1. (1) The purpose of this rule is to provide an annual reporting mechanism to assist county assessors in gathering data necessary for accurate valuation of low-income housing projects.

2. (2) The Utah Housing Corporation shall provide the following information that it has obtained from the owner of a low-income housing project to the commission:

   1. (a) for each low-income housing project in the state that is eligible for a low-income housing tax credit:

      1. (i) the Utah Housing Corporation project identification number;
      2. (ii) the project name;
      3. (iii) the project address;
      4. (iv) the city in which the project is located;
      5. (v) the county in which the project is located;
      6. (vi) the building identification number assigned by the Internal Revenue Service for each building included in the project;
      7. (vii) the building address for each building included in the project;
      8. (viii) the total apartment units included in the project;
      9. (ix) the total apartment units in the project that are eligible for low-income housing tax credits;
      10. (x) the period of time for which the project is subject to rent restrictions under an agreement described in Subsection (2)(b);

      11. (xi) whether the project is:

          1. (A) the rehabilitation of an existing building; or
          2. (B) new construction;
      12. (xii) the date on which the project was placed in service;
      13. (xiii) the total square feet of the buildings included in the project;
      14. (xiv) the maximum annual federal low-income housing tax credits for which the project is eligible;
      15. (xv) the maximum annual state low-income housing tax credits for which the project is eligible; and

      16. (xvi) for each apartment unit included in the project:

          1. (A) the number of bedrooms in the apartment unit;
          2. (B) the size of the apartment unit in square feet; and
          3. (C) any rent limitation to which the apartment unit is subject; and
   2. (b) a recorded copy of the agreement entered into by the Utah Housing Corporation and the property owner for the low-income housing project; and
   3. (c) construction cost certifications for the project received from the low-income housing project owner.
3. (3) The Utah Housing Corporation shall provide the commission the information under Subsection (2) by January 31 of the year following the year in which a project is placed into service.

KEY: taxation, personal property, property tax, appraisals

Date of Last Change: January 1, 2026

Notice of Continuation: November 9, 2021

Authorizing, and Implemented or Interpreted Law: Art. XIII, Sec 2; 9-2-201; 11-13-302; 41-1a-202; 41-1a-301; 59-1-210; 59-2-102; 59-2-103; 59-2-103.5; 59-2-104; 59-2-201; 59-2-210; 59-2-211; 59-2-301; 59-2-301.3; 59-2-302; 59-2-303; 59-2-303.1; 59-2-305; 59-2-306; 59-2-401; 59-2-402; 59-2-404; 59-2-405; 59-2-405.1; 59-2-406; 59-2-508; 59-2-514; 59-2-515; 59-2-701; 59-2-702; 59-2-703; 59-2-704; 59-2-704.5; 59-2-705; 59-2-801; 59-2-918 through 59-2-924; 59-2-1002; 59-2-1004; 59-2-1005; 59-2-1006; 59-2-1101; 59-2-1102; 59-2-1104; 59-2-1106; 59-2-1107 through 59-2-1109; 59-2-1113; 59-2-1115; 59-2-1202; 59-2-1202(5); 59-2-1302; 59-2-1303; 59-2-1308.5; 59-2-1317; 59-2-1328; 59-2-1330; 59-2-1347; 59-2-1351; 59-2-1365; 59-2-1703