17C-2-203 - Part of tax increment funds in urban renewal project area budget to be used for housing -- Waiver of requirement.
17C-2-203. Part of tax increment funds in urban renewal project area budget to beused for housing -- Waiver of requirement.
(1) (a) Except as provided in Subsection (1)(b), each urban renewal project area budgetadopted on or after May 1, 2000 that provides for more than $100,000 of annual tax increment tobe paid to the agency shall allocate at least 20% of the tax increment for housing as provided inSection 17C-1-412.
(b) The 20% requirement of Subsection (1)(a) may be waived in part or whole by themutual consent of the loan fund board and the taxing entity committee if they determine that 20%of tax increment is more than is needed to address the community's need for income targetedhousing.
(2) An urban renewal project area budget not required under Subsection (1)(a) to allocatetax increment for housing may allocate 20% of tax increment payable to the agency over the lifeof the project area for housing as provided in Section 17C-1-412 if the project area budget isunder a project area plan that is adopted on or after July 1, 1998.
Renumbered and Amended by Chapter 359, 2006 General Session