Indiana Code 5-20-3-6. Contracts for state financial assistance; mutual housing associations; grants and loans
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Terms Used In Indiana Code 5-20-3-6
- Contract: A legal written agreement that becomes binding when signed.
- families of low and moderate income: has the meaning set forth in IC 5-20-1-2. See Indiana Code 5-20-3-1
- housing project: means any work or undertaking to provide decent, safe, and sanitary urban or rural dwellings, apartments, or other living accommodations for families of low and moderate income, including:
Indiana Code 5-20-3-2
- mutual housing association: refers to a corporation established under section 4 of this chapter. See Indiana Code 5-20-3-3
Sec. 6. The Indiana housing and community development authority may enter into a contract with a mutual housing association to provide financial assistance for the construction, rehabilitation, ownership, or operation of housing for families of low and moderate income. State financial assistance may be in the form of grants, loans, or a combination of grants and loans and may be used for the acquisition or development of housing sites and for the costs incurred in the development of the housing. Grants may not exceed the development cost of the housing project.
As added by P.L.69-1989, SEC.3. Amended by P.L.1-2006, SEC.109 and P.L.181-2006, SEC.24.