Utah § 63H-8-501 Definitions.

Utah Statutes

§ 63H-8-501 — Definitions.

Utah § 63H-8-501

Title 63HIndependent State Entities

Ch. 63H-8Utah Housing Corporation Act

Part 63H-8-5First-Time Homebuyer Assistance Program

This text of Utah § 63H-8-501 (Definitions.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 63H-8-501 (2026).

Text

As used in this part:

(1)(1)(a) "First-time homebuyer" means an individual who satisfies:

(1)(a)(i) the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and

(1)(a)(ii) requirements made by the corporation by rule, as described in Section 63H-8-502.

(1)(b) "First-time homebuyer" includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502, who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:

(1)(b)(i) had a present ownership interest with the single parent's former spouse during the three-year period;

(1)(b)(ii) resided while married during the

Free access — add to your briefcase to read the full text and ask questions with AI

As used in this part:
(1) (1)(a) "First-time homebuyer" means an individual who satisfies:
(1)(a)(i) the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and
(1)(a)(ii) requirements made by the corporation by rule, as described in Section 63H-8-502.
(1)(b) "First-time homebuyer" includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502, who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:
(1)(b)(i) had a present ownership interest with the single parent's former spouse during the three-year period;
(1)(b)(ii) resided while married during the three-year period; and
(1)(b)(iii) no longer:
(1)(b)(iii)(A) has a present ownership interest; or
(1)(b)(iii)(B) resides.
(2) "Home equity amount" means the difference between:
(2)(a) (2)(a)(i) in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase less an amount up to 1% of the sales price used for seller-paid closing costs; or
(2)(a)(ii) in the case of a refinance, the current appraised value of the qualifying residential unit; and
(2)(b) the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit.
(3) "Program" means the First-Time Homebuyer Assistance Program created in Section 63H-8-502.
(4) "Program funds" means money appropriated for the program.
(5) "Qualifying mortgage loan" means a mortgage loan that:
(5)(a) is purchased by the corporation; and
(5)(b) is subject to a document that is recorded in the office of the county recorder of the county in which the residential unit is located.
(6) "Qualifying residential unit" means a residential unit that:
(6)(a) is located in the state;
(6)(b) is new construction or newly constructed but not yet inhabited;
(6)(c) is financed by a qualifying mortgage loan;
(6)(d) is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and
(6)(e) is purchased for an amount that does not exceed:
(6)(e)(i) $450,000; or
(6)(e)(ii) if applicable, the maximum purchase price established by the corporation under Section 63H-8-502.
(7) "Recipient" means a first-time homebuyer who receives program funds.
(8) (8)(a) "Residential unit" means a house, condominium, townhome, or similar residential structure that serves as a one-unit dwelling or forms part of a two-unit dwelling.
(8)(b) "Residential unit" includes a manufactured home or modular home that is attached to a permanent foundation.