First-Time Homebuyer Assistance Program Amendments

HB 541 amends Utah's First-Time Homebuyer Assistance Program by increasing the maximum assistance for new construction homes from $10,000 to $20,000 and keeping the limit at $10,000 for existing homes. It directly affects first-time homebuyers purchasing qualifying residential units in Utah who meet federal and state criteria, such as not owning another home within the past three years. The bill modifies key program provisions in Utah Code Sections 63H-8-501 and 63H-8-502 to reflect these adjusted funding limits, while making technical updates to definitions and administrative rules. No new funding is appropriated; the changes adjust how existing program funds are distributed.