section 
17C-5-404
.
(22) "Development impediment study" means a study to determine whether a
development impediment exists within a survey area as described in Section 
17C-2-301
 for an
urban renewal project area or Section 
17C-5-403
 for a community reinvestment project area.
(23) "Economic development project area plan" means a project area plan adopted
under Chapter 3, Part 1, Economic Development Project Area Plan.
(24) "Fair share ratio" means the ratio derived by:
(a) for a municipality, comparing the percentage of all housing units within the
municipality that are publicly subsidized income targeted housing units to the percentage of all
housing units within the county in which the municipality is located that are publicly
subsidized income targeted housing units; or
(b) for the unincorporated part of a county, comparing the percentage of all housing
units within the unincorporated county that are publicly subsidized income targeted housing
units to the percentage of all housing units within the whole county that are publicly subsidized
income targeted housing units.
(25) "Family" means the same as that term is defined in regulations of the United
States Department of Housing and Urban Development, 24 C.F.R. Section 5.403, as amended
or as superseded by replacement regulations.
(26) "Greenfield" means land not developed beyond agricultural, range, or forestry use.
(27) "Hazardous waste" means any substance defined, regulated, or listed as a
hazardous substance, hazardous material, hazardous waste, toxic waste, pollutant, contaminant,
or toxic substance, or identified as hazardous to human health or the environment, under state
or federal law or regulation.
(28) "Housing allocation" means project area funds allocated for housing under Section
17C-2-203
, 
17C-3-202
, or 
17C-5-307
 for the purposes described in Section 
17C-1-412
.
(29) "Housing fund" means a fund created by an agency for purposes described in
Section 
17C-1-411
 or 
17C-1-412
 that is comprised of:
(a) project area funds allocated for the purposes described in Section 
17C-1-411
; or
(b) an agency's housing allocation.
(30) (a) "Inactive airport site" means land that:
(i) consists of at least 100 acres;
(ii) is occupied by an airport:
(A) (I) that is no longer in operation as an airport; or
(II) (Aa) that is scheduled to be decommissioned; and
(Bb) for which a replacement commercial service airport is under construction; and
(B) that is owned or was formerly owned and operated by a public entity; and
(iii) requires remediation because:
(A) of the presence of hazardous waste or solid waste; or
(B) the site lacks sufficient public infrastructure and facilities, including public roads,
electric service, water system, and sewer system, needed to support development of the site.
(b) "Inactive airport site" includes a perimeter of up to 2,500 feet around the land
described in Subsection (30)(a).
(31) (a) "Inactive industrial site" means land that:
(i) consists of at least 1,000 acres;
(ii) is occupied by an inactive or abandoned factory, smelter, or other heavy industrial
facility; and
(iii) requires remediation because of the presence of hazardous waste or solid waste.
(b) "Inactive industrial site" includes a perimeter of up to 1,500 feet around the land
described in Subsection (31)(a).
(32) "Income targeted housing" means housing that is owned or occupied by a family
whose annual income is at or below 80% of the median annual income for a family within the
county in which the housing is located.
(33) "Incremental value" means a figure derived by multiplying the marginal value of
the property located within a project area on which tax increment is collected by a number that
represents the adjusted tax increment from that project area that is paid to the agency.
(34) "Loan fund board" means the Olene Walker Housing Loan Fund Board,
established under Title 35A, Chapter 8, Part 5, Olene Walker Housing Loan Fund.
(35) (a) " Local government building" means a building owned and operated by a
community for the primary purpose of providing one or more primary community functions,
including:
(i) a fire station;
(ii) a police station;
(iii) a city hall; or
(iv) a court or other judicial building.
(b) " Local government building" does not include a building the primary purpose of
which is cultural or recreational in nature.
(36) "Marginal value" means the difference between actual taxable value and base
taxable value.
(37) "Military installation project area" means a project area or a portion of a project
area located within a federal military installation ordered closed by the federal Defense Base
Realignment and Closure Commission.
(38) "Municipality" means a city, town, or metro township as defined in Section
10-2a-403
.
(39) "Participant" means one or more persons that enter into a participation agreement
with an agency.
(40) "Participation agreement" means a written agreement between a person and an
agency that:
(a) includes a description of:
(i) the project area development that the person will undertake;
(ii) the amount of project area funds the person may receive; and
(iii) the terms and conditions under which the person may receive project area funds;
and
(b) is approved by resolution of the board.
(41) "Plan hearing" means the public hearing on a proposed project area plan required
under Subsection 
17C-2-102
(1)(a)(vi) for an urban renewal project area plan, Subsection
17C-3-102
(1)(d) for an economic development project area plan, Subsection 
17C-4-102
(1)(d)
for a community development project area plan, or Subsection 
17C-5-104
(3)(e) for a
community reinvestment project area plan.
(42) "Post-June 30, 1993, project area plan" means a project area plan adopted on or
after July 1, 1993, and before May 10, 2016, whether or not amended subsequent to the project
area plan's adoption.
(43) "Pre-July 1, 1993, project area plan" means a project area plan adopted before July
1, 1993, whether or not amended subsequent to the project area plan's adoption.
(44) "Private," with respect to real property, means property not owned by a public
entity or any other governmental entity.
(45) "Project area" means the geographic area described in a project area plan within
which the project area development described in the project area plan takes place or is
proposed to take place.
(46) "Project area budget" means a multiyear projection of annual or cumulative
revenues and expenses and other fiscal matters pertaining to a project area prepared in
accordance with:
(a) for an urban renewal project area, Section 
17C-2-201
;
(b) for an economic development project area, Section 
17C-3-201
;
(c) for a community development project area, Section 
17C-4-204
; or
(d) for a community reinvestment project area, Section 
17C-5-302
.
