Bill > SB0250

This bill makes several modifications to laws governing community development and reinvestment agencies in Utah, with a focus on housing and funding. The bill allows community reinvestment agencies to use up to 10% of general differential revenue generated from a project area to support affordable housing, specifically by providing funds to non-profit housing funds that help low-income individuals and families achieve or retain homeownership. The bill expands the definition of "non-profit housing fund" to include organizations that assist veterans, public service workers, and low-income individuals with homeownership and home retention services. Additionally, the bill introduces new provisions requiring county treasurers to consult with agencies before providing tax increment funding to private participants, and allows agencies to use such funding to pay off a participant's delinquent taxes or resolve political subdivision liens. The bill also makes technical changes to definitions related to tax rates and revenue, and establishes that these modifications will take effect on May 7, 2025. The overall aim appears to be providing more flexible and targeted support for affordable housing and community development initiatives.

Budget and Finance, Business and Industry

https://le.utah.gov/~2025/bills/static/SB0250.html