Commerce, Real Estate

Rule R162-12

Utah Housing Opportunity Restricted Account

Notice of Proposed Rule

(Repeal)

DAR File No.: 34224
Filed: 11/10/2010 07:31:37 AM

RULE ANALYSIS

Purpose of the rule or reason for the change:

The substantive elements of this rule have been incorporated into proposed Rule R162-2a. Therefore, this rule is no longer needed. (DAR NOTE: The proposed new Rule R162-2a is under DAR No. 34223 in this issue, December 1, 2010, of the Bulletin.)

Summary of the rule or change:

The rule is repealed in its entirety.

State statutory or constitutional authorization for this rule:

• Subsection 61-2-204(10)

Anticipated cost or savings to:

the state budget:

Where the substantive provisions of this rule are incorporated into proposed Rule R162-2a, no fiscal impact to the state budget is anticipated from this filing.

local governments:

Where the substantive provisions of this rule are incorporated into proposed Rule R162-2a, no fiscal impact to local governments is anticipated from this filing.

small businesses:

Where the substantive provisions of this rule are incorporated into proposed Rule R162-2a, no fiscal impact to small businesses is anticipated from this filing.

persons other than small businesses, businesses, or local governmental entities:

Where the substantive provisions of this rule are incorporated into proposed Rule R162-2a, no fiscal impact to affected persons is anticipated from this filing.

Compliance costs for affected persons:

In repealing this rule, the division and commission relieve affected persons of any obligation to comply with it. There are no compliance costs.

Comments by the department head on the fiscal impact the rule may have on businesses:

No fiscal impact to businesses is anticipated from this rule repeal as a substitute new rule containing the substance of these provisions is also proposed by the Division

Francine A. Giani, Executive Director

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Commerce
Real Estate
160 E 300 S
SALT LAKE CITY, UT 84111-2316

Direct questions regarding this rule to:

• Jennie Jonsson at the above address, by phone at 801-530-6706, by FAX at 801-526-4387, or by Internet E-mail at jjonsson@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

12/31/2010

This rule may become effective on:

01/07/2011

Authorized by:

Deanna Sabey, Director

R162. Commerce, Real Estate.

[ R162-12. Utah Housing Opportunity Restricted Account.

R162-12-1. Authority and Definitions.

12.1.1 The following administrative rules are promulgated under the authority granted by Sections 61-2-5.5(1)(a) and 61-2-28.

12.1.2 Terms used in these rules are defined as follows:

(a) "Utah Housing Opportunity Restricted Account" means the restricted account created in the General Fund into which the following monies are deposited: contributions to the Department of Motor Vehicles for Utah Housing Opportunity special group license plates in accordance with Section 41-1a-422, private contributions, donations or grants from public or private entities, and interest and earnings on the funds in the account.

(b) "Qualified entity" means a charitable organization that qualifies as being tax exempt under Section 501(c)(3), Internal Revenue Code, and that provides support to organizations that create affordable housing for those in severe need as a primary part of their mission.

 

R162-12-2. Proposals.

12.2.1 No later than August 1 of each year, a qualified entity may apply to the Division for a distribution of funds from the Utah Housing Opportunity Restricted Account to be used to provide support to organizations that create affordable housing for those in severe need.

12.1.2 An applicants shall provide to the Division as part of an application:

(a) contact information for the applicant;

(b) proof that the entity is tax exempt under Section 501(c)(3), Internal Revenue Code;

(c) proof that the entity provides support to organizations that create affordable housing for those in severe need as a primary part of its mission;

(d) a statement of the purpose for which the application is submitted, along with an explanation of how the entity would use a disbursement of money to promote affordable housing for those in severe need; and

(e) an explanation of the internal management controls and financial controls of the entity that would insure that any funds received would be used only for authorized purposes.

 

R162-12-3. Selection of Recipient.

12.3.1 The Division shall annually select one applicant to receive a distribution from the Utah Housing Opportunity Restricted Account. The Division shall select the recipient based on which applicant can, in the opinion of the Division, most effectively and efficiently use the funds to promote affordable housing for those in severe need.

12.3.2 The disbursement to the successful applicant shall be made no later than December 31 each year.

 

KEY: Utah Housing Opportunity Restricted Account

Date of Enactment or Last Substantive Amendment: April 7, 2008

Authorizing, and Implemented or Interpreted Law: 61-2-28 ]