Sec. 13. (a) Each community development
corporation or
community based organization may apply to the
authority for an allocation of tax credits under
IC 6-3.1-18 for the contributors to a
fund established under this section. A
community development corporation or community based organization may establish an individual development
account fund to provide money to be used to finance additional accounts to be administered by the community development corporation or community based organization under this chapter and to help pay for the community development corporation’s or community based organization’s expenses related to the administration of accounts.
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Terms Used In Indiana Code 4-4-28-13
- account: refers to an individual development account. See Indiana Code 4-4-28-1
- authority: refers to the Indiana housing and community development authority established under IC 5-20-1. See Indiana Code 4-4-28-1.5
- 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.
- 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
- qualifying individual: means an individual or a member of an individual's household who may establish an individual development account because the individual:
Indiana Code 4-4-28-6
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(c) Each community development corporation or community based organization may use up to twenty percent (20%) of the first one hundred thousand dollars ($100,000) deposited each calendar year in the fund under subsection (b) to help pay for the community development corporation’s or community based organization’s expenses related to the administration of accounts established under this chapter. All deposits in the fund under subsection (b) of more than one hundred thousand dollars ($100,000) during each calendar year may be used only to fund accounts administered by the community development corporation or community based organization under this chapter.
(d) A community development corporation or community based organization may allow an individual to establish a new account as adequate funding becomes available.
(e) Only money from the fund may be used to make the deposit described in subsection (f) into an account established under this section.
(f) The community development corporation or community based organization shall annually deposit at least three dollars ($3) into each account for each one dollar ($1) an individual has deposited into the individual’s account as of June 30.
(g) A community development corporation or community based organization may not allow a qualifying individual to establish an account if the community development corporation or community based organization does not have adequate funds to deposit into the account under subsection (f).
As added by P.L.15-1997, SEC.1. Amended by P.L.4-1999, SEC.3; P.L.50-2016, SEC.7; P.L.124-2024, SEC.10.