(47) "Project area development" means activity within a project area that, as
determined by the board, encourages, promotes, or provides development or redevelopment for
the purpose of implementing a project area plan, including:
(a) promoting, creating, or retaining public or private jobs within the state or a
community;
(b) providing office, manufacturing, warehousing, distribution, parking, or other
facilities or improvements;
(c) planning, designing, demolishing, clearing, constructing, rehabilitating, or
remediating environmental issues;
(d) providing residential, commercial, industrial, public, or other structures or spaces,
including recreational and other facilities incidental or appurtenant to the structures or spaces;
(e) altering, improving, modernizing, demolishing, reconstructing, or rehabilitating
existing structures;
(f) providing open space, including streets or other public grounds or space around
buildings;
(g) providing public or private buildings, infrastructure, structures, or improvements;
(h) relocating a business;
(i) improving public or private recreation areas or other public grounds;
(j) eliminating a development impediment or the causes of a development impediment;
(k) redevelopment as defined under the law in effect before May 1, 2006; or
(l) any activity described in this Subsection (47) outside of a project area that the board
determines to be a benefit to the project area.
(48) "Project area funds" means tax increment or sales and use tax revenue that an
agency receives under a project area budget adopted by a taxing entity committee or an
interlocal agreement.
(49) "Project area funds collection period" means the period of time that:
(a) begins the day on which the first payment of project area funds is distributed to an
agency under a project area budget approved by a taxing entity committee or an interlocal
agreement; and
(b) ends the day on which the last payment of project area funds is distributed to an
agency under a project area budget approved by a taxing entity committee or an interlocal
agreement. 
(50) "Project area plan" means an urban renewal project area plan, an economic
development project area plan, a community development project area plan, or a community
reinvestment project area plan that, after the project area plan's effective date, guides and
controls the project area development.
(51) (a) "Property tax" means each levy on an ad valorem basis on tangible or
intangible personal or real property.
(b) "Property tax" includes a privilege tax imposed under Title 59, Chapter 4, Privilege
Tax. 
(52) "Public entity" means:
(a) the United States, including an agency of the United States;
(b) the state, including any of the state's departments or agencies; or
(c) a political subdivision of the state, including a county, municipality, school district,
local district, special service district, community reinvestment agency, or interlocal cooperation
entity.
(53) "Publicly owned infrastructure and improvements" means water, sewer, storm
drainage, electrical, natural gas, telecommunication, or other similar systems and lines, streets,
roads, curb, gutter, sidewalk, walkways, parking facilities, public transportation facilities, or
other facilities, infrastructure, and improvements benefitting the public and to be publicly
owned or publicly maintained or operated.
(54) "Record property owner" or "record owner of property" means the owner of real
property, as shown on the records of the county in which the property is located, to whom the
property's tax notice is sent. 
(55) "Sales and use tax revenue" means revenue that is:
(a) generated from a tax imposed under Title 59, Chapter 12, Sales and Use Tax Act;
and
(b) distributed to a taxing entity in accordance with Sections 
59-12-204
 and 
59-12-205
. 
(56) "Superfund site":
(a) means an area included in the National Priorities List under the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Sec. 9605; and
(b) includes an area formerly included in the National Priorities List, as described in
Subsection (56)(a), but removed from the list following remediation that leaves on site the
waste that caused the area to be included in the National Priorities List.
(57) "Survey area" means a geographic area designated for study by a survey area
resolution to determine whether:
(a) one or more project areas within the survey area are feasible; or
(b) a development impediment exists within the survey area.
(58) "Survey area resolution" means a resolution adopted by a board that designates a
survey area.
(59) "Taxable value" means:
(a) the taxable value of all real property a county assessor assesses in accordance with
Title 59, Chapter 2, Part 3, County Assessment, for the current year;
(b) the taxable value of all real and personal property the commission assesses in
accordance with Title 59, Chapter 2, Part 2, Assessment of Property, for the current year; and
(c) the year end taxable value of all personal property a county assessor assesses in
accordance with Title 59, Chapter 2, Part 3, County Assessment, contained on the prior year's
tax rolls of the taxing entity. 
(60) (a) "Tax increment" means the difference between:
(i) the amount of property tax revenue generated each tax year by a taxing entity from
the area within a project area designated in the project area plan as the area from which tax
increment is to be collected, using the current assessed value of the property and each taxing
entity's current certified tax rate as defined in Section 
59-2-924
; and
(ii) the amount of property tax revenue that would be generated from that same area
using the base taxable value of the property and each taxing entity's current certified tax rate as
defined in Section 
59-2-924
.
(b) "Tax increment" does not include taxes levied and collected under Section
59-2-1602
 on or after January 1, 1994, upon the taxable property in the project area unless:
(i) the project area plan was adopted before May 4, 1993, whether or not the project
area plan was subsequently amended; and
(ii) the taxes were pledged to support bond indebtedness or other contractual
obligations of the agency.
(61) "Taxing entity" means a public entity that:
(a) levies a tax on property located within a project area; or
(b) imposes a sales and use tax under Title 59, Chapter 12, Sales and Use Tax Act.
(62) "Taxing entity committee" means a committee representing the interests of taxing
entities, created in accordance with Section 
17C-1-402
.
(63) "Transit investment corridor" means public transit service that uses or occupies:
(a) public transit rail right-of-way;
(b) dedicated road right-of-way for the use of public transit, such as bus rapid transit;
or
(c) fixed-route bus corridors subject to an interlocal agreement or contract between a
municipality or county and:
(i) a public transit district as defined in Section 
17B-2a-802
; or
(ii) an eligible political subdivision as defined in Section 
59-12-2219
.
[
(63)
] 
(64)
 "Unincorporated" means not within a municipality.
