Utah Homes Investment Program

This program is completely separate from the Public Treasurers’ Investment Fund (PTIF).  It does NOT impact PTIF returns.

In 2024, the Utah Legislature passed H.B. 572,  creating the Utah Homes Investment Program with the intent to spur the market to build necessary affordable housing stock with minimal state involvement. 

The three-year-long program, managed by the Office of State Treasurer, provides low-cost deposits to financial institutions, enabling them to offer low-interest loans to developers building affordable homes.  The bill allocates $300 million of state bank deposits for the program, with a maximum deposit of $60 million for each qualified development project.

Banks and credit unions interested in participating in the program should consider the following conditions before completing the online application:

• Only financial institutions that have been certified as qualified depositories under the Utah Money Management Act (Utah Code § 51-7) will be considered.
• The financial institution must show evidence of having extended a low-interest loan (as defined in Utah Code § 51-12) to the developer of a qualified home-building project before applying.
• The low-cost deposit from the state will be funded in full once the Office of State Treasurer receives evidence that the financial institution has paid out loan proceeds to the developer on a material draw request.
• A simple, interest calculation, must be performed daily and paid with the deposit withdrawal. The maximum maturity date of withdrawal is 2 years from the funding of the deposit.
• All deposits must be returned to the state by June 30, 2027, regardless of when the deposit was funded.
• The Office of State Treasurer requires the financial institution to provide semi-annual updates on the progress of the qualified project to which the financial institution provided a loan.

Application Instructions for Financial Institutions

STEP 1 

Provide all information requested in the online application. This includes an executed loan agreement with the listed qualified developer.

STEP 2 

Within three (3) business days, the Office of State Treasurer will notify the primary contact of whether the application has been accepted or rejected. If accepted, the financial institution will receive a Deposit Agreement with a semi-completed Addendum A, confirming the applicable interest rate and the calculated daily interest accrual. (Funding Date and Maturity Date will be filled in once Step 3 is complete.)

Once you have received approval of an application, please submit the following to the Office of State Treasurer via email at [email protected] and [email protected]:

• Signed deposit agreement specifying the state DDA account number that will be used to hold the requested state deposit (on Page 2 of the deposit agreement).
• Certificate of Incumbency, listed in the Forms section (use attached form or provide a notarized equivalent from your financial institution).
• Attestation Form, listed in the Form Section.

STEP 3

Submit documentation of payment of a valid draw request on the loan extended to the developer with evidence that the draw request directly funded the purchase of land or construction within the qualified project area. Specify the preferred deposit funding date.

Once Step 3 is complete, the Office of State Treasurer will provide the deposit in full to the specified account via wire transfer within three (3) business days or on the preferred funding date.

The Office of State Treasurer will also provide fully executed copies to the financial institution of the Deposit Agreement, including a completed Addendum A and an Addendum B, which contains the Supporting Documents.

STEP 4 

Provide the Treasurer with monthly account statements emailed to [email protected] and [email protected].  Provide semi-annual project progress reports as required in Addendum A of the Deposit Agreement to the same email addresses.