5-20-4-1. Repealed
As added by P.L.69-1989, SEC.4. Amended by P.L.181-2006, SEC.28. Repealed by P.L.133-2012, SEC.33.
5-20-4-10. Repealed
As added by P.L.69-1989, SEC.4. Repealed by P.L.27-1993, SEC.26.
5-20-4-10.1. Repayment of Loans; Procedures
Sec. 10.1. The authority and the board for depositories shall establish procedures to insure repayment of the loan principal at the end of the loan term. The procedures may include purchase of a zero coupon bond to insure the loan principal, a requirement that a percentage of the loans issued by the authority be made […]
5-20-4-11. Allocation of Fund Resources
Sec. 11. (a) At least fifty percent (50%) of the resources of the fund shall be allocated to recognized nonprofit corporations under Section 501(c) of the Internal Revenue Code. (b) The resources of the fund that are not allocated under subsection (a) may be allocated to private developers of housing and private development entities as […]
5-20-4-12. Occupancy of Housing Developed With Fund Resources
Sec. 12. Rental housing that is developed with money from the fund shall be made available for occupancy to low income families or very low income families for at least fifteen (15) years. In the event of foreclosure or equivalent action, the remaining affordability period may be waived by the authority. As added by P.L.69-1989, […]
5-20-4-13. Developer Certification of Compliance With Federal Requirements
Sec. 13. A developer that uses funds from the fund shall certify to the authority that the developer will comply with the following: (1) The federal Civil Rights Act of 1968 (P.L. 90-284). (2) The federal Fair Housing Amendments of 1988 (P.L. 100-430). (3) The Indiana Civil Rights Law (IC 22-9-1). As added by P.L.69-1989, […]
5-20-4-14. Policies and Procedures for Implementation of Chapter
Sec. 14. The authority shall establish written policies and procedures to implement this chapter. These policies and procedures shall include the following: (1) The development of an application process for requesting financial assistance under this chapter. (2) The establishment of a procedure for disbursing financial assistance under this chapter. (3) The establishment of a rate […]
5-20-4-15. Repealed
As added by P.L.69-1989, SEC.4. Amended by P.L.2-1992, SEC.56; P.L.23-1993, SEC.19; P.L.4-1993, SEC.8; P.L.5-1993, SEC.19; P.L.215-2001, SEC.9; P.L.181-1006, SEC.29. Repealed by P.L.133-2012, SEC.34.
5-20-4-16. Repealed
As added by P.L.69-1989, SEC.4. Repealed by P.L.133-2012, SEC.35.
5-20-4-2. “Families”
Sec. 2. As used in this chapter, “families” has the meaning set forth in 42 U.S.C. 1437a(b)(3). As added by P.L.69-1989, SEC.4.
5-20-4-3. “Housing and Community Development Authority”
Sec. 3. 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.69-1989, SEC.4. Amended by P.L.1-2006, SEC.113; P.L.181-2006, SEC.29; P.L.1-2007, SEC.31.
5-20-4-4. “Fund”
Sec. 4. As used in this chapter, unless the context requires otherwise, “fund” refers to the affordable housing and community development fund established by section 7 of this chapter. As added by P.L.69-1989, SEC.4. Amended by P.L.181-2006, SEC.30.
5-20-4-5. “Lower Income Families”
Sec. 5. As used in this chapter, “lower income families” means families whose income does not exceed eighty percent (80%) of the median income for the area. As added by P.L.69-1989, SEC.4.
5-20-4-6. “Very Low Income Families”
Sec. 6. As used in this chapter, “very low income families” means families whose income does not exceed fifty percent (50%) of the median for the area. As added by P.L.69-1989, SEC.4.
5-20-4-7. Establishment of Fund; Administration; Resources; Investments; Disposition of Remaining Money; Interest
Sec. 7. (a) There is established the affordable housing and community development fund. The fund shall be administered by the authority under the direction of the authority’s board. (b) The fund consists of the following resources: (1) Appropriations from the general assembly. (2) Gifts, grants, and donations of any tangible or intangible property from public […]
5-20-4-8. Financial Assistance; Form; Allocation
Sec. 8. (a) The money in the fund shall be used to provide financial assistance in the form of: (1) grants; (2) loans; and (3) loan guarantees. In addition, money from the fund may be used to provide technical assistance to nonprofit developers of low income housing. (b) The financial assistance described in subsection (a) […]
5-20-4-9. Terms of Loans From Board for Depositories Insurance Fund
Sec. 9. The board for depositories shall determine the terms of the loan from the board for depositories insurance fund under section 8 of this chapter that must include the following: (1) That the duration of the loan may not exceed twenty (20) years from the date of the execution of the agreement between the […]