[
(64)
] 
(65)
 "Urban renewal project area plan" means a project area plan adopted under
Chapter 2, Part 1, Urban Renewal Project Area Plan.
Section 2. Section 
17C-1-412
 is amended to read:
17C-1-412.
Use of housing allocation -- Separate accounting required -- Issuance
of bonds for housing -- Action to compel agency to provide housing allocation.
(1) (a) An agency shall use the agency's housing allocation to:
(i) pay part or all of the cost of land or construction of income targeted housing within
the boundary of the agency, if practicable in a mixed income development or area;
(ii) pay part or all of the cost of rehabilitation of income targeted housing within the
boundary of the agency;
(iii) lend, grant, or contribute money to a person, public entity, housing authority,
private entity or business, or nonprofit corporation for income targeted housing within the
boundary of the agency;
(iv) plan or otherwise promote income targeted housing within the boundary of the
agency;
(v) pay part or all of the cost of land or installation, construction, or rehabilitation of
any building, facility, structure, or other housing improvement, including infrastructure
improvements, related to housing located in a project area where a board has determined that a
development impediment exists;
(vi) replace housing units lost as a result of the project area development;
(vii) make payments on or establish a reserve fund for bonds:
(A) issued by the agency, the community, or the housing authority that provides
income targeted housing within the community; and
(B) all or part of the proceeds of which are used within the community for the purposes
stated in Subsection (1)(a)(i), (ii), (iii), (iv), (v), or (vi);
(viii) if the community's fair share ratio at the time of the first adoption of the project
area budget is at least 1.1 to 1.0, make payments on bonds:
(A) that were previously issued by the agency, the community, or the housing authority
that provides income targeted housing within the community; and
(B) all or part of the proceeds of which were used within the community for the
purposes stated in Subsection (1)(a)(i), (ii), (iii), (iv), (v), or (vi);
(ix) relocate mobile home park residents displaced by project area development;
(x) subject to Subsection [
(6)
] 
(7)
, transfer funds to a community that created the
agency; or
(xi) pay for or make a contribution toward the acquisition, construction, or
rehabilitation of housing that:
(A) is located in the same county as the agency;
(B) is owned in whole or in [
party
] 
part
 by, or is dedicated to supporting, a public
nonprofit college or university; and
(C) only students of the relevant college or university, including the students'
immediate families, occupy.
(b) As an alternative to the requirements of Subsection (1)(a), an agency may pay all or
any portion of the agency's housing allocation to:
(i) the community for use as described in Subsection (1)(a);
(ii) a housing authority that provides income targeted housing within the community
for use in providing income targeted housing within the community;
(iii) a housing authority established by the county in which the agency is located for
providing:
(A) income targeted housing within the county;
(B) permanent housing, permanent supportive housing, or a transitional facility, as
defined in Section 
35A-5-302
, within the county; or
(C) homeless assistance within the county; [
or
] 
(iv) the Olene Walker Housing Loan Fund, established under Title 35A, Chapter 8,
Part 5, Olene Walker Housing Loan Fund, for use in providing income targeted housing within
the community[
.
]
; or
(v) pay for or make a contribution toward the acquisition, construction, or
rehabilitation of income targeted housing that is outside of the community if the housing is
located along or near a transit investment corridor that services the community and the related
project has been approved by the community in which the housing is or will be located.
(2) (a) An agency may combine all or any portion of the agency's housing allocation
with all or any portion of one or more additional agency's housing allocations if the agencies
execute an interlocal agreement in accordance with Title 11, Chapter 13, Interlocal Cooperation
Act.
(b) An agency that has entered into an interlocal agreement as described in Subsection
(2)(a), meets the requirements of Subsection (1)(a) or (1)(b) if the use of the housing allocation
meets the requirements for at least one agency that is a party to the interlocal agreement.
[
(2)
] 
(3)
 The agency shall create a housing fund and separately account for the agency's
housing allocation, together with all interest earned by the housing allocation and all payments
or repayments for loans, advances, or grants from the housing allocation.
[
(3)
] 
(4)
 An agency may:
(a) issue bonds to finance a housing-related project under this section, including the
payment of principal and interest upon advances for surveys and plans or preliminary loans;
and
(b) issue refunding bonds for the payment or retirement of bonds under Subsection
[
(3)
] 
(4)
(a) previously issued by the agency.
[
(4)
] 
(5)
 (a) Except as provided in Subsection [
(4)
] 
(5)
(b), an agency shall allocate
money to the housing fund each year in which the agency receives sufficient tax increment to
make a housing allocation required by the project area budget.
(b) Subsection [
(4)
] 
(5)
(a) does not apply in a year in which tax increment is
insufficient.
[
(5)
] 
(6)
 (a) Except as provided in Subsection [
(4)
] 
(5)
(b), if an agency fails to provide
a housing allocation in accordance with the project area budget and the housing plan adopted
under Subsection 
17C-2-204
(2), the loan fund board may bring legal action to compel the
agency to provide the housing allocation.
(b) In an action under Subsection [
(5)
] 
(6)
(a), the court:
(i) shall award the loan fund board reasonable attorney fees, unless the court finds that
the action was frivolous; and
(ii) may not award the agency the agency's attorney fees, unless the court finds that the
action was frivolous.
[
(6)
] 
(7)
 For the purpose of offsetting the community's annual local contribution to the
Homeless Shelter Cities Mitigation Restricted Account, the total amount an agency transfers in
a calendar year to a community under Subsections (1)(a)(x), 
17C-1-409
(1)(a)(v), and
17C-1-411
(1)(d) may not exceed the community's annual local contribution as defined in
Section 
35A-8-606
. 
Section 3. Section 
35A-8-504
 is amended to read:
35A-8-504.
Distribution of fund money.
