As used in this part:

1. (1)

   1. (a) "First-time homebuyer" means an individual who satisfies:

      1. (i) the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and
      2. (ii) requirements made by the corporation by rule, as described in Section 63H-8-502.

   2. (b) "First-time homebuyer" includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502, who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:

      1. (i) had a present ownership interest with the single parent's former spouse during the three-year period;
      2. (ii) resided while married during the three-year period; and

      3. (iii) no longer:

         1. (A) has a present ownership interest; or
         2. (B) resides.

2. (2) "Home equity amount" means the difference between:

   1. (a)

      1. (i) in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase less an amount up to 1% of the sales price used for seller-paid closing costs; or
      2. (ii) in the case of a refinance, the current appraised value of the qualifying residential unit; and
   2. (b) the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit.
3. (3) "Program" means the First-Time Homebuyer Assistance Program created in Section 63H-8-502.
4. (4) "Program funds" means money appropriated for the program.

5. (5) "Qualifying mortgage loan" means a mortgage loan that:

   1. (a) is purchased by the corporation; and
   2. (b) is subject to a document that is recorded in the office of the county recorder of the county in which the residential unit is located.

6. (6) "Qualifying residential unit" means a residential unit that:

   1. (a) is located in the state;
   2. (b) is new construction or newly constructed but not yet inhabited;
   3. (c) is financed by a qualifying mortgage loan;
   4. (d) is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and

   5. (e) is purchased for an amount that does not exceed:

      1. (i) $450,000; or
      2. (ii) if applicable, the maximum purchase price established by the corporation under Section 63H-8-502.
7. (7) "Recipient" means a first-time homebuyer who receives program funds.

8. (8)

   1. (a) "Residential unit" means a house, condominium, townhome, or similar residential structure that serves as a one-unit dwelling or forms part of a two-unit dwelling.
   2. (b) "Residential unit" includes a manufactured home or modular home that is attached to a permanent foundation.

Amended by Chapter 464, 2025 General Session