Section 10-9a-1003 - Applicability, requirements, and limitations(1) A home ownership promotion zone shall promote the following objectives:(a) increasing availability of housing, including affordable housing;(b) promotion of home ownership;(c) overcoming development impediments and market conditions that render an affordable housing development cost prohibitive absent the incentives resulting from a home ownership promotion zone; and(d) conservation of water resources through efficient land use.(2) In order to accomplish the objectives described in Subsection (1), a municipality shall ensure that: (a) land inside the proposed home ownership promotion zone is zoned as residential, with at least six planned housing units per acre;(b) at least 60% of the proposed housing units within the home ownership promotion zone are affordable housing units; and(c) all of the proposed housing units within the home ownership promotion zone are deed restricted to require owner occupation for at least five years.(3) A municipality may restrict short term rentals in a home ownership promotion zone.(4) A municipality may not create a home ownership promotion zone if:(a) the proposed home ownership promotion zone would overlap with a school district and: (i)(A) the school district has more than one municipality within the school district's boundaries; and (B) the school district already has 100 acres designated as home ownership promotion zone within the school district's boundaries; or(ii)(A) the school district has one municipality within the school district's boundaries; and(B) the school district already has 50 acres designated as home ownership promotion zone within the school district's boundaries; or(b) the area in the proposed home ownership zone would overlap with:(i) a project area, as that term is defined in Section 17C-1-102, and created under Title 17C, Chapter 1, Agency Operations, until the project area is dissolved pursuant to Section 17C-1-702; or(ii) an existing housing and transit reinvestment zone.Added by Chapter TBD, 2024 General Session ,§ 5, eff. 5/1/2024.