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(1) By December 31 of each calendar year during which credits were allocated by the authority pursuant to this part 54, the authority shall provide a written report on the middle-income housing tax credit pilot program created in this part 54 to the general assembly and shall make the report available to the public. The report must:
(a) Specify the number of qualified developments for which the authority has allocated a credit to the owner of the qualified development during the calendar year and the number of units in each development;
(b) Provide housing market and demographic information that demonstrates how the qualified developments supported by the credit are addressing the need for middle-income housing within the communities they are intended to serve and provide information about any remaining disparities in housing affordability within those communities; and
(c) Describe each qualified development for which the authority has allocated a credit, including the following:
(I) The geographic location of the qualified development;
(II) The total number of housing units supported by each qualified development;
(III) The household type and any specific demographic information available about residents intended to be served by the qualified development;
(IV) The income levels intended to be served by the qualified development; and
(V) The rents or set-asides authorized for each housing unit in the qualified development.
(1.5) In addition to the information required pursuant to subsection (1) of this section, by December 31 of the last calendar year during which credits were allocated by the authority pursuant to this part 54, the authority shall include in its annual report the following information summarizing the middle-income housing tax credit pilot program created in this part 54:
(a) An overview of the demand for and utilization of the middle-income housing tax credit program created in this part 54;
(b) A summary of the applications for and allocations of the tax credit created in this part 54, broken down by geographic location and by the taxpayer applying for the credit;
(c) An analysis, as practicable, of the impact of the middle-income housing tax credit program created in this part 54 on the following:
(I) Middle-income individuals and families in the communities that the qualified developments are intended to serve;
(II) Middle-income individuals and families statewide;
(III) Housing needs in the communities that the qualified developments are intended to serve; and
(IV) Housing needs statewide; and
(d) Any challenges or opportunities related to the middle-income housing tax credit program created in this part 54, as identified by the authority.
(2) The authority shall provide any information determined necessary to evaluate the effectiveness of the credit allowed in this part 54 in achieving the purposes set forth in section 39-22-5401 (1) to the state auditor as part of the state auditor's evaluation of tax expenditures pursuant to section 39-21-305.