(1) The executive director shall:
(a) make grants and loans from the fund for any of the activities authorized by Section
35A-8-505
, as directed by the board;
(b) establish the criteria with the approval of the board by which loans and grants will
be made; and
(c) determine with the approval of the board the order in which projects will be funded.
(2) The executive director shall distribute, as directed by the board, any federal money
contained in the fund according to the procedures, conditions, and restrictions placed upon the
use of the money by the federal government.
(3) (a) The executive director shall distribute, as directed by the board, any funds
received under Section 
17C-1-412
 to pay the costs of providing income targeted housing within
the community that created the community reinvestment agency under Title 17C, Limited
Purpose Local Government Entities - Community Reinvestment Agency Act.
(b) As used in Subsection (3)(a):
(i) "Community" means the same as that term is defined in Section 
17C-1-102
.
(ii) "Income targeted housing" means the same as that term is defined in Section
17C-1-102
.
(4) Except for federal money [
and
]
,
 money received under Section 
17C-1-412
,
appropriations from the Legislature that are directed to rental assistance under Section
35A-8-507.1
, and money transferred to the fund from the Unclaimed Property Trust Fund
under Section 
67A-4a-801
,
 the executive director shall distribute, as directed by the board,
money in the fund according to the following requirements:
(a) the executive director shall distribute at least 30% of the money in the fund to rural
areas of the state;
(b) the executive director shall distribute at least 70% of the money in the fund to
benefit persons whose annual income is at or below 50% of the median family income for the
state;
(c) the executive director may not use more than 3% of the revenues of the fund to
offset department or board administrative expenses;
(d) the executive director shall distribute any remaining money in the fund to benefit
persons whose annual income is at or below 80% of the median family income for the state;
and
(e) if the executive director or the executive director's designee makes a loan in
accordance with this section, the interest rate of the loan shall be based on the borrower's
ability to pay.
(5) The executive director may, with the approval of the board:
(a) enact rules to establish procedures for the grant and loan process by following the
procedures and requirements of Title 63G, Chapter 3, Utah Administrative Rulemaking Act;
and
(b) service or contract, under Title 63G, Chapter 6a, Utah Procurement Code, for the
servicing of loans made by the fund.
Section 4. Section 
35A-8-505
 is amended to read:
35A-8-505.
Activities authorized to receive fund money -- Powers of the executive
director.
At the direction of the board, the executive director may:
(1) provide fund money to any of the following activities:
(a) the acquisition, rehabilitation, or new construction of low-income housing units;
(b) matching funds for social services projects directly related to providing housing for
special-need renters in assisted projects;
(c) the development and construction of accessible housing designed for low-income
persons;
(d) the construction or improvement of a shelter or transitional housing facility that
provides services intended to prevent or minimize homelessness among members of a specific
homeless subpopulation;
(e) the purchase of an existing facility to provide temporary or transitional housing for
the homeless in an area that does not require rezoning before providing such temporary or
transitional housing;
(f) the purchase of land that will be used as the site of low-income housing units; [
and
]
(g) other activities that will assist in minimizing homelessness or improving the
availability or quality of housing in the state for low-income persons; 
and
(h) rental assistance as described in Section 
35A-8-507.1
;
(2) do any act necessary or convenient to the exercise of the powers granted by this part
or reasonably implied from those granted powers, including:
(a) making or executing contracts and other instruments necessary or convenient for
the performance of the executive director and board's duties and the exercise of the executive
director and board's powers and functions under this part, including contracts or agreements for
the servicing and originating of mortgage loans;
(b) procuring insurance against a loss in connection with property or other assets held
by the fund, including mortgage loans, in amounts and from insurers it considers desirable;
(c) entering into agreements with a department, agency, or instrumentality of the
United States or this state and with mortgagors and mortgage lenders for the purpose of
planning and regulating and providing for the financing and refinancing, purchase,
construction, reconstruction, rehabilitation, leasing, management, maintenance, operation, sale,
or other disposition of residential housing undertaken with the assistance of the department
under this part;
(d) proceeding with a foreclosure action, to own, lease, clear, reconstruct, rehabilitate,
repair, maintain, manage, operate, assign, encumber, sell, or otherwise dispose of real or
personal property obtained by the fund due to the default on a mortgage loan held by the fund
in preparation for disposition of the property, taking assignments of leases and rentals,
proceeding with foreclosure actions, and taking other actions necessary or incidental to the
performance of its duties; [
and
]
(e) selling, at a public or private sale, with public bidding, a mortgage or other
obligation held by the fund[
.
]
; and
(3) provide fund money, which has been transferred to the fund from the Unclaimed
Property Trust Fund as described in Section 
67A-4a-801
, for rental assistance for families with
children that are homeless or who are at risk of being homeless as described in Section
35A-8-507.2
.
Section 5. Section 
35A-8-507.1
 is enacted to read:
 35A-8-507.1.
Rental assistance.
(1) (a) At the direction of the board and subject to appropriations from the Legislature,
the division may partner with one or more housing authorities, associations of governments, or
nonprofit entities to provide rental assistance for housing to individuals who qualify for or
would qualify for, but are not benefitting from, federal housing vouchers provided under 42
U.S.C. Sec. 1437f.
(b) The rental assistance provided under this part may include:
(i) subsidizing rent payments for housing;
(ii) subsidizing the provision of temporary or transitional housing; and
(iii) providing money for one-time barrier assistance such as application fees, utility
hookups, or deposits related to housing.
(2) The division shall provide an annual report to the department, for inclusion in the
department's annual written report described in Section 
35A-1-109
, which describes:
(a) the housing authorities or other nonprofit entities the division has partnered with
under the provisions of this section;
(b) the amount of money provided to each housing authority or other nonprofit entity
under this section;
(c) the number of individuals who are benefitting from rental assistance under the
provisions of this section;
(d) the average monthly dollar amount of rental assistance provided to an individual
under the provisions of this section; and
(e) recommendations regarding improvements or changes related to providing rental
assistance under the provisions of this section.
