CHAPTER 5. INDIANA AFFORDABLE HOUSING FUND
IC 5-20-5
Chapter 5. Indiana Affordable Housing Fund
IC 5-20-5-1
"Agency" defined
Sec. 1. As used in this chapter, "agency" means the agency orother entity that administers the affordable housing program underthis chapter.
As added by P.L.115-2000, SEC.1.
IC 5-20-5-2
"Authority" defined
Sec. 2. As used in this chapter, "authority" means the Indianahousing and community development authority created byIC 5-20-1-3.
As added by P.L.115-2000, SEC.1. Amended by P.L.1-2006,SEC.122; P.L.181-2006, SEC.40.
IC 5-20-5-3
"Eligible entity" defined
Sec. 3. As used in this chapter, "eligible entity" refers to a city,town, or county.
As added by P.L.115-2000, SEC.1.
IC 5-20-5-4
"Families" defined
Sec. 4. As used in this chapter, "families" has the meaning setforth in 42 U.S.C. 1437a(b)(3)(B).
As added by P.L.115-2000, SEC.1.
IC 5-20-5-5
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-6
"Lower income families" defined
Sec. 6. As used in this chapter, "lower income families" has themeaning set forth in IC 5-20-4-5.
As added by P.L.115-2000, SEC.1.
IC 5-20-5-7
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-8
Authority may provide grants and loans
Sec. 8. The authority may provide grants and loans to eligibleentities for programs that do any of the following:
(1) Provide financial assistance to lower income families for thepurchase of affordable housing in the form of grants, loans, and
loan guarantees.
(2) Provide rent and rent supplements to lower income families.
(3) Provide loans or grants for the acquisition, construction,rehabilitation, development, operation, and insurance ofaffordable housing for lower income families.
As added by P.L.115-2000, SEC.1. Amended by P.L.181-2006,SEC.41.
IC 5-20-5-9
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-10
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-11
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-12
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-13
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-14
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-15
Repealed
(Repealed by P.L.181-2006, SEC.62.)
IC 5-20-5-15.5
Eligible entities; use; investments
Sec. 15.5. (a) The governing body of an eligible entity thatreceives a grant under this chapter shall, by resolution, establish anaffordable housing fund to be administered, subject to the terms ofthe resolution, by a department, a division, or an agency designatedby the governing body.
(b) The affordable housing fund consists of:
(1) payments in lieu of taxes deposited in the fund underIC 36-1-8-14.2;
(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 theaffordable housing fund. However, the uses must be limited to:
(1) providing financial assistance to those individuals andfamilies whose income is at or below eighty percent (80%) ofthe county's median income for individuals and families,respectively, to enable those individuals and families topurchase or lease residential units within the county;
(2) paying expenses of administering the fund;
(3) making grants, loans, and loan guarantees for thedevelopment, rehabilitation, or financing of affordable housingfor individuals and families whose income is at or below eightypercent (80%) of the county's median income for individualsand families, respectively, including the elderly, persons withdisabilities, and homeless individuals and families; and
(4) providing technical assistance to nonprofit developers ofaffordable housing.
(d) The county treasurer shall invest the money in the fund notcurrently needed to meet the obligations of the fund in the samemanner as other public funds may be invested.
As added by P.L.186-2001, SEC.1. Amended by P.L.211-2007,SEC.3.
IC 5-20-5-16
Allocation for very low income households
Sec. 16. An eligible entity must allocate at least fifty percent(50%) of the money received for the production, rehabilitation, orpurchase of housing to the production, rehabilitation, or purchase ofhousing units to be occupied by very low income households.
As added by P.L.115-2000, SEC.1.
IC 5-20-5-17
Allocation for nonprofit corporation, public housing authority, orunit of government
Sec. 17. An eligible entity must allocate at least fifty percent(50%) of the money received in program grants to a nonprofitcorporation (as defined under Section 501(c) of the Internal RevenueCode), to a public housing authority (as defined in IC 36-7-18) or toa unit of government (as defined in IC 36-1-2-23). Money receivedin program grants that is not allocated to a nonprofit corporation, apublic housing authority, or a unit of government may be allocatedto private developers of housing and other private developmententities as determined by the eligible entity.
As added by P.L.115-2000, SEC.1.
IC 5-20-5-18
Affordable housing fund advisory committees
Sec. 18. (a) An eligible entity shall establish an affordablehousing fund advisory committee consisting of the following eleven(11) members:
(1) One (1) member appointed by the executive of the eligible
entity to represent the interests of low income families.
(2) One (1) member appointed by the executive of the eligibleentity to represent the interests of owners of subsidized,multifamily housing communities.
(3) One (1) member appointed by the executive of the eligibleentity to represent the interests of banks and other financialinstitutions.
(4) One (1) member appointed by the executive of the eligibleentity to represent the interests of the eligible entity.
(5) One (1) member appointed by the executive of the eligibleentity to represent real estate brokers or salespersons. Themember appointed under this subdivision must be nominated tothe executive by the local realtors' association.
(6) One (1) member appointed by the executive of the eligibleentity to represent construction trades. The member appointedunder this subdivision must be nominated to the executive bythe local building trades council.
(7) Five (5) members appointed by the legislative body of theeligible entity to represent the community at large. Membersappointed under this subdivision must be nominated to thelegislative body after a general call for nominations fromtownship trustees, community development corporations,neighborhood associations, community based organizations, andother social services agencies.
(b) Members of the affordable housing fund advisory committeeserve for a term of four (4) years, and are eligible for reappointment.If a vacancy exists on the committee, the appointing authority thatappointed the former member whose position has become vacantshall appoint an individual to fill the vacancy. A committee membermay be removed at any time by the appointing authority thatappointed the committee member.
(c) The affordable housing fund advisory committee shall makerecommendations to the eligible entity regarding:
(1) the development of policies and procedures for the uses ofthe affordable housing fund; and
(2) long term sources of capital for the affordable housing fund,including:
(A) revenue from:
(i) development ordinances;
(ii) fees; or
(iii) taxes;
(B) financial market based income;
(C) revenue derived from private sources; and
(D) revenue generated from grants, gifts, donations, orincome in any other form from a:
(i) government program;
(ii) foundation; or
(iii) corporation.
As added by P.L.115-2000, SEC.1.
IC 5-20-5-19
Repealed
(Repealed by P.L.181-2006, SEC.62.)