Indiana Code 4-4-37-8. Conditions for award of grants
(1) The historic property is:
Terms Used In Indiana Code 4-4-37-8
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- division: refers to the division of historic preservation and archeology of the department of natural resources established by IC 14-9-4-1. See Indiana Code 4-4-37-1.3
- office: refers to the office of community and rural affairs established by Indiana Code 4-4-37-2
- person: means any of the following:
Indiana Code 4-4-37-3
- preservation: means the application of measures to sustain the form, integrity, and material of:
Indiana Code 4-4-37-4
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified expenditures: means expenditures for preservation or rehabilitation that are chargeable to a capital account and limited for a project to the exterior of a building. See Indiana Code 4-4-37-5
- rehabilitation: means the process of returning a property to a state of utility through repair or alteration that makes possible an efficient contemporary use while preserving the parts or features of the property that are significant to the historical or architectural values of the property. See Indiana Code 4-4-37-6
(B) at least fifty (50) years old; and
(C) owned by the person. This requirement does not apply to a nonprofit organization facilitating a qualified affordable housing project.
(2) The office certifies that the historic property is listed in or eligible to be listed in:
(A) the register of Indiana historic sites and historic structures; or
(B) the National Register of Historic Places, either individually or as a contributing resource in a National Register District.
(3) The office certifies that the person submitted a proposed preservation or rehabilitation plan to the division that complies with the standards of the division.
(4) The submitted plan referenced in section 7 of this chapter complies with the program guidelines established by the office.
(5) Any of the following apply to the historic property:
(A) The historic property will be actively used in a trade or business.
(B) The historic property will be held for the production of income.
(C) The historic property will be held for the rental or other use in the ordinary course of the person’s trade or business.
(D) If the person is a nonprofit organization or nonprofit corporation, the historic property will be used by the nonprofit organization or nonprofit corporation for the organization’s or corporation’s purposes and functions.
(6) The qualified expenditures for preservation or rehabilitation of the historic property exceed five thousand dollars ($5,000).
As added by P.L.213-2015, SEC.39. Amended by P.L.202-2016, SEC.3; P.L.16-2019, SEC.3.