(1) As used in this section: (a) "low-income housing covenant" means an agreement: (i) between: (A) the Utah Housing Corporation; and (B) an owner of real property upon which residential rental housing is located; and (ii) in which the owner described in Subsection (1)(a)(i)(B) agrees to limit the amount of rent that a renter may be charged for the residential rental housing; and (b) "residential rental housing" means housing that: (i) is used: (A) for residential purposes; and (B) as a primary residence; and (ii) is rental property.

(a) "low-income housing covenant" means an agreement: (i) between: (A) the Utah Housing Corporation; and (B) an owner of real property upon which residential rental housing is located; and (ii) in which the owner described in Subsection (1)(a)(i)(B) agrees to limit the amount of rent that a renter may be charged for the residential rental housing; and

(i) between: (A) the Utah Housing Corporation; and (B) an owner of real property upon which residential rental housing is located; and

(A) the Utah Housing Corporation; and

(B) an owner of real property upon which residential rental housing is located; and

(ii) in which the owner described in Subsection (1)(a)(i)(B) agrees to limit the amount of rent that a renter may be charged for the residential rental housing; and

(b) "residential rental housing" means housing that: (i) is used: (A) for residential purposes; and (B) as a primary residence; and (ii) is rental property.

(i) is used: (A) for residential purposes; and (B) as a primary residence; and

(A) for residential purposes; and

(B) as a primary residence; and

(ii) is rental property.

(2) A county assessor shall, in determining the fair market value of real property subject to a low-income housing covenant, take into account all relevant factors that affect the fair market value of the property, including: (a) the information provided in Subsection (3); and (b) any effects the low-income housing covenant may have on the fair market value of the real property.

(a) the information provided in Subsection (3); and

(b) any effects the low-income housing covenant may have on the fair market value of the real property.

(3) (a) Except as provided in Subsection (3)(b), to have a county assessor take into account a low-income housing covenant under Subsection (2), the owner of a property subject to a low-income housing covenant shall, by April 30 of each year, provide to the county assessor: (i) a signed statement from the property owner that the project continues to meet the requirements of the low-income housing covenant; (ii) a financial operating statement for the property for the prior year; (iii) rent rolls for the property for the prior year; and (iv) federal and commercial financing terms and agreements for the property. (b) If the April 30 described in Subsection (3)(a) falls within the first 12 months after a low-income housing operation begins on the property, a property owner shall provide estimates of the information required by Subsections (3)(a)(ii) through (iv).

(a) Except as provided in Subsection (3)(b), to have a county assessor take into account a low-income housing covenant under Subsection (2), the owner of a property subject to a low-income housing covenant shall, by April 30 of each year, provide to the county assessor: (i) a signed statement from the property owner that the project continues to meet the requirements of the low-income housing covenant; (ii) a financial operating statement for the property for the prior year; (iii) rent rolls for the property for the prior year; and (iv) federal and commercial financing terms and agreements for the property.

(i) a signed statement from the property owner that the project continues to meet the requirements of the low-income housing covenant;

(ii) a financial operating statement for the property for the prior year;

(iii) rent rolls for the property for the prior year; and

(iv) federal and commercial financing terms and agreements for the property.

(b) If the April 30 described in Subsection (3)(a) falls within the first 12 months after a low-income housing operation begins on the property, a property owner shall provide estimates of the information required by Subsections (3)(a)(ii) through (iv).

(4) If the owner of a property subject to a low-income housing covenant fails to meet the requirements of Subsection (3): (a) the assessor shall: (i) make a record of the failure to meet the requirements of Subsection (3); and (ii) make an estimate of the fair market value of the property in accordance with Subsection (2) based on information available to the assessor; and (b) subject to Subsection (5), the owner shall pay a penalty equal to the greater of: (i) $250; or (ii) 5% of the tax due on the property for that year.

(a) the assessor shall: (i) make a record of the failure to meet the requirements of Subsection (3); and (ii) make an estimate of the fair market value of the property in accordance with Subsection (2) based on information available to the assessor; and

(i) make a record of the failure to meet the requirements of Subsection (3); and

(ii) make an estimate of the fair market value of the property in accordance with Subsection (2) based on information available to the assessor; and

(b) subject to Subsection (5), the owner shall pay a penalty equal to the greater of: (i) $250; or (ii) 5% of the tax due on the property for that year.

(i) $250; or

(ii) 5% of the tax due on the property for that year.

(5) (a) Only one penalty per year may be imposed per housing project subject to a low-income housing covenant. (b) Upon making a record of the action, and upon reasonable cause shown, an assessor may waive, reduce, or compromise the penalty imposed under Subsection (4)(b).

(a) Only one penalty per year may be imposed per housing project subject to a low-income housing covenant.

(b) Upon making a record of the action, and upon reasonable cause shown, an assessor may waive, reduce, or compromise the penalty imposed under Subsection (4)(b).