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(1) Except as provided in Subsection (4), an agency shall allocate the agency's project area funds for housing in accordance with this section.
(2)
(a) For a community reinvestment project area that is subject to a taxing entity committee, an agency shall allocate at least 20% of the agency's annual tax increment for housing in accordance with Section 17C-1-412 if the community reinvestment project area budget provides for more than $100,000 of annual tax increment to be distributed to the agency.
(b) The taxing entity committee may waive a portion of the allocation described in Subsection (2)(a) if:
(i) the taxing entity committee determines that 20% of the agency's annual tax increment is more than is needed to address the community's need for income targeted housing or homeless assistance; and
(ii) after the waiver, the agency's housing allocation is equal to at least 10% of the agency's annual tax increment.
(3) For a community reinvestment project area that is subject to an interlocal agreement, an agency shall allocate at least 10% of the project area funds for housing in accordance with Section 17C-1-412 if the community reinvestment project area budget provides for more than $100,000 of annual project area funds to be distributed to the agency.
(4) An agency is not required to allocate the agency's community reinvestment project area funds for housing under this section if:
(a) the agency and the county mutually agree in the interlocal agreement described in Subsection (3) that the agency will not make the allocation; and
(b) the community reinvestment project area plan:
(i) provides solely for nonresidential project area development; and
(ii) provides for 60% of the jobs created within the project area to have an annual gross wage, not including healthcare or other paid or unpaid benefits, that is at least 125% of the average wage of the county in which the project area is located.