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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-25-11

Before issuing bonds or bond anticipation notes for residential rehabilitation, the agency must adopt a comprehensive residential rehabilitation financing program by ordinance.

Source excerpt

agency findingsbond financingcitizen participationcommercial unitsfinancial assistancehousingloan limitspublic hearingrehabilitation financingresidential rehabilitationresidential rehabilitation areasresidential rehabilitation financingsite selectionurban deterioration
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Before issuing bonds or bond anticipation notes for residential rehabilitation, the agency must adopt a comprehensive residential rehabilitation financing program by ordinance.”

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Subsection 11-25-11(1)(b)

Financial assistance from the agency for residential rehabilitation is necessary to arrest the deterioration of the area.

Section 11-25-11(1)(b)

Subsection 11-25-11(2)(a)

Provisions for citizen participation in selection of residential rehabilitation areas.

Section 11-25-11(2)(a)

Subsection 11-25-11(4)

Residential rehabilitation loans are limited by loan-to-value caps, with a possible agency-authorized higher cap in qualifying residential cases.

Section 11-25-11(4)

Subsection 11-25-11(4)(c)

The agency establishes, by resolution, the maximum rehabilitation loan amount for each dwelling unit and each commercial unit that is part of a residence.

Section 11-25-11(4)(c)

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Source record from le.utah.gov · Legal dates not recorded

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Showing 13 of 13 provisions

Provision 13
§ 11-25-11Comprehensive financing program ordinance -- Contents.Provision

Source excerpt

Before issuing bonds or bond anticipation notes for residential rehabilitation, the agency must adopt a comprehensive residential rehabilitation financing program by ordinance.

Comprehensive financing program ordinance -- Contents. Prior to the issuance of any bonds or bond anticipation notes of the agency for residential rehabilitation, the agency shall by ordinance adopt a comprehensive residential rehabilitation financing program, including: Criteria for selection of residential rehabilitation areas by the agency including findings by the agency that: There are a substantial number of deteriorating structures in the area which do not conform to community standards for decent, safe, sanitary housing. Financial assistance from the agency for residential rehabilitation is necessary to arrest the deterioration of the area. Financing of residential rehabilitation in the area is economically feasible. These findings are not required, however, when the residential rehabilitation area is located within the boundaries of a project area covered by an urban renewal project area plan adopted in accordance with Section 17C-2-107 . Procedures for selection of residential rehabilitation areas by the agency including: Provisions for citizen participation in selection of residential rehabilitation areas. Provisions for a public hearing by the agency prior to selection of any particular residential rehabilitation area. A commitment that rehabilitation standards will be enforced on each residence for which financing is provided. Guidelines for financing residential rehabilitation which shall be subject to the following limitations: Outstanding loans on the property to be rehabilitated including the amount of the loans for rehabilitation, may not exceed 80% of the anticipated after-rehabilitation value of the property to be rehabilitated, except that the agency may authorize loans of up to 95% of the anticipated after-rehabilitation value of the property if loans are made for the purpose of rehabilitating the property for residential purposes, there is demonstrated need for such higher limit, and there is a high probability that the value of the property will not be impaired during the term of the loan. The maximum repayment period for residential rehabilitation loans shall be 20 years or 3/4 of the economic life of the property, whichever is less. The maximum amount loan for rehabilitation for each dwelling unit and for each commercial unit which is, or is part of a "residence" as defined in this chapter, shall be established by resolution of the agency.
Section 11-25-11Verify source
§ 11-25-11(1)Subsection 11-25-11(1)Provision

Source excerpt

The agency must consider stated findings when selecting residential rehabilitation areas, unless the area is within a project area covered by an urban renewal project area plan under Section 17C-2-107.

Criteria for selection of residential rehabilitation areas by the agency including findings by the agency that: There are a substantial number of deteriorating structures in the area which do not conform to community standards for decent, safe, sanitary housing. Financial assistance from the agency for residential rehabilitation is necessary to arrest the deterioration of the area. Financing of residential rehabilitation in the area is economically feasible. These findings are not required, however, when the residential rehabilitation area is located within the boundaries of a project area covered by an urban renewal project area plan adopted in accordance with Section 17C-2-107 .
Section 11-25-11(1)Verify source
§ 11-25-11(1)(a)Subsection 11-25-11(1)(a)Provision

Source excerpt

There are a substantial number of deteriorating structures in the area which do not conform to community standards for decent, safe, sanitary housing.

There are a substantial number of deteriorating structures in the area which do not conform to community standards for decent, safe, sanitary housing.
Section 11-25-11(1)(a)Verify source
§ 11-25-11(1)(b)Subsection 11-25-11(1)(b)Provision

Source excerpt

Financial assistance from the agency for residential rehabilitation is necessary to arrest the deterioration of the area.

