Utah Housing Corporation Recapture Notice Page 3
Download a blank fillable Utah Housing Corporation Recapture Notice in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Utah Housing Corporation Recapture Notice with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3UHC Form 048
Rev. 04/28/16
Page 3 of 3
2. M x H x (G - A)† = _______%
5000
(G – A) must be rounded to the nearest whole
Where
M = Maximum Recapture
†
H = Holding Period Percentage
5000
percent, but may not exceed 100%
G = Modified Adjusted Gross Income
A = Adjusted Qualifying Income
Assumptions
If you sell the Residence and the new buyer agrees to assume the Mortgage Loan obligation (which may occur only if the new buyer meets
the program requirements concerning principal residence, first-time home buyer [except in targeted areas] acquisition cost and income limits)
you will be subject to payment of the Recapture Amount and the new buyer will be subject to the recapture provisions described herein
during a new nine year recapture period commencing on the date of the sale.
Prepayment
If the Mortgage Loan is fully repaid (i.e. refinanced) at a time prior to the sale or disposition of the Residence, you will be subject,
nevertheless, to the payment of the Recapture Amount (modified as required in Section 143 (m)(4)(C)(ii) of the Code) if such sale or
disposition occurs within the first nine years.
Miscellaneous
All references to the sale of the Residence include any disposition, whether by sale, exchange or other transfer of an interest in the Residence.
If the disposition is not from a sale, exchange or involuntary conversion (such as the assignment of the Mortgage Loan to an insurance
company as a result of a fire), you are to assume that you sold the Residence at its fair market value. If you own the Residence with one or
more persons who are also liable on the Mortgage Loan, each person’s Recapture Amount will be determined separately in accordance with
their interest in the Residence.
If the Residence is destroyed in whole or in part by fire, storm or other casualty causing a compulsory or involuntary disposition of the
Residence, you will not have to pay any Recapture Amount with respect to such disposition if, within two years after the end of the taxable
year in which you receive insurance proceeds or other amounts as a result of the destruction, you purchase another principal residence on the
same site. Generally, no Recapture Amount would be due if you transfer the Residence to a spouse, or a former spouse as a result of a
divorce. In such event, your spouse (or former spouse) will be treated as if he or she was the owner of the Residence from the time that you
purchased the Residence. No Recapture Amount will be due with respect to the Residence if the Residence is transferred as a result of your
death.
This Recapture Notice is provided by the Utah Housing Corporation pursuant to Section 143(m)(7) of the Code. The Recapture Notice is
provided for notification only. Please consult your own tax advisor or the Internal Revenue Service regarding the effect on your federal
income tax liability upon sale or disposition of the Residence. Please acknowledge that you have received and have read this Recapture
Notice by signing in the space(s) provided below.
ACKNOWLEDGED:
Borrower
Borrower
"Helping the people of Utah achieve home ownership"
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 169 - Affidavit Of Affixture And Notice Of Lost Or Destroyed Title - Utah Housing Corporation
Legal
Form 035 - Trust Deed, Security Agreement And Assignment (for Water Rights And Interests) - Utah Housing Corporation
Legal
Related Categories
Parent category: Financial