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Did you know that when we deposit your earnest money check into the brokerage trust account it earns interest? And where does that interest go, you ask?
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. Utah Association of REALTORS® Housing Opportunity Fund was established to distribute those monies.
Our brokerage is woman owned and the real estate broker, Babs De Lay, established her trust account as an interest-bearing one from the start. You’ll see this written on the paperwork you sign when making an offer on a home or selling one, the Buyer-Broker Agreement and the Listing Agreement both disclose that the earnest money is deposited into an interest-bearing account and contributed to an affordable housing program.
The bank 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.The mission of the Utah Association of REALTORS® Housing Opportunity Fund is to provide financial resources to sponsor or support the development of affordable housing opportunities for low-income individuals and families. UARHOF strives to increase awareness of both affordable housing issues and the REALTOR® involvement in the community.
In 2020 some of that money was donated to The Utah Chapter of the National Association of Home Builders (NAHB) Professional Women in Building, an organization that highlights and utilizes women professionals, skilled tradeswomen, and women-owned companies for all stages of building projects. Find out more about how to get involved with these organizations The House Than SHE Built and Utah Professional Women in Building.
Happy Women’s History Month!