Section R990-200-3 - DefinitionsTerms 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.Utah Admin. Code R990-200-3
Adopted by Utah State Bulletin Number 2019-16, effective 7/30/2019Amended by Utah State Bulletin Number 2022-01, effective 12/22/2021Amended by Utah State Bulletin Number 2023-04, effective 2/7/2023Amended by Utah State Bulletin Number 2023-12, effective 6/7/2023Amended by Utah State Bulletin Number 2023-21, effective 10/24/2023