Financial assistance from the agency for residential rehabilitation is necessary to arrest the deterioration of the area.
Section 11-25-11(1)(b)Verify source
§ 11-25-11(1)(c)Subsection 11-25-11(1)(c)Provision

Source excerpt

Financing of residential rehabilitation in the area is economically feasible. These findings are not required, however, when the residential rehabilitation area is located within the boundaries of a project area covered by an urban renewal

Financing of residential rehabilitation in the area is economically feasible. These findings are not required, however, when the residential rehabilitation area is located within the boundaries of a project area covered by an urban renewal project area plan adopted in accordance with Section 17C-2-107 .
Section 11-25-11(1)(c)Verify source
§ 11-25-11(2)Subsection 11-25-11(2)Provision

Source excerpt

The agency must use procedures that include citizen participation and a public hearing before selecting a residential rehabilitation area.

Procedures for selection of residential rehabilitation areas by the agency including: Provisions for citizen participation in selection of residential rehabilitation areas. Provisions for a public hearing by the agency prior to selection of any particular residential rehabilitation area.
Section 11-25-11(2)Verify source
§ 11-25-11(2)(a)Subsection 11-25-11(2)(a)Provision

Source excerpt

Provisions for citizen participation in selection of residential rehabilitation areas.

Provisions for citizen participation in selection of residential rehabilitation areas.
Section 11-25-11(2)(a)Verify source
§ 11-25-11(2)(b)Subsection 11-25-11(2)(b)Provision

Source excerpt

The agency must provide for a public hearing before selecting any particular residential rehabilitation area.

Provisions for a public hearing by the agency prior to selection of any particular residential rehabilitation area.
Section 11-25-11(2)(b)Verify source
§ 11-25-11(3)Subsection 11-25-11(3)Provision

Source excerpt

A commitment that rehabilitation standards will be enforced on each residence for which financing is provided.

A commitment that rehabilitation standards will be enforced on each residence for which financing is provided.
Section 11-25-11(3)Verify source
§ 11-25-11(4)Subsection 11-25-11(4)Provision

Source excerpt

Residential rehabilitation loans are limited by loan-to-value caps, with a possible agency-authorized higher cap in qualifying residential cases.

Guidelines for financing residential rehabilitation which shall be subject to the following limitations: Outstanding loans on the property to be rehabilitated including the amount of the loans for rehabilitation, may not exceed 80% of the anticipated after-rehabilitation value of the property to be rehabilitated, except that the agency may authorize loans of up to 95% of the anticipated after-rehabilitation value of the property if loans are made for the purpose of rehabilitating the property for residential purposes, there is demonstrated need for such higher limit, and there is a high probability that the value of the property will not be impaired during the term of the loan. The maximum repayment period for residential rehabilitation loans shall be 20 years or 3/4 of the economic life of the property, whichever is less. The maximum amount loan for rehabilitation for each dwelling unit and for each commercial unit which is, or is part of a "residence" as defined in this chapter, shall be established by resolution of the agency.
Section 11-25-11(4)Verify source
§ 11-25-11(4)(a)Subsection 11-25-11(4)(a)Provision

Source excerpt

Loans tied to a property rehabilitation project generally may not exceed 80% of the property’s anticipated after-rehabilitation value.

Outstanding loans on the property to be rehabilitated including the amount of the loans for rehabilitation, may not exceed 80% of the anticipated after-rehabilitation value of the property to be rehabilitated, except that the agency may authorize loans of up to 95% of the anticipated after-rehabilitation value of the property if loans are made for the purpose of rehabilitating the property for residential purposes, there is demonstrated need for such higher limit, and there is a high probability that the value of the property will not be impaired during the term of the loan.
Section 11-25-11(4)(a)Verify source
§ 11-25-11(4)(b)Subsection 11-25-11(4)(b)Provision

Source excerpt

The maximum repayment period for residential rehabilitation loans shall be 20 years or 3/4 of the economic life of the property, whichever is less.

The maximum repayment period for residential rehabilitation loans shall be 20 years or 3/4 of the economic life of the property, whichever is less.
Section 11-25-11(4)(b)Verify source
§ 11-25-11(4)(c)Subsection 11-25-11(4)(c)Provision

Source excerpt

The agency establishes, by resolution, the maximum rehabilitation loan amount for each dwelling unit and each commercial unit that is part of a residence.

The maximum amount loan for rehabilitation for each dwelling unit and for each commercial unit which is, or is part of a "residence" as defined in this chapter, shall be established by resolution of the agency.
Section 11-25-11(4)(c)Verify source

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