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 or
other entity that administers the affordable housing program under
this 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 Indiana
housing and community development authority created by
IC 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 set
forth 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Repealed
(Repealed by P.L.181-2006, SEC.62.)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 the
meaning 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Repealed
(Repealed by P.L.181-2006, SEC.62.)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 eligible
entities for programs that do any of the following:
(1) Provide financial assistance to lower income families for the
purchase 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 of
affordable 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Repealed
(Repealed by P.L.181-2006, SEC.62.)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Repealed
(Repealed by P.L.181-2006, SEC.62.)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Repealed
(Repealed by P.L.181-2006, SEC.62.)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Repealed
(Repealed by P.L.181-2006, SEC.62.)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Repealed
(Repealed by P.L.181-2006, SEC.62.)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Repealed
(Repealed by P.L.181-2006, SEC.62.)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Repealed
(Repealed by P.L.181-2006, SEC.62.)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 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.
(b) The affordable housing fund consists of:
(1) payments in lieu of taxes deposited in the fund under
IC 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 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. 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, or
purchase of housing to the production, rehabilitation, or purchase of
housing 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, or
unit of government
Sec. 17. An eligible entity must allocate at least fifty percent
(50%) of the money received in program grants to a nonprofit
corporation (as defined under Section 501(c) of the Internal Revenue
Code), to a public housing authority (as defined in IC 36-7-18) or to
a unit of government (as defined in IC 36-1-2-23). Money received
in program grants that is not allocated to a nonprofit corporation, a
public housing authority, or a unit of government may be allocated
to private developers of housing and other private development
entities 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 affordable
housing 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 eligible
entity to represent the interests of owners of subsidized,
multifamily housing communities.
(3) One (1) member appointed by the executive of the eligible
entity to represent the interests of banks and other financial
institutions.
(4) One (1) member appointed by the executive of the eligible
entity to represent the interests of the eligible entity.
(5) One (1) member appointed by the executive of the eligible
entity to represent real estate brokers or salespersons. The
member appointed under this subdivision must be nominated to
the executive by the local realtors' association.
(6) One (1) member appointed by the executive of the eligible
entity to represent construction trades. The member appointed
under this subdivision must be nominated to the executive by
the local building trades council.
(7) Five (5) members appointed by the legislative body of the
eligible entity to represent the community at large. Members
appointed under this subdivision must be nominated to the
legislative body after a general call for nominations from
township trustees, community development corporations,
neighborhood associations, community based organizations, and
other social services agencies.
(b) Members of the affordable housing fund advisory committee
serve for a term of four (4) years, and are eligible for reappointment.
If a vacancy exists on the committee, the appointing authority that
appointed the former member whose position has become vacant
shall appoint an individual to fill the vacancy. A committee member
may be removed at any time by the appointing authority that
appointed the committee member.
(c) The affordable housing fund advisory committee shall make
recommendations to the eligible entity regarding:
(1) the development of policies and procedures for the uses of
the 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, or
income 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.)
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 or
other entity that administers the affordable housing program under
this 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 Indiana
housing and community development authority created by
IC 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 set
forth 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 the
meaning 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 eligible
entities for programs that do any of the following:
(1) Provide financial assistance to lower income families for the
purchase 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 of
affordable 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 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.
(b) The affordable housing fund consists of:
(1) payments in lieu of taxes deposited in the fund under
IC 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 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. 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, or
purchase of housing to the production, rehabilitation, or purchase of
housing 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, or
unit of government
Sec. 17. An eligible entity must allocate at least fifty percent
(50%) of the money received in program grants to a nonprofit
corporation (as defined under Section 501(c) of the Internal Revenue
Code), to a public housing authority (as defined in IC 36-7-18) or to
a unit of government (as defined in IC 36-1-2-23). Money received
in program grants that is not allocated to a nonprofit corporation, a
public housing authority, or a unit of government may be allocated
to private developers of housing and other private development
entities 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 affordable
housing 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 eligible
entity to represent the interests of owners of subsidized,
multifamily housing communities.
(3) One (1) member appointed by the executive of the eligible
entity to represent the interests of banks and other financial
institutions.
(4) One (1) member appointed by the executive of the eligible
entity to represent the interests of the eligible entity.
(5) One (1) member appointed by the executive of the eligible
entity to represent real estate brokers or salespersons. The
member appointed under this subdivision must be nominated to
the executive by the local realtors' association.
(6) One (1) member appointed by the executive of the eligible
entity to represent construction trades. The member appointed
under this subdivision must be nominated to the executive by
the local building trades council.
(7) Five (5) members appointed by the legislative body of the
eligible entity to represent the community at large. Members
appointed under this subdivision must be nominated to the
legislative body after a general call for nominations from
township trustees, community development corporations,
neighborhood associations, community based organizations, and
other social services agencies.
(b) Members of the affordable housing fund advisory committee
serve for a term of four (4) years, and are eligible for reappointment.
If a vacancy exists on the committee, the appointing authority that
appointed the former member whose position has become vacant
shall appoint an individual to fill the vacancy. A committee member
may be removed at any time by the appointing authority that
appointed the committee member.
(c) The affordable housing fund advisory committee shall make
recommendations to the eligible entity regarding:
(1) the development of policies and procedures for the uses of
the 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, or
income 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.)
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 or
other entity that administers the affordable housing program under
this 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 Indiana
housing and community development authority created by
IC 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 set
forth 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 the
meaning 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 eligible
entities for programs that do any of the following:
(1) Provide financial assistance to lower income families for the
purchase 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 of
affordable 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 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.
(b) The affordable housing fund consists of:
(1) payments in lieu of taxes deposited in the fund under
IC 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 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. 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, or
purchase of housing to the production, rehabilitation, or purchase of
housing 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, or
unit of government
Sec. 17. An eligible entity must allocate at least fifty percent
(50%) of the money received in program grants to a nonprofit
corporation (as defined under Section 501(c) of the Internal Revenue
Code), to a public housing authority (as defined in IC 36-7-18) or to
a unit of government (as defined in IC 36-1-2-23). Money received
in program grants that is not allocated to a nonprofit corporation, a
public housing authority, or a unit of government may be allocated
to private developers of housing and other private development
entities 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 affordable
housing 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 eligible
entity to represent the interests of owners of subsidized,
multifamily housing communities.
(3) One (1) member appointed by the executive of the eligible
entity to represent the interests of banks and other financial
institutions.
(4) One (1) member appointed by the executive of the eligible
entity to represent the interests of the eligible entity.
(5) One (1) member appointed by the executive of the eligible
entity to represent real estate brokers or salespersons. The
member appointed under this subdivision must be nominated to
the executive by the local realtors' association.
(6) One (1) member appointed by the executive of the eligible
entity to represent construction trades. The member appointed
under this subdivision must be nominated to the executive by
the local building trades council.
(7) Five (5) members appointed by the legislative body of the
eligible entity to represent the community at large. Members
appointed under this subdivision must be nominated to the
legislative body after a general call for nominations from
township trustees, community development corporations,
neighborhood associations, community based organizations, and
other social services agencies.
(b) Members of the affordable housing fund advisory committee
serve for a term of four (4) years, and are eligible for reappointment.
If a vacancy exists on the committee, the appointing authority that
appointed the former member whose position has become vacant
shall appoint an individual to fill the vacancy. A committee member
may be removed at any time by the appointing authority that
appointed the committee member.
(c) The affordable housing fund advisory committee shall make
recommendations to the eligible entity regarding:
(1) the development of policies and procedures for the uses of
the 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, or
income 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.)
