State Codes and Statutes

Statutes > Utah > Title-09 > Chapter-04 > 9-4-902

9-4-902. Policy -- Finding and declaration.
(1) It is declared that the policy of the state of Utah is to assure the health, safety, andwelfare of its citizens, that an adequate supply of decent, safe, and sanitary housing is essential tothe well-being of the citizens of the state, and that an adequate supply of mortgage funds forhousing at reasonable interest rates is in the public interest.
(2) It is found and declared that:
(a) there continues to exist throughout the state a seriously inadequate supply of safe andsanitary dwelling accommodations within the financial means of persons and families of low ormoderate income who wish to purchase or rent residential housing; and
(b) from time to time the high rates of interest charged by mortgage lenders seriouslyrestrict the transfer of existing housing and new housing starts.
(3) It is found and declared that the reduction in residential construction starts associatedwith the high rates causes a condition of substantial unemployment and underemployment in theconstruction industry which impedes the economy of the state and affects the welfare andprosperity of all the people of the state.
(4) It is found and declared that:
(a) these conditions associated with the recurrent shortages of residential mortgage fundscontribute to slums and blight in the cities and rural areas of the state and ultimately to thedeterioration of the quality of living conditions within the state; and
(b) in accordance with the purpose of this part to assist in providing housing for low andmoderate income persons who otherwise could not achieve decent, safe, and sanitary housing, theagency shall make every effort to make housing available in rural, inner city, and other areasexperiencing difficulty in securing construction and mortgage loans, and to make decent, safe,and sanitary housing available to low income persons and families.
(5) It is found and declared that in order to assure an adequate fund of private capital intothis housing, the cooperation between private enterprise and state government is essential and isin the public interest.
(6) It is found and declared that low and moderate income persons in Utah have a widerange of housing needs, which necessitates the development of many different kinds of programsto address those needs, including programs providing mortgage loans, nontraditional loans,grants, and other forms of financial assistance, and combinations of these forms.
(7) It is found and declared that there are private organizations and governmental entitiesthroughout Utah that are endeavoring to improve the availability of housing for low andmoderate income, but many of these organizations and entities lack expertise and financialresources to act efficiently and expeditiously in these efforts.
(8) It is found and declared that innovative programs that bring together resources fromthe public, nonprofit, and private sector are necessary in order to increase the supply of housingfor low and moderate individuals, but these programs usually need advice and financialassistance to become established.
(9) It is declared that all of the foregoing are public purposes and uses for which moneymay be borrowed, expended, advanced, loaned, or granted, and that these activities serve a publicpurpose in improving or otherwise benefiting the people of this state, and that the necessity ofenacting the provisions in this part is in the public interest and is so declared as a matter ofexpress legislative determination.
(10) It is found and declared that the compelling need within the state for the creation of

an adequate supply of mortgage funds at reasonable interest rates and for other kinds of financialassistance to help provide affordable housing for low and moderate income individuals can bebest met by the establishment of an independent body corporate and politic, constituting a publiccorporation, vested with the powers and duties specified in this part.
(11) It is declared that the corporation is intended to operate:
(a) with the power to issue tax exempt bonds to finance the purchase of mortgage loansto qualified buyers;
(b) as a financially independent body; and
(c) so that its debts shall be payable solely from payments received by the corporationfrom mortgage borrowers and other revenues generated internally by the corporation.

Amended by Chapter 319, 2001 General Session