(3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
department may make rules governing the administration of this section.
Section 6. Section 
35A-8-507.2
 is enacted to read:
 35A-8-507.2.
Rental assistance for homeless families.
(1) (a) At the direction of the board, and using money transferred to the Olene Walker
Housing Loan Fund from the Unclaimed Property Trust Fund as described in Section
67A-4a-801
, the division may partner with the State Board of Education and one or more
housing authorities, associations of governments, or nonprofit entities to provide rental
assistance for housing to families with children that are homeless or who are at risk of being
homeless.
(b) The rental assistance provided under this part may include:
(i) subsidizing rent payments for housing;
(ii) subsidizing the provision of temporary or transitional housing; and
(iii) providing money for one-time barrier assistance such as application fees, utility
hookups, or deposits related to housing.
(2) The division shall provide an annual report to the department, for inclusion in the
department's annual written report described in Section 
35A-1-109
, which describes:
(a) the entities the division has partnered with under the provisions of this section;
(b) the amount of money provided to each entity under this section;
(c) the number of children and families who are benefitting from rental assistance
under the provisions of this section;
(d) the average monthly dollar amount provided to children and families under the
provisions of this section; and
(e) recommendations regarding improvements or changes related to providing rental
assistance under the provisions of this section.
(3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
department may make rules governing the administration of this section.
Section 7. Section 
59-7-607
 is amended to read:
59-7-607.
Utah low-income housing tax credit.
(1) As used in this section:
(a) "Allocation certificate" means a certificate in a form prescribed by the commission
and issued by the Utah Housing Corporation to a housing sponsor that specifies the aggregate
amount of the tax credit awarded under this section to a qualified development and includes:
(i) the aggregate annual amount of the tax credit awarded that may be claimed by one
or more qualified taxpayers that have been issued a special low-income housing tax credit
certificate; and
(ii) the credit period over which the tax credit may be claimed by one or more qualified
taxpayers that have been issued a special low-income housing tax credit certificate.
(b) "Building" means a qualified low-income building as defined in Section 42(c),
Internal Revenue Code.
(c) "Credit period" means the "credit period" as defined in Section 42(f)(1), Internal
Revenue Code.
(d) (i) "Designated reporter" means, as selected by a housing sponsor, the housing
sponsor itself or one of the housing sponsor's direct or indirect partners, members, or
shareholders that will provide information to the Utah Housing Corporation regarding the
assignment of tax credits under this section.
(ii) Before the Utah Housing Corporation may issue an allocation certificate to a
housing sponsor, a housing sponsor shall provide the identity of the housing sponsor's
designated reporter to the Utah Housing Corporation.
(iii) Before the Utah Housing Corporation may issue a special low-income housing tax
credit certificate to a qualified taxpayer, a designated reporter shall provide the information
described in Subsection (6) to the Utah Housing Corporation.
(e) "Federal low-income housing tax credit" means the federal tax credit described in
Section 42, Internal Revenue Code.
(f) "Housing sponsor" means an entity that owns a qualified development.
(g) "Qualified allocation plan" means a qualified allocation plan adopted by the Utah
Housing Corporation in accordance with Section 42(m), Internal Revenue Code.
(h) "Qualified development" means a "qualified low-income housing project":
(i) as defined in Section 42(g)(1), Internal Revenue Code; and
(ii) that is located in the state.
(i) (i) "Qualified taxpayer" means a person that:
(A) owns a direct or indirect interest in a qualified development; and
(B) meets the requirements to claim a tax credit under this section.
(ii) If a housing sponsor is a partnership, limited liability company, or S corporation, a
"qualified taxpayer" may include any partner, member, or shareholder of the housing sponsor
as determined by the governing documents of the housing sponsor.
(j) (i) "Special low-income housing tax credit certificate" means a certificate:
(A) in a form prescribed by the commission;
(B) that the Utah Housing Corporation issues to a qualified taxpayer for a taxable year
in accordance with this section; and
(C) that specifies the amount of the tax credit a qualified taxpayer may claim under this
section.
(ii) The Utah Housing Corporation may only issue one or more special low-income
housing tax credit certificates if the aggregate specified amount on all special low-income
housing tax credit certificates issued in relation to a qualified development does not exceed the
aggregate amount of tax credit awarded to the qualified development and issued to a housing
sponsor in an allocation certificate. 
(2) (a) For taxable years beginning on or after January 1, 1995, a qualified taxpayer
who has been issued a special low-income housing tax credit certificate by the Utah Housing
Corporation may claim a nonrefundable tax credit against taxes otherwise due under this
chapter [
or
]
,
 Chapter 8, Gross Receipts Tax on Certain Corporations Not Required to Pay
Corporate Franchise or Income Tax Act
, or Chapter 9, Taxation of Admitted Insurers
.
(b) The tax credit shall be in an amount equal to the tax credit amount specified on the
special low-income housing tax credit certificate that the Utah Housing Corporation issues to a
qualified taxpayer under this section. 
(c) (i) For a calendar year beginning on or before December 31, 2016, the aggregate
annual tax credit that the Utah Housing Corporation may allocate for the credit period
described in Section 42(f), Internal Revenue Code, pursuant to this section and Section
59-10-1010
 is an amount equal to the product of:
(A) 12.5 cents; and
(B) the population of Utah.
(ii) For a calendar year beginning on or after January 1, 2017, the aggregate annual tax
credit that the Utah Housing Corporation may allocate for the credit period described in
Section 42(f), Internal Revenue Code, pursuant to this section and Section 
59-10-1010
 is an
amount equal to the product of:
(A) 34.5 cents; and
(B) the population of Utah.
