Section 51-12-101 - DefinitionsAs used in this chapter:
(1) "Attainable home" means a residence that costs the purchaser no more than the amount a qualifying residential unit may be purchased in accordance with Subsection 63H-8-501(6)(e) at the time the state treasurer deposits with a qualified depository.(2) "Fund" means the Transportation Infrastructure General Fund Support Subfund created in Section 72-2-134.(3) "Political subdivision" means:(a) the municipality in which the attainable home is located; or(b) the county, if the attainable home is located in an unincorporated portion of the county.(4) "Qualified depository" means the same as that term is defined in Section 51-7-3.(5)(a) "Qualified project" means a new construction housing development project in the state for which the developer:(i) commits to: (A) offering for sale no fewer than 60% of the total units within the project as attainable homes;(B) including in the deed of sale for an attainable home a restriction, in favor of the political subdivision, that the attainable home be owner occupied for no fewer than five years; and(C) having a plan to provide information to potential buyers of attainable homes about the First-Time Homebuyer Assistance Program created in Section 63H-8-502; and(ii) executes a valid agreement with the political subdivision to develop housing meeting the requirements of Subsections (5)(a)(i)(A) and (B).(b) "Qualified project" includes infrastructure within the housing development project.Added by Chapter 510, 2024 General Session ,§ 2, eff. 5/1/2024.