Bill > HB0541

This bill amends the First-Time Homebuyer Assistance Program by clarifying the definition of a "first-time homebuyer" to include single parents who previously owned a home with a former spouse but no longer do, and by establishing different maximum assistance amounts for new construction versus existing homes, with a limit on the total funds available for existing homes. The program, administered by a "corporation" (likely a state housing finance agency), provides funds for down payments, closing costs, or to reduce mortgage interest rates on qualifying residential units, which are homes located in the state financed by a specific type of mortgage loan and occupied by the owner. The bill also specifies that builders cannot increase prices due to program funds and allows the corporation to adjust maximum purchase prices annually based on market conditions. Importantly, recipients must repay program funds if they sell the home or refinance their mortgage before the original loan term ends, with the repayment amount being the lesser of the funds received or 50% of their home equity, and these repaid funds will be reinvested into the program. The bill also includes provisions for the corporation to establish rules for the program, use a portion of funds for administration, and report annually on program activities, with an effective date of May 6, 2026.

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https://le.utah.gov/~2026/bills/static/HB0541.html