(iii) For purposes of this section, the population of Utah shall be determined in
accordance with Section 146(j), Internal Revenue Code.
(3) (a) The Utah Housing Corporation shall determine criteria and procedures for
allocating the tax credit under this section and Section 
59-10-1010
 and incorporate the criteria
and procedures into the Utah Housing Corporation's qualified allocation plan.
(b) The Utah Housing Corporation shall create the criteria under Subsection (3)(a)
based on:
(i) the number of affordable housing units to be created in Utah for low and moderate
income persons in a qualified development;
(ii) the level of area median income being served by a qualified development;
(iii) the need for the tax credit for the economic feasibility of a qualified development;
and
(iv) the extended period for which a qualified development commits to remain as
affordable housing.
(4) Any housing sponsor may apply to the Utah Housing Corporation for a tax credit
allocation under this section.
(5) (a) The Utah Housing Corporation shall determine the amount of the tax credit to
allocate to a qualified development in accordance with the qualified allocation plan of the Utah
Housing Corporation.
(b) (i) The Utah Housing Corporation shall issue an allocation certificate to a housing
sponsor as evidence of the allocation.
(ii) The allocation certificate under Subsection (5)(b)(i) shall specify the amount of the
tax credit allocated to a qualified development as determined by the Utah Housing Corporation.
(c) The amount of the tax credit specified in an allocation certificate may not exceed
100% of the federal low-income housing tax credit awarded to a qualified development.
(6) Before the Utah Housing Corporation may issue a special low-income housing tax
credit certificate, a designated reporter shall provide to the Utah Housing Corporation in a form
prescribed by the Utah Housing Corporation:
(a) a list of each qualified taxpayer that has been assigned a portion of the tax credit
awarded in an allocation certificate;
(b) for each qualified taxpayer described in Subsection (6)(a), the amount of tax credit
that has been assigned; and
(c) an aggregate list of the tax credit amount assigned related to a qualified
development demonstrating that the aggregate annual amount of the tax credits assigned does
not exceed the aggregate annual tax credit awarded in the allocation certificate.
(7) The Utah Housing Corporation shall provide a special low-income housing tax
credit certificate to a qualified taxpayer if:
(a) a designated reporter has provided the information regarding the qualified taxpayer
as described in Subsection (6); and
(b) the Utah Housing Corporation has verified that the aggregate tax credit amount
assigned with respect to a qualified development does not exceed the total tax credit awarded
in the allocation certificate.
(8) (a) All elections made by a housing sponsor pursuant to Section 42, Internal
Revenue Code, shall apply to this section.
(b) (i) If a qualified development is required to recapture a portion of any federal
low-income housing tax credit, then each qualified taxpayer shall also be required to recapture
a portion of any state tax credits authorized by this section.
(ii) The state recapture amount shall be equal to the percentage of the state tax credit
that equals the proportion the federal recapture amount bears to the original federal low-income
housing tax credit amount subject to recapture.
(iii) The designated reporter shall identify each qualified taxpayer that is required to
recapture a portion of any state tax credit as described in this Subsection (8)(b).
(9) (a) Any tax credits returned to the Utah Housing Corporation in any year may be
reallocated within the same time period as provided in Section 42, Internal Revenue Code.
(b) Tax credits that are unallocated by the Utah Housing Corporation in any year may
be carried over for allocation in subsequent years.
(10) (a) If a tax credit is not claimed by a qualified taxpayer in the year in which it is
earned because the tax credit is more than the tax owed by the qualified taxpayer, the tax credit
may be carried back three years or may be carried forward five years as a credit against the tax.
(b) Carryover tax credits under Subsection (10)(a) shall be applied against the tax:
(i) before the application of the tax credits earned in the current year; and
(ii) on a first-earned first-used basis.
(11) A qualified taxpayer may assign a tax credit certificate under this section to
another person and:
(a) if the other person files a return under this chapter, the other person may claim the
tax credit as if the other person had met the requirements of this section to claim the tax credit;
or
(b) if the other person files a return under Chapter 10, Individual Income Tax Act, the
other person may claim the tax credit under Section 
59-10-1010
 as if the other person had met
the requirements of Section 
59-10-1010
 to claim the tax credit.
[
(11)
] 
(12)
 Any tax credit taken in this section may be subject to an annual audit by the
commission.
[
(12)
] 
(13)
 The Utah Housing Corporation shall annually provide an electronic report
to the Revenue and Taxation Interim Committee which shall include at least:
(a) the purpose and effectiveness of the tax credits; and
(b) the benefits of the tax credits to the state.
[
(13)
] 
(14)
 The commission may, in consultation with the Utah Housing Corporation,
make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to
implement this section.
Section 8. Section 
59-10-1010
 is amended to read:
59-10-1010.
Utah low-income housing tax credit.
(1) As used in this section:
(a) "Allocation certificate" means a certificate in a form prescribed by the commission
and issued by the Utah Housing Corporation to a housing sponsor that specifies the aggregate
amount of the tax credit awarded under this section to a qualified development and includes:
(i) the aggregate annual amount of the tax credit awarded that may be claimed by one
or more qualified taxpayers that have been issued a special low-income housing tax credit
certificate; and
(ii) the credit period over which the tax credit may be claimed by one or more qualified
taxpayers that have been issued a special low-income housing tax credit certificate.
(b) "Building" means a qualified low-income building as defined in Section 42(c),
Internal Revenue Code.
(c) "Credit period" means the "credit period" as defined in Section 42(f)(1), Internal
Revenue Code.
