Sec. 9. (a) The residential housing infrastructure assistance revolving fund is established. The fund is a revolving fund to provide money for loans under this chapter to or for the benefit of participants.

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Terms Used In Indiana Code 5-1.2-15.5-9

  • eligible project: means a project for housing infrastructure. See Indiana Code 5-1.2-15.5-2
  • 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 the residential housing infrastructure assistance revolving fund established by section 9 of this chapter. See Indiana Code 5-1.2-15.5-3
  • housing infrastructure: means the installation, replacement, upgrade, or improvement of public infrastructure for the support of residential housing. See Indiana Code 5-1.2-15.5-4
  • public infrastructure: means any of the following infrastructure that is or will be owned, maintained, or provided by a political subdivision:

    Indiana Code 5-1.2-15.5-6

  • residential housing: means single family or multifamily housing for rent or sale. See Indiana Code 5-1.2-15.5-7
     (b) The fund consists of:

(1) appropriations from the general assembly;

(2) grants and other gifts of money; and

(3) loan repayments, including interest, premiums, and penalties.

     (c) The authority shall administer, hold, and manage the fund.

     (d) The cost of administering the fund shall be paid from money in the fund.

     (e) Money in the fund shall be used to make loans for public infrastructure for the support of residential housing.

     (f) Money in the fund may not be used for any of the following purposes:

(1) Repayment of any debt incurred for a project other than an eligible project.

(2) Routine maintenance and repair projects.

(3) Upgrading utility poles.

(4) Fees for studies, reports, designs, or analyses prepared by consultants or engineers for an eligible project.

     (g) Money in the fund is continuously appropriated for the purposes of this chapter.

     (h) Money in the fund does not revert to the state general fund at the end of a state fiscal year.

As added by P.L.204-2023, SEC.5.

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