Utah HB0541 amends the First-Time Homebuyer Assistance Program to adjust maximum purchase prices and make technical changes.

Utah HB0541 amends the First-Time Homebuyer Assistance Program by adjusting the maximum purchase prices for qualifying residential units. The bill sets a maximum purchase price of $20,000 for new construction or newly constructed units and $10,000 for existing units. It also allows the corporation to adjust these prices annually based on market conditions. The bill makes technical and conforming changes to the program, including clarifying the definition of "first-time homebuyer" and the conditions for repaying program funds if a qualifying residential unit is sold or refinanced.

Utah HB0541 amends the First-Time Homebuyer Assistance Program to adjust maximum purchase prices and make technical changes.

Utah HB0541 amends the First-Time Homebuyer Assistance Program by adjusting the maximum purchase prices for qualifying residential units. The bill sets a maximum purchase price of $20,000 for new construction or newly constructed units and $10,000 for existing units. It also allows the corporation to adjust these prices annually based on market conditions. The bill makes technical and conforming changes to the program, including clarifying the definition of "first-time homebuyer" and the conditions for repaying program funds if a qualifying residential unit is sold or refinanced.