Section 63N-3-1601 - Definitions(1) "Affordable housing" means: (a) for homes that are not owner occupied, housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income of the applicable municipal statistical area for households of the same size; or(b) for homes that are owner occupied, housing that is priced at 80% of the county median home price.(2) "Agency" means the same as that term is defined in Section 17C-1-102.(3) "Base taxable value" means the same as that term is defined in Section 63N-3-602.(4) "Base year" means the same as that term is defined in Section 63N-3-602.(5) "Developable area" means the same as that term is defined in Section 63N-3-602.(6) "Dwelling unit" means the same as that term is defined in Section 63N-3-602.(7) "Extraterritorial home" means a dwelling unit that is included as part of the first home investment zone proposal that: (a) is located within the municipality proposing the first home investment zone but outside the boundary of the first home investment zone;(b) is part of a development with a density of at least six units per acre;(c) is not located within an existing housing and transit reinvestment zone or an area that could be included in a housing and transit reinvestment zone;(d) has not been issued a building permit by the municipality as of the date of the approval of the first home investment zone; and(e) is required to be owner occupied for no less than 25 years.(8) "First home investment zone" means a first home investment zone created in accordance with this part.(9) "Home" means a dwelling unit.(10) "Housing and transit reinvestment zone" means the same as that term is defined in Section 63N-3-602.(11) "Housing and transit reinvestment zone committee" means the housing and transit reinvestment zone committee described in Section 63N-3-605.(12) "Metropolitan planning organization" means the same as that term is defined in Section 72-1-208.5.(13) "Mixed use development" means the same as that term is defined in Section 63N-3-603.(14) "Moderate income housing plan" means the same as that term is defined in Section 11-41-102.(15) "Municipality" means the same as that term is defined in Section 10-1-104.(16) "Owner occupied" means private real property that is:(a) used for a single-family residential purpose; and(b) required to be occupied by the owner of the real property for no less than 25 years.(17) "Project area" means the same as that term is defined in Section 17C-1-102.(18)(a) "Project improvements" means site improvements and facilities that are: (i) planned and designed to provide service for development resulting from a development activity;(ii) necessary for the use and convenience of the occupants or users of development resulting from a development activity; and(iii) not identified or reimbursed as a system improvement.(b) "Project improvements" does not mean system improvements.(19) "State Tax Commission" means the State Tax Commission created in Section 59-1-201.(20)(a) "System improvements" means existing and future public facilities that are designed to provide services to service areas within the community at large.(b) "System improvements" does not mean project improvements.(21)(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 first home investment zone designated in the first home investment zone proposal as the area from which tax increment is to be collected, using the current assessed value 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 and each taxing entity's current certified tax rate as defined in Section 59-2-924.(b) "Tax increment" does not include property tax revenue from: (i) a multicounty assessing and collecting levy described in Subsection 59-2-1602(2); or(ii) a county additional property tax described in Subsection 59-2-1602(4).(22) "Taxing entity" means the same as that term is defined in Section 17C-1-102.(23) "Unencumbered annual community reinvestment agency revenue" means tax increment revenue received by the agency for purposes identified in Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act, that:(a) have not been designated or restricted for future qualified uses as approved by the agency board related to a specific project area; and(b) do not have a date certain by which the tax increment revenues will be used.Added by Chapter 537, 2024 General Session ,§ 6, eff. 5/1/2024.