Sec. 0.5. (a) The definitions in this section apply throughout this chapter.

     (b) “Mixed use development project” means a development project that will provide more than one (1) use or purpose within a shared building or development area. The terms “use” or “purpose” may include, but are not limited to, housing, office, retail, medical, recreational, commercial, or industrial components.

     (c) “Obligation” means any bond, note, warrant, lease, or other instrument under which money is borrowed.

     (d) “Public funds” means all fees, payments, tax receipts, and funds of whatever kind or character coming into the possession of a:

(1) redevelopment commission; or

(2) department of redevelopment.

     (e) “Qualified city” means a city:

(1) whose average property tax rate for the city over the five (5) immediately preceding calendar years did not exceed one dollar ($1) per one hundred dollars ($100) of assessed value;

(2) whose average balance in the city’s general fund plus the city’s rainy day fund over the three (3) immediately preceding calendar years exceeded by at least ten percent (10%) the amount of the city’s average annual expenditures over the same period; or

(3) that is the county seat.

     (f) “Residential housing” means housing or workforce housing that consists of single family dwelling units sufficient to secure quality housing in reasonable proximity to employment. The term includes condominiums and townhouses located within an economic development target area that is designated under IC 6-1.1-12.1-7.

     (g) “Residential housing development program” means a residential housing development program for the:

(1) construction of new residential housing; or

(2) renovation of existing residential housing;

established by a commission under section 53 of this chapter.

     (h) “Workforce housing” means housing that is affordable for households with earned income that is sufficient to secure quality housing in reasonable proximity to employment.

As added by P.L.149-2014, SEC.1. Amended by P.L.235-2019, SEC.1; P.L.154-2020, SEC.47; P.L.165-2021, SEC.205.