RECAPTURE REIMBURSEMENT

AT LAST! UTAH HOUSING CORPORATION has taken the confusion and worry out of recapture!

We are not aware of many UHC homebuyer who have had to pay this tax! Therefore, we feel extremely comfortable in offering to fully reimburse you for any recapture taxes that you pay to the tax man while you have a UHC loan. Read on!

For borrowers that received a UHC loan commitment after July 23, 2003 who may have to pay this tax*, Utah Housing will REIMBURSE them for recapture taxes paid. It's that simple!

*Recapture is a federal tax that rarely affects Utah Housing borrowers. The following three conditions must be met before recapture tax takes effect:

1. A rapid increase in household income, and
2. The home is sold within nine years of the closing of the mortgage loan, and
3. There is a net profit on the sale of the home.

*For a complete description, obtain UHC Form 048 Recapture Notice, from UHC or a Participating Lender.