Utah LIHTC Reporting Requirement

Utah House Bill 75 requires the owner of property subject to a low-income housing covenant to annually provide certain information to a county assessor, including, a signed statement that the project continues to meet the requirements of the low-income housing covenant, a financial operating statement and rent rolls for the property for the prior year, and federal and commercial financing terms and agreements. If the information is not provided, then the assessor is authorized to value the property with information at hand, and the owner must pay a penalty of the greater of $250 or 5% of the tax due on the property for that year, but it may be waived if reasonable cause is shown.