Indiana Code 5-20-4-8. Financial assistance; form; allocation
(1) grants;
Terms Used In Indiana Code 5-20-4-8
- families: has the meaning set forth in Indiana Code 5-20-4-2
- fund: refers to the affordable housing and community development fund established by section 7 of this chapter. See Indiana Code 5-20-4-4
- very low income families: means families whose income does not exceed fifty percent (50%) of the median for the area. See Indiana Code 5-20-4-6
(3) loan guarantees.
In addition, money from the fund may be used to provide technical assistance to nonprofit developers of low income housing.
(b) The financial assistance described in subsection (a) shall be used for:
(1) the acquisition, construction, rehabilitation, development, operation, and insurance of, and education concerning, affordable housing and community economic development; or
(2) other programs considered appropriate to meet the affordable housing and community development needs of lower income families and very low income families, including lower income elderly, persons with disabilities, and homeless individuals.
(c) At least fifty percent (50%) of the dollars allocated must be used to serve very low income households.
As added by P.L.69-1989, SEC.4. Amended by P.L.23-1993, SEC.18; P.L.27-1993, SEC.18; P.L.181-2006, SEC.32; P.L.211-2007, SEC.2.