summary
Introduced
02/15/2023
02/15/2023
In Committee
02/28/2023
02/28/2023
Crossed Over
02/23/2023
02/23/2023
Passed
03/09/2023
03/09/2023
Dead
Signed/Enacted/Adopted
03/23/2023
03/23/2023
Introduced Session
2023 General Session
Bill Summary
First-time Homebuyer Assistance Program
AI Summary
This bill creates the First-Time Homebuyer Assistance Program, which is administered by the Utah Housing Corporation. The program provides up to $20,000 in assistance to first-time homebuyers to help with the down payment, closing costs, or a reduction in the interest rate on a mortgage loan for the purchase of a qualifying residential unit. The bill defines key terms like "first-time homebuyer," "home equity amount," and "qualifying residential unit." It also sets repayment requirements if the homeowner sells or refinances the home before the end of the original mortgage term, and allows the corporation to adjust the maximum purchase price of eligible homes annually.
Committee Categories
Business and Industry, Government Affairs
Sponsors (2)
Last Action
Governor Signed in Lieutenant Governor's office for filing (on 03/23/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://le.utah.gov/~2023/bills/static/SB0240.html |
| BillText | https://le.utah.gov/~2023/bills/sbillenr/SB0240.pdf |
| Fiscal Note SB0240 | https://le.utah.gov/lfa/fnotes/2023/SB0240.fn.pdf |
| Fiscal Note SB0240S01 | https://le.utah.gov/lfa/fnotes/2023/SB0240S01.fn.pdf |
| BillText | https://le.utah.gov/~2023/bills/sbillint/SB0240S01.pdf |
| Analysis - SB0240S01 Compared With SB0240 | https://le.utah.gov/~2023/bills/sbillint/SB0240S01_ComparedWith_SB0240.pdf |
| BillText | https://le.utah.gov/~2023/bills/sbillint/SB0240.pdf |
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