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.
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Terms Used In Indiana Code 4-4-28-10
- account: refers to an individual development account. See Indiana Code 4-4-28-1
- community based organization: means a private, nonprofit corporation whose board of directors is comprised of business, civic, and community leaders, and whose principal purpose includes the provision of low income housing. See Indiana Code 4-4-28-1.7
- community development corporation: means a private, nonprofit corporation:
Indiana Code 4-4-28-2
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- fund: refers to an individual development account fund established by a community development corporation or community based organization under section 13 of this chapter. See Indiana Code 4-4-28-4
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(c) A community development corporation or community based organization shall use money that is in an individual development account fund established under section 13 of this chapter to allow a qualified individual on a waiting list maintained by the community development corporation or community based organization to establish an account.
As added by P.L.15-1997, SEC.1. Amended by P.L.289-2001, SEC.7; P.L.150-2007, SEC.3; P.L.124-2024, SEC.7.
