Broker FAQs

What is UARHOF?

UARHOF is the Utah Association of REALTORS® Housing Opportunity Fund. It is a 501(c)3 charity that provides housing-related assistance to Utahns in need. UARHOF provides grants to deserving 501(c)3 charities and to disaster victims who have been displaced from their homes.

REALTORS®’ generous support makes the Fund possible. UARHOF generates funding for grants in three ways:

  1. Direct, tax-deductible donations

  2. The REALTOR® license plate (a portion of the special license plate fee goes back to UARHOF)

  3. Interest from broker trust accounts

What types of projects does UARHOF fund?

Since its inception, UARHOF has donated more than $1 million in grants to benefit our communities. Examples of projects funded include:

  • Down payment assistance grants for first-time buyers

  • Construction of homes for low-income buyers, e.g., Habitat for Humanity homes

  • Financial literacy and homebuyer education

  • Transitional and crisis housing for domestic violence survivors

  • Home repairs for low-income seniors and veterans

  • Shelter and assistance for adults and youth experiencing homelessness or at risk of experiencing homelessness

  • Housing for people with disabilities

  • Assistance for families who have lost their homes due to natural disasters

How can brokers help?

The Division of Real Estate allows brokers to have an interest-bearing trust account if the interest is used for affordable housing purposes like the UARHOF fund. The interest generated from hundreds of participating brokers is combined and distributed to charities providing housing-related programs when enough money has accrued.

When you convert your trust account to an interest-bearing UARHOF account, the bank will
automatically sweep the interest your account generates and send a check to UARHOF. The majority of UARHOF funding comes from broker participation. We need your help to provide even more help to Utahns with housing-related needs.

How do I convert my trust account?

A list of participating financial institutions is available at UtahRealtors.com/Trust. If your financial institution participates, follow these three steps to convert your account:

  1. Download the instruction form at UtahRealtors.com/BankInstructions.

  2. Take the instructions to your financial institution and ask them to add UARHOF as the interest beneficiary on your account. A list of financial institution contacts familiar with the UARHOF program is available at UtahRealtors.com/Trust.

  3. After converting your account at your financial institution, complete the form at UtahRealtors.com/Trust to let UAR know to recognize you as a participating broker.

Will my account change if I participate?

Your account remains the same. The bank simply converts the account to an interest-bearing one and adds the UARHOF tax ID number as the interest beneficiary. Here are some key features of the program:

  • You are not taxed on the interest earnings because UARHOF is the interest beneficiary.

  • You retain full control of the account.

  • It is not necessary to reprint checks.

  • There are no additional accounting procedures to follow.

  • There is no cost to participate.

  • You may convert both your real estate and your property management trust accounts.

What do I do if I have problems converting my account?

If you interact with someone at your financial institution who is unfamiliar with the UARHOF program and unable to set up your account, visit UtahRealtors.com/Trust to see a list of contacts who are familiar with the UARHOF program. Or call UARHOF Trustee Stan Spencer, 801-580-1798, who will help you resolve any issues you may experience converting your account.

For general questions about the UARHOF program, contact Deanna Devey at 801-676-5200.