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(1) There is created an enterprise fund known as the "Economic Revitalization and Investment Fund."
(2) The Economic Revitalization and Investment Fund consists of money from the following:
(a) money appropriated to the account by the Legislature;
(b) private contributions;
(c) donations or grants from public or private entities; and
(d) money returned to the department under Section 35A-8-512.
(3) The Economic Revitalization and Investment Fund shall earn interest, which shall be deposited into the Economic Revitalization and Investment Fund.
(4) The executive director may distribute money from the Economic Revitalization and Investment Fund to one or more projects that:
(a) include affordable housing units for households:
(i) whose income is no more than 30% of the area median income for households of the same size in the county or municipality where the project is located; and
(ii) at rental rates no greater than the rates described in Subsection 35A-8-511(2)(b); and
(b) have been approved by the board in accordance with Section 35A-8-510.
(5)
(a) A housing sponsor may apply to the department to receive a distribution in accordance with Subsection (4).
(b) The application shall include:
(i) the location of the project;
(ii) the number, size, and tenant income requirements of affordable housing units described in Subsection (4)(a) that will be included in the project; and
(iii) a written commitment to enter into a deed restriction that reserves for a period of 30 years the affordable housing units described in Subsection (5)(b)(ii) or their equivalent for occupancy by households that meet the income requirements described in Subsection (5)(b)(ii).
(c) The commitment in Subsection (5)(b)(iii) shall be considered met if a housing unit is:
(i)
(A) occupied or reserved for occupancy by a household whose income is no more than 30% of the area median income for households of the same size in the county or municipality where the project is located; or
(B) occupied by a household whose income is no more than 60% of the area median income for households of the same size in the county or municipality where the project is located if that household met the income requirement described in Subsection (4)(a) when the household originally entered into the lease agreement for the housing unit; and
(ii) rented at a rate no greater than the rate described in Subsection 35A-8-511(2)(b).
(d) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make additional rules providing procedures for a person to apply to the department to receive a distribution described in Subsection (4).