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State Land Use Enacted Legislation
| Bill # | State | Year | Party | Topic |
|---|---|---|---|---|
SB 268 |
UT | 2024 | R | Affordable housing incentives and financing, Density Increases, Planning Requirements, Tax Increment Financing |
Provided by Furman
Summary
- Enacts the “First Home Investment Act,” allowing municipalities to create First Home Investment Zones to provide affordable, owner occupied housing and increase opportunities for home ownership through tax increment financing. The act:
- Allows zones to capture up to a maximum of 60 percent of each taxing entity’s tax increment for no more than 25 consecutive years within a 45-year period.
- Requires that such zones have a minimum of 30 housing units per acre in at least 51 percent of the developable area, of which 50 percent must be owner occupied, in addition to mixed use development.
- Requires that at least 25 percent of homes remain owner occupied for at least 25 years from the date of original purpose.
- Requires that at least 12 percent of owner occupied homes and 12 percent of non-owner occupied homes are affordable, defined as non-owner occupied housing occupied or reserved for occupancy by households with a gross income up to 80 percent of the area median gross income or owner-occupied housing that is priced at 80 percent of the area median home price. Such affordable housing must be spread throughout the overall development.
- Requires that affordable housing makes up at least 20 percent of extraterritorial homes, defined as units that are included as part of the proposal within the local political division but outside of the zone that are part of a development with a density of at least six units per acre, have not been issued a building permit, and are required to be owner occupied for at least 25 years.
- Allows for zones between 10 and 100 contiguous acres in size.
- Prohibits First Home Investment Zones or extraterritorial homes from overlapping with Housing and Transit Reinvestment Zones.
Provided by lawmakers
Bill Title
First Home Investment Act
Related resources
Enacted Legislation Related Posts
Research and analysis from the Furman Center on this and related housing policy topics.
