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This bill makes several amendments to Utah's Housing and Transit Reinvestment Zone (HTRZ) program, which allows cities and counties to redirect a portion of new property tax growth near transit stations to fund housing and infrastructure development. Key changes include: simplifying the definition of "base year" (the starting point used to calculate how much new property tax revenue a zone generates); removing the requirement that proposed transit stations be included in a public transit district's long-range plan, requiring only that they appear in a metropolitan planning organization's transportation plan; increasing the maximum number of allowable property tax increment collection periods from three to five within a zone's lifetime; creating a formal process for boundary adjustments that requires committee approval; allowing municipalities to use zone funds on "extraterritorial affordable housing" — owner-occupied affordable homes located inside the city but outside the zone's boundaries — under certain conditions; and expanding the definition of affordable housing for owner-occupied homes in the First Home Investment Zone program from 80% of the county median home price to 120% of area median income.