The mission of the Utah Association of REALTORS® Housing Opportunity Fund is to provide financial resources to sponsor or support the development of affordable homeownership opportunities for low-income individuals and families. UARHOF strives to increase awareness of both affordable housing issues and the REALTOR® involvement in the community. UARHOF is a 501(c) 3 nonprofit corporation
In 1998, the Utah Division of Real Estate amended an administrative rule to allow brokers within the state of Utah to earn interest on their trust accounts if that interest was used for affordable housing purposes. UARHOF was established to distribute those monies.
When a real estate broker converts his or her trust account to an interest-bearing one, the Buyer-Broker Agreement and the Listing Agreement disclose to the client that the monies are deposited into an interest-bearing account and contributed to an affordable housing program.
The bank then sweeps the account of the interest and sends a check monthly to UARHOF, which tracks the contributions by board. When the money builds within a board, the local UARHOF chair solicits grant applications from local nonprofit organizations.
Local boards review the applications and select ones for approval. They are then sent to the state UARHOF Trustees who review and approve the grants.
In addition to interest-bearing trust accounts, UARHOF collects funds from several other sources including the following: