4-4-28-8. Community Development Corporation Duties
Sec. 8. (a) A community development corporation shall do the following: (1) Determine whether an individual who wants to establish an account is a qualifying individual. (2) Administer, through a financial institution, and act as trustee for each account established through the community development corporation. (3) Approve or deny an individual’s request to make a […]
4-4-28-9. Account Deposits
Sec. 9. (a) An individual may deposit money from the individual’s earned income into the individual’s account. (b) An individual may deposit an unlimited amount of money into the individual’s account. However, only eight hundred dollars ($800) annually is eligible for a state deposit as provided in section 12 of this chapter. As added by […]
4-4-28-10. Number of Accounts Limited
Sec. 10. (a) Not more than eight hundred (800) accounts may be established in the state each state fiscal year beginning before July 1, 2009. (b) Not more than one thousand (1,000) accounts may be established in the state each state fiscal year beginning after June 30, 2009. (c) A community development corporation shall use […]
4-4-28-11. Annual Reports
Sec. 11. (a) Each community development corporation shall annually provide the authority with information needed to determine: (1) the number of accounts administered by the community development corporation; (2) the length of time each account under subdivision (1) has been established; and (3) the amount of money an individual has deposited into each account under […]
4-4-28-0.3. Repealed
As added by P.L.220-2011, SEC.24. Repealed by P.L.63-2012, SEC.2.
4-4-28-1. “Account”
Sec. 1. As used in this chapter, “account” refers to an individual development account. As added by P.L.15-1997, SEC.1.
4-4-28-1.5. “Authority”
Sec. 1.5. As used in this chapter, “authority” refers to the Indiana housing and community development authority established under IC 5-20-1. As added by P.L.181-2006, SEC.6.
4-4-28-2. “Community Development Corporation”
Sec. 2. As used in this chapter, “community development corporation” means a private, nonprofit corporation: (1) whose board of directors consists primarily of community representatives and business, civic, and community leaders; and (2) whose principal purpose includes the provision of: (A) housing; (B) community based economic development projects; or (C) social services; that primarily benefit […]
4-4-28-3. “Financial Institution”
Sec. 3. As used in this chapter, “financial institution” means a bank, savings association, credit union, or any other institution regulated under IC 28 or federal law. As added by P.L.15-1997, SEC.1. Amended by P.L.4-1999, SEC.2.
4-4-28-4. “Fund”
Sec. 4. As used in this chapter, “fund” refers to an individual development account fund established by a community development corporation under section 13 of this chapter. As added by P.L.15-1997, SEC.1.