Sec. 3. (a) The fiscal body of a unit may by ordinance designate an agency or quasi-public corporation, or establish a new agency, to administer an urban homesteading program under which a dwelling for one (1) to four (4) families may be conveyed to individuals who must:

(1) occupy and rehabilitate the dwelling;

(2) use a rehabilitation loan to finance both:

(A) the purchase of the dwelling and the real property on which it is located in a sale under this chapter; and

(B) the rehabilitation of the dwelling; and

(3) comply with the program regulations set forth in 24 C.F.R. § 203.50 and 24 C.F.R. § 203.440 et seq., with respect to the rehabilitation loan described in subdivision (2).

     (b) If the fiscal body of a unit has adopted an ordinance under IC 36-7-17-2 to:

(1) designate an agency or quasi-public corporation; or

(2) establish an agency;

to administer an urban homesteading program under IC 36-7-17, the fiscal body of the unit may designate the same agency or quasi-public corporation designated or established under the ordinance adopted under IC 36-7-17-2 to administer an urban homesteading program under this chapter.

As added by P.L.118-2013, SEC.16.