A person commits the offense of affordable housing fraud, a class B misdemeanor, if the person does any of the following with the intent to defraud, mislead, receive unjust enrichment, or otherwise circumvent the proper application of recorded deed restrictions for affordable housing:
A. Knowingly makes any material misstatement, misrepresentation, or omission during the purchase, sale, mortgage lending process, leasing, or other process involving a deed restricted affordable housing unit, intending that it be relied upon by a buyer, seller, mortgage lender, borrower, renter or any other party;
B. When dealing with a deed restricted affordable housing unit, knowingly:
1. Participates in or facilitates any contract or other agreement other than a standard real estate purchase agreement or other formal real estate contract or agreement for the real property, to sell or purchase improvements to the real property or personal property for a value in excess of the fair market value of the improvements or personal property being sold;
2. Obtains or facilitates financing of a deed restricted affordable unit at an amount greater than the deed restricted maximum sales price;
3. Closes an escrow or facilitates a transfer of the property without fully complying with all requirements related to a transfer; or
4. Leases an affordable unit without fully complying with the requirements set forth in deed restrictions;
C. Knowingly files or causes to be filed with any county recorder in Utah any document that the person knows contains a material misstatement, misrepresentation, or omission; or
D. Receives any proceeds or any compensation in connection with a sale, lease or financing of an affordable housing unit that the person knows resulted from a violation of this section. (Ord. 711, 12-17-2008, eff. 1-1-2009; amd. Ord. 803, 5-1-2013)