(d) (i) "Designated reporter" means, as selected by a housing sponsor, the housing
sponsor itself or one of the housing sponsor's direct or indirect partners, members, or
shareholders that will provide information to the Utah Housing Corporation regarding the
assignment of tax credits under this section.
(ii) Before the Utah Housing Corporation may issue an allocation certificate to a
housing sponsor, a housing sponsor shall provide the identity of the housing sponsor's
designated reporter to the Utah Housing Corporation.
(iii) Before the Utah Housing Corporation may issue a special low-income housing tax
credit certificate to a qualified taxpayer, a designated reporter shall provide the information
described in Subsection (6) to the Utah Housing Corporation.
(e) "Federal low-income housing credit" means the federal low-income housing credit
described in Section 42, Internal Revenue Code.
(f) "Housing sponsor" means an entity that owns a qualified development.
(g) "Qualified allocation plan" means a qualified allocation plan adopted by the Utah
Housing Corporation in accordance with Section 42(m), Internal Revenue Code.
(h) "Qualified development" means a "qualified low-income housing project":
(i) as defined in Section 42(g)(1), Internal Revenue Code; and
(ii) that is located in the state.
(i) (i) "Qualified taxpayer" means a claimant, estate, or trust that:
(A) owns a direct or indirect interest in a qualified development; and
(B) meets the requirements to claim a tax credit under this section.
(ii) If a housing sponsor is a partnership, limited liability company, or S corporation, a
"qualified taxpayer" may include any partner, member, or shareholder of the housing sponsor
as determined by the governing documents of the housing sponsor.
(j) (i) "Special low-income housing tax credit certificate" means a certificate:
(A) in a form prescribed by the commission;
(B) that the Utah Housing Corporation issues to a qualified taxpayer for a taxable year
in accordance with this section; and
(C) that specifies the amount of the tax credit a qualified taxpayer may claim under this
section.
(ii) The Utah Housing Corporation may only issue one or more special low-income
housing tax credit certificates if the aggregate specified amount on all special low-income
housing tax credit certificates issued in relation to a qualified development does not exceed the
aggregate amount of tax credit awarded to a qualified development and issued to a housing
sponsor in an allocation certificate.
(2) (a) For taxable years beginning on or after January 1, 1995, a qualified taxpayer
who has been issued a special low-income housing tax credit certificate by the Utah Housing
Corporation may claim a nonrefundable tax credit against taxes otherwise due under this
chapter.
(b) The tax credit shall be in an amount equal to the tax credit amount specified on the
special low-income housing tax credit certificate that the Utah Housing Corporation issues to a
qualified taxpayer under this section.
(c) (i) For a calendar year beginning on or before December 31, 2016, the aggregate
annual tax credit that the Utah Housing Corporation may allocate for the credit period
described in Section 42(f), Internal Revenue Code, pursuant to this section and Section
59-7-607
 is an amount equal to the product of:
(A) 12.5 cents; and
(B) the population of Utah.
(ii) For a calendar year beginning on or after January 1, 2017, the aggregate annual tax
credit that the Utah Housing Corporation may allocate for the credit period described in
Section 42(f), Internal Revenue Code, pursuant to this section and Section 
59-7-607
 is an
amount equal to the product of:
(A) 34.5 cents; and
(B) the population of Utah.
(iii) For purposes of this section, the population of Utah shall be determined in
accordance with Section 146(j), Internal Revenue Code.
(3) (a) The Utah Housing Corporation shall determine criteria and procedures for
allocating the tax credit under this section and Section 
59-7-607
 and incorporate the criteria
and procedures into the Utah Housing Corporation's qualified allocation plan.
(b) The Utah Housing Corporation shall create the criteria under Subsection (3)(a)
based on:
(i) the number of affordable housing units to be created in Utah for low and moderate
income persons in a qualified development;
(ii) the level of area median income being served by a qualified development;
(iii) the need for the tax credit for the economic feasibility of a qualified development;
and
(iv) the extended period for which a qualified development commits to remain as
affordable housing.
(4) Any housing sponsor may apply to the Utah Housing Corporation for a tax credit
allocation under this section.
(5) (a) The Utah Housing Corporation shall determine the amount of the tax credit to
allocate to a qualified development in accordance with the qualified allocation plan of the Utah
Housing Corporation.
(b) (i) The Utah Housing Corporation shall issue an allocation certificate to a housing
sponsor as evidence of the allocation.
(ii) The allocation certificate under Subsection (5)(b)(i) shall specify the amount of the
tax credit allocated to a qualified development as determined by the Utah Housing Corporation.
(c) The amount of the tax credit specified in an allocation certificate may not exceed
100% of the federal low-income housing credit awarded to a qualified development.
(6) Before the Utah Housing Corporation may issue a special low-income housing tax
credit certificate, a designated reporter shall provide to the Utah Housing Corporation in a form
prescribed by the Utah Housing Corporation:
(a) a list of each qualified taxpayer that has been assigned a portion of the tax credit
awarded in an allocation certificate;
(b) for each qualified taxpayer described in Subsection (6)(a), the amount of tax credit
that has been assigned; and
(c) an aggregate list of the tax credit amount assigned related to a qualified
development demonstrating that the aggregate annual amount of the tax credits assigned does
not exceed the aggregate annual tax credit awarded in the allocation certificate.
(7) The Utah Housing Corporation shall provide a special low-income housing tax
credit certificate to a qualified taxpayer if:
(a) a designated reporter has provided the information regarding the qualified taxpayer
as described in Subsection (6); and
(b) the Utah Housing Corporation has verified that the aggregate tax credit amount
assigned with respect to a qualified development does not exceed the total tax credit awarded
in the allocation certificate.
(8) (a) All elections made by a housing sponsor pursuant to Section 42, Internal
Revenue Code, shall apply to this section.
