Sec. 15.5. (a) The governing body of an eligible entity that receives a grant under this chapter shall, by resolution, establish an affordable housing fund to be administered, subject to the terms of the resolution, by a department, a division, or an agency designated by the governing body.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Indiana Code 5-20-5-15.5

  • agency: means the agency or other entity that administers the affordable housing program under this chapter. See Indiana Code 5-20-5-1
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • authority: means the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-5-2
  • eligible entity: refers to a city, town, or county. See Indiana Code 5-20-5-3
  • families: has the meaning set forth in Indiana Code 5-20-5-4
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
     (b) The affordable housing fund consists of:

(1) payments in lieu of taxes deposited in the fund under IC 36-1-8-14.3;

(2) gifts and grants to the fund;

(3) investment income earned on the fund’s assets;

(4) money deposited in the fund under IC 36-2-7-10; and

(5) other funds from sources approved by the commission.

     (c) The governing body shall, by resolution, establish uses for the affordable housing fund. However, the uses must be limited to:

(1) providing financial assistance to those individuals and families whose income is at or below eighty percent (80%) of the county’s median income for individuals and families, respectively, to enable those individuals and families to purchase or lease residential units within the county;

(2) paying expenses of administering the fund;

(3) making grants, loans, and loan guarantees for the development, rehabilitation, or financing of affordable housing for individuals and families whose income is at or below eighty percent (80%) of the county’s median income for individuals and families, respectively, including the elderly, persons with disabilities, and homeless individuals and families; and

(4) providing technical assistance to nonprofit developers of affordable housing.

     (d) The county treasurer shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested.

     (e) The governing body of an eligible entity shall notify the authority of the creation of an affordable housing fund.

As added by P.L.186-2001, SEC.1. Amended by P.L.211-2007, SEC.3; P.L.181-2016, SEC.1; P.L.17-2020, SEC.1; P.L.74-2021, SEC.1.

  Previous section
Next section  
 Chapter 5 Contents