R884-24P-67. Information Required for Valuation of Low-Income Housing Pursuant to Utah Code Ann. Sections 59-2-102 and 59-2-301.3

(1) The purpose of this rule is to provide an annual reporting mechanism to assist county assessors in gathering data necessary for accurate valuation of low-income housing projects. (2) The Utah Housing Corporation shall provide the following information that it has obtained from the owner of a low-income housing project to the commission: (a) for each low-income housing project in the state that is eligible for a low-income housing tax credit: (i) the Utah Housing Corporation project identification number; (ii) the project name; (iii) the project address; (iv) the city in which the project is located; (v) the county in which the project is located; (vi) the building identification number assigned by the Internal Revenue Service for each building included in the project; (vii) the building address for each building included in the project; (viii) the total apartment units included in the project; (ix) the total apartment units in the project that are eligible for low-income housing tax credits; (x) the period of time for which the project is subject to rent restrictions under an agreement described in Subsection (2)(b); (xi) whether the project is: (A) the rehabilitation of an existing building; or (B) new construction; (xii) the date on which the project was placed in service; (xiii) the total square feet of the buildings included in the project; (xiv) the maximum annual federal low-income housing tax credits for which the project is eligible; (xv) the maximum annual state low-income housing tax credits for which the project is eligible; and (xvi) for each apartment unit included in the project: (A) the number of bedrooms in the apartment unit; (B) the size of the apartment unit in square feet; and (C) any rent limitation to which the apartment unit is subject; and (b) a recorded copy of the agreement entered into by the Utah Housing Corporation and the property owner for the low-income housing project; and (c) construction cost certifications for the project received from the low-income housing project owner. (3) The Utah Housing Corporation shall provide the commission the information under Subsection (2) by January 31 of the year following the year in which a project is placed into service.