9-4-923 - Allocation to corporation of mortgage bonds qualified under Internal Revenue Code.
9-4-923. Allocation to corporation of mortgage bonds qualified under InternalRevenue Code.
(1) The entire amount of qualified mortgage bonds allowable to Utah pursuant to 26U.S.C., Section 143, and the regulations issued under the code, is allocated to the Utah HousingCorporation which, for purposes of 26 U.S.C., Section 143 and the regulations under that section,has sole responsibility for issuing or approving the issuance of qualified mortgage bondsallowable to Utah.
(2) The corporation is not required to issue or approve the issuance of qualified mortgagebonds equal in amount to the amount allowed Utah.
(3) Housing authorities in counties, cities, and towns in Utah may apply under 26 U.S.C.,Section 143 to the corporation for funding of housing programs within their respectivejurisdictions.
Amended by Chapter 319, 2001 General Session