(b) (i) If a qualified taxpayer is required to recapture a portion of any federal
low-income housing credit, the qualified taxpayer shall also be required to recapture a portion
of any state tax credits authorized by this section.
(ii) The state recapture amount shall be equal to the percentage of the state tax credit
that equals the proportion the federal recapture amount bears to the original federal low-income
housing credit amount subject to recapture.
(iii) The designated reporter shall identify each qualified taxpayer that is required to
recapture a portion of any state tax credits as described in this Subsection (8)(b).
(9) (a) Any tax credits returned to the Utah Housing Corporation in any year may be
reallocated within the same time period as provided in Section 42, Internal Revenue Code.
(b) Tax credits that are unallocated by the Utah Housing Corporation in any year may
be carried over for allocation in subsequent years.
(10) (a) If a tax credit is not claimed by a qualified taxpayer in the year in which it is
earned because the tax credit is more than the tax owed by the qualified taxpayer, the tax credit
may be carried back three years or may be carried forward five years as a credit against the tax.
(b) Carryover tax credits under Subsection (10)(a) shall be applied against the tax:
(i) before the application of the tax credits earned in the current year; and
(ii) on a first-earned first-used basis.
(11) A qualified taxpayer may assign a tax credit certificate under this section to
another person and:
(a) if the other person files a return under this chapter, the other person may claim the
tax credit as if the other person had met the requirements of this section to claim the tax credit;
or
(b) if the other person files a return under Chapter 7, Corporate Franchise and Income
Taxes, the other person may claim the tax credit under Section 
59-7-607
 as if the other person
had met the requirements of Section 
59-7-607
 to claim the tax credit.
[
(11)
] 
(12)
 Any tax credit taken in this section may be subject to an annual audit by the
commission.
[
(12)
] 
(13)
 The Utah Housing Corporation shall annually provide an electronic report
to the Revenue and Taxation Interim Committee which shall include at least:
(a) the purpose and effectiveness of the tax credits; and
(b) the benefits of the tax credits to the state.
[
(13)
] 
(14)
 The commission may, in consultation with the Utah Housing Corporation,
promulgate rules to implement this section.
Section 9. Section 
67-4a-801
 is amended to read:
67-4a-801.
Deposit of funds by administrator.
(1) (a) There is created a private-purpose trust fund entitled the "Unclaimed Property
Trust Fund."
(b) Except as otherwise provided in this section, the administrator shall deposit all
funds received under this chapter, including proceeds from the sale of property under Part 7,
Sale of Property by Administrator, in the fund.
(c) The fund shall earn interest.
(2) The administrator shall:
(a) pay any legitimate claims or deductions authorized by this chapter from the fund;
(b) before the end of the fiscal year, estimate the amount of money from the fund that
will ultimately be needed to be paid to claimants; [
and
]
(c) 
except as described in Subsection (2)(d),
 at the end of the fiscal year, transfer any
amount 
of money
 in excess of that amount to
 [
the Uniform School Fund, except that unclaimed
restitution for crime victims shall be transferred to the Crime Victim Reparations Fund.
]
:
(i) the Olene Walker Housing Loan Fund in an amount equal to the lesser of the excess
money or $5,000,000; and
(ii) the Uniform School Fund for any remaining excess money after $5,000,000 has
been provided to the Olene Walker Housing Loan Fund; and
(d) transfer excess unclaimed restitution money for crime victims to the Crime Victim
Reparations Fund.
(3) Before making any transfer [
to the Uniform School Fund
] 
of money as described in
Subsection (2)
, the administrator may deduct from the fund:
(a) amounts appropriated by the Legislature for administration of this chapter;
(b) any costs incurred in connection with the sale of abandoned property;
(c) costs of mailing and publication in connection with any abandoned property;
(d) reasonable service charges; and
(e) costs incurred in examining records of holders of property and in collecting the
property from those holders.
Section 10. Section 
67-4a-803
 is amended to read:
67-4a-803.
Expenses and service charges of administrator.
Before making a deposit of funds received under this chapter to the 
Olene Walker
Housing Loan Fund, the
 Uniform School Fund
,
 or the Crime Victim Reparations Fund, the
administrator may deduct:
(1) expenses of disposition of property delivered to the administrator under this
chapter;
(2) costs of mailing and publication in connection with property delivered to the
administrator under this chapter;
(3) reasonable service charges; and
(4) expenses incurred in examining records of or collecting property from a putative
holder or holder.
Section 11. 
Appropriation.
The following sums of money are appropriated for the fiscal year beginning July 1,
2020, and ending June 30, 2021. These are additions to amounts previously appropriated for
fiscal year 2021. Under the terms and conditions of Title 63J, Chapter 1, Budgetary Procedures
Act, the Legislature appropriates the following sums of money from the funds or accounts
indicated for the use and support of the government of the state of Utah.
ITEM 1
To Department of Workforce Services -- Olene Walker Housing Loan Fund
From General Fund, One-time
$20,300,000
Schedule of Programs:
 Olene Walker Housing Loan Fund
$20,300,000
ITEM 2
To Department of Workforce Services -- Olene Walker Housing Loan Fund
From General Fund
$10,000,000
Schedule of Programs:
Olene Walker Housing Loan Fund
$10,000,000
The Legislature intends that:
(1) up to $15,000,000 of the appropriation in the first item be used for gap financing of
private activity bond financed rental housing;
(2) up to $5,000,000 of the appropriation in the first item be used for matching private
dollars for site acquisition needs related to transit oriented developments that will include
affordable housing;
(3) up to $300,000 of the appropriation in the first item be used to assist with
pre-development costs for affordable housing projects in rural Utah; and
(4) $10,000,000 in the second item be used by the Housing and Community
Development Division to partner with one or more housing authorities to provide rental
assistance.