Full text of Utah Utah Code § 11-25-11 — Comprehensive financing program ordinance -- Contents., with citation guidance and answers to common questions.
§ 11-25-11. Comprehensive financing program ordinance -- Contents.
11-25-11.
Comprehensive financing program ordinance -- Contents.
Prior to the issuance of any bonds or bond anticipation notes of the agency for residential rehabilitation, the agency shall by ordinance adopt a comprehensive residential rehabilitation financing program, including:
| (1) |
Criteria for selection of residential rehabilitation areas by the agency including findings by the agency that:
| (a) |
There are a substantial number of deteriorating structures in the area which do not conform to community standards for decent, safe, sanitary housing. |
| (b) |
Financial assistance from the agency for residential rehabilitation is necessary to arrest the deterioration of the area. |
| (c) |
Financing of residential rehabilitation in the area is economically feasible. These findings are not required, however, when the residential rehabilitation area is located within the boundaries of a project area covered by an urban renewal project area plan adopted in accordance with Section 17C-2-107. |
|
| (2) |
Procedures for selection of residential rehabilitation areas by the agency including:
| (a) |
Provisions for citizen participation in selection of residential rehabilitation areas. |
| (b) |
Provisions for a public hearing by the agency prior to selection of any particular residential rehabilitation area. |
|
| (3) |
A commitment that rehabilitation standards will be enforced on each residence for which financing is provided. |
| (4) |
Guidelines for financing residential rehabilitation which shall be subject to the following limitations:
| (a) |
Outstanding loans on the property to be rehabilitated including the amount of the loans for rehabilitation, may not exceed 80% of the anticipated after-rehabilitation value of the property to be rehabilitated, except that the agency may authorize loans of up to 95% of the anticipated after-rehabilitation value of the property if loans are made for the purpose of rehabilitating the property for residential purposes, there is demonstrated need for such higher limit, and there is a high probability that the value of the property will not be impaired during the term of the loan. |
| (b) |
The maximum repayment period for residential rehabilitation loans shall be 20 years or 3/4 of the economic life of the property, whichever is less. |
| (c) |
The maximum amount loan for rehabilitation for each dwelling unit and for each commercial unit which is, or is part of a "residence" as defined in this chapter, shall be established by resolution of the agency. |
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Amended by Chapter
378, 2010 General Session
Frequently Asked Questions About Utah § 11-25-11
What does Utah Code § 11-25-11 cover?
Section 11-25-11 ("Comprehensive financing program ordinance -- Contents.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 11-25-11?
A common citation format is "Utah Code § 11-25-11" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 11